398:, the government gave citizens seven days to turn in their old won for new won β with 1,000 old worth 10 of the new β but allowed a maximum exchange of only 150,000 of the old won. That meant each adult could legally exchange about US$ 740-worth of won. The exchange cap wiped out the savings of many North Koreans, and reportedly caused unrest in parts of the country. Many of the exchange and time limits for conversion were either dropped or extended after prices soared over 1000% in some regions in the first week as people rushed to buy as much things as they could. According to a September 2009 BBC report, some department stores in Pyongyang even stopped accepting North Korean won, instead insisting upon payment in U.S. dollars, Chinese renminbi, euros, or even Japanese yen.
462:
mining exports were never made, and
Venezuela remained vulnerable to global supply of and demand for oil, and continued to suffer systemic economic problems and a return to high inflation. As of January 2014, Venezuela had the highest inflation rate in the world at 56.2% (63.4% in August 2014), though official numbers are stated to be much lower. The national economy has contracted for three consecutive quarters, officially putting the country in recession, while a global crash in oil prices crimp revenue and contribute to fears of a potential default which could bring inflation levels even higher.
320:
very slow growth. By
January 1998 inflation had reached 100% a month and did not dip below that level again until late 1999, after it had peaked well above 167%. For a short time the Lao kip gained the less than respected title of being "least valued currency unit." Although the kip has officially returned to lower inflation levels the local inflation rates remain much higher, spurred on by rising food and import prices. The emergence of a new debt crisis in 2013 has brought more uncertainty.
485:
366:, by 1991 it was 100,000 pesos and many Mexicans took to putting their savings into dollars. On 1 January 1993, Mexico created a new currency, the nuevo peso ("new peso", or MXN), which chopped 3 zeros off the old peso, an inflation rate of 10,000% over the decade of the crisis. (One new peso was equal to 1000 of the obsolete MXP pesos). The actual highest denomination was 1,000 pesos, worth 1,000,000 old pesos.
414:. As of 19 January 2020, profound effects of the Syrian Civil War to the Syrian economy reduced the value of the Syrian pound to less than one thousandth of a U.S. dollar in the black market, representing a devaluation of 96% since the start of the war. Between 1 January and 16 January 2020, the Syrian pound lost a quarter of its value relative to the U.S. dollar, from 900 SYP/USD to 1200 SYP/USD.
473:
led to anti-government riots and the devaluation of the kwacha. Inflation held around 15% in the 1980s until hitting 54% in 1988, to 191% in 1992, and 183% in 1993, compounded further by a prolonged drought. A "cash-budgeting system" and free market reforms brought inflation down to 55% in 1994, and 25% in 1998.
227:, with the exchange rate to dollars reaching 3000. When pro-reform forces came into power in the spring 1997, an ambitious economic reform package, including introduction of a currency board regime and pegging the Bulgarian Lev to the German Deutsche Mark (and subsequently to the euro), was agreed to with the
449:
petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports, and after decades of some of the strongest economic growth in South
America the trend went into sharp reversal as oil prices began their steady drop following the end of the 1970s oil crisis, from which both
461:
responded to the ongoing crisis with a series of often flawed price controls, state acquisition and reappropriation of both public and private assets and funds, and a revaluation of the bolivar in 2008 which slashed three zeroes off the currency. However, changes in economic reliance on petroleum and
430:
Throughout the 1990s Turkey dealt with severe inflation rates that finally crippled the economy into a recession in 2001. The highest denomination in 1995 was 1,000,000 lira. By 2005 it was 20,000,000 lira. Recently Turkey has achieved single digit inflation for the first time in decades, and in the
66:
in 1972. High inflation can only be sustained with unbacked paper currencies over long periods, and before World War II unbacked paper currencies were rare except in countries affected by war β which often produced extremely high inflation but never for more than a few years. Most economists believe
448:
Venezuela has a legacy of multiple inflation crises linked to mismanagement and lack of economic diversification. The largest and longest period was in the 1980s and 1990s; inflation peaked in 1996, increasing from 60% in
January to an all-time high of 118.8% in July of that same year. Revenue from
319:
Starting in the late 1980s financial aid and trade with the USSR greatly decreased, which began a two-decade long period of high inflation that began to accelerate by 1996 with the East Asian financial crisis which had severely impacted Laos, burdened with large amounts of foreign debt coupled with
472:
Falling copper prices, the oil crisis, and failed economic management in the 1970s led to shortfalls and severe economic crisis in Zambia by the early 80s, instigating a nationwide famine and forcing the government to borrow massive amounts of money and commit to extreme IMF economic reforms which
439:
Uzbekistan has perpetually experienced high inflation since the time of independence. In 1994 the highest denomination available was 100 som, the current highest is 5000 som with a face value of roughly $ 2.00 as of 2014 and large bundles of currency are required for any substantial purchase, with
282:
Inflation accelerated in the 1970s, rising steadily from 13% in 1971 to 111% in 1979. From 133% in 1980, it leaped to 191% in 1983 and then to 445% in 1984, threatening to become a four-digit figure within a year or two. In 1985 Israel froze most prices by law and enacted other measures as part of
273:
and mass protests. Some government mitigation policies and economic growth have progressively stabilized inflation rates which reached their peak in July 2005 at 42.6% for the month to a current average of 9.7% per month. On 21 July 2010, Yahoo! Finance quoted the rate as 5,050 GNF to 1 USD. As of
310:
prepared for war to gain access to rubber and mineral resources, Japan began experiencing steady inflation from 1934. By the end of 1949, retail prices were more than 150 times their level in 1939, and the highest denomination was a 75,000,000,000 Yen bank cheque. The Japan wholesale price index
131:
causes of chronic inflation as resulting from populations growing more rapidly than production in developing nations from the 1950s to the 1980s, and until today in sub-Saharan Africa. Increasingly it is also thought that environmental or ecological stresses and disasters can trigger a period of
126:
taxes in order to pay most efficiently for public programmes, or because the societies in which it developed have consistently imported more than they can export and their currencies have had to devalue constantly to make their imports more expensive without elasticity being sufficient to reduce
295:
Years of constant war and rebuilding resulted in large amounts of government spending, with international sanctions creating shortages and limits on borrowing. Between 1987 and 1995 the Iraqi Dinar went from an official value of 0.306 Dinars/USD (or US$ 3.26 per dinar; the black market rate is
243:
Chile had prolonged inflation for the greater part of the twentieth century. Inflation first became persistent at the tail end of the 1930s as the government began a process of import substitution, rising steady to 84 percent in 1955. After slowing in the late 1950s, inflation rose again under
268:
Guinea has seen year on year inflation rates hover well above 50% since the late 1990s, though many months have seen much lower levels in the single digits. In Guinea the normal drivers of inflation are food supply and distribution, and global commodity prices. Political instability has also
213:
had put in action a project that claimed to reduce inflation from 40% to 20% (+/- 2%) in 2017, to 10% (+/- 2%) in 2018 and to 5% (+/- 1%) in 2019. The project initially led to 24% inflation in 2017, but it did not work in 2018, with an inflation rate of 47.6%, and in 2019, inflation was 53%.
30:
for a prolonged period (several years or decades) due to continual increases in the money supply among other things. In countries with chronic inflation, inflation expectations become 'built-in', and it becomes extremely difficult to reduce the inflation rate because the process of reducing
374:
Mozambique was one of the world's poorest and most underdeveloped countries when it became independent of
Portugal in 1975, the last colonial power to relinquish its African territories. A brutal civil war between the communist government and rebel forces from 1977 to 1992 led to continuous
153:
crisis as a result of bad economic policies, which led to an inflation rate of 257%. The hyperinflation crisis caused protests, riots, looting and a general decline of the government popularity among the public. This hyperinflation crisis had also taken place in the middle of the
296:
thought to have been substantially fewer dinars per dollar) to 3000 Dinars/USD due to government loss of their Swiss printing press and the printing of inferior quality notes. This equates to approximately 315% inflation per year averaged over that eight-year period.
311:(relative to 1 as the average of 1930) shot up to 16.3 in 1943, 127.9 in 1948 and 342.5 in 1951. In the early 1950s, after the end of US military occupation, Japan controlled its own money. Through its rapidly growing export trade, Japan stabilized the yen quickly.
101:
In the 1960s and 1970s, chronic inflation was attributed to powerful political group interests with radically divergent policy demands; the power of labour unions to demand high wages for workers, often in obsolete economic sectors, conflicted with the somewhat
222:
In 1996, the
Bulgarian economy collapsed due to the slow and mismanaged economic reforms of several governments in a row, shortages of wheat, and an unstable and decentralized banking system, which led to an inflation rate of 311% and the collapse of the
356:
of the late 1970s (Mexico is a producer and exporter), and due to excessive social spending, Mexico defaulted on its external debt in 1982. As a result, the country suffered a severe case of capital flight and over a decade of chronic inflation and
421:
increased the penalty for unauthorised use of foreign currency anywhere in Syria to seven years of hard labour. Despite the law, Syrians continue to resort to hard currencies such as U.S. dollars or euros to maintain their purchasing power.
393:
287:. That same year, inflation more than halved, to 185%. Within a few months, the authorities began to lift the price freeze on some items; in other cases it took almost a year. By 1986, inflation was down to 19%.
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that would curb inflation quickly is politically suicidal, so that governments of countries affected by chronic inflation have invariably had to resort to more subtle methods of reducing inflation, such as
795:
119:" and ultimately to a public that becomes skeptical of attempts to reduce inflation: unlike hyperinflation, history has shown that communities can live with moderate chronic inflation relatively easily.
256:. Pinochet's free-market economic policy gradually ended chronic inflation, which stabilised in single figures for the first time in forty-five years. Overall impact of chronic inflation: 1 current
410:
has resulted in a substantial capital fight of Syrian goods and services to nearby Arab countries. Before the war, the exchange rate was remarkably stable; one U.S. dollar was quoted at 47
902:
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inflation. The highest denomination in 1976 was 100 meticais. By 2004, it was 500,000 meticais. In the 2006 currency reform, 1 new metical was exchanged for 1,000 old meticais.
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Further compounding the problem, the use of currencies other than Syrian pounds in any transaction is forbidden under Syrian law, and on 18 January 2020, Syrian president
188:'s government, inflation rates were at an all-time high, with the highest inflation rates experienced in 2013, which saw a rise of the inflation rate to 30% to 40%.
75:". Some economists, however, argue that the experience of France in the 1920s was the first case of chronic inflation. Japan (see below) in the years surrounding
1803:
785:
387:, officially called the Korean People's won (KPW) never technically failed it had been steadily devalued since 2002 when the dollar peg was removed. During a
1793:
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contributed greatly to the fall in the
Guinean franc's value in recent years due to a series of coups following the ouster of longtime military strongman
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1783:
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assumed the presidency of the nation, with a 40% inflation from
Cristina Kirchner's presidency. When 2016 ended, inflation was in a recent of 42%.
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918:
252:, though the monthly inflation rate reached 30% for a single month). A 1973 coup d'Γ©tat deposed Allende and installed a military government led by
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member and non-member producers had benefited greatly. This period of economic contraction in
Venezuela coincided with the beginning of the
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During the 21st century, Argentina didn't experience real inflationary troubles until 2007, which saw a rise in inflation rates. During
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340:, worth five francs, became the main currency unit in Madagascar. In May 2005, there were riots over rising inflation.
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336:) had a turbulent time in 2004, losing nearly half its value and sparking rampant inflation. On 1 January 2005, the
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The
Argentine economy has a long history of experiencing trouble with prolonged high inflation rates. In 1989,
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inflation by, for example, slowing down the growth rate of the money supply, will often lead to high
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reforms or indexing price and wage levels to the future value of money. This, however, leads to "
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2005 currency reform, introduced the New Turkish Lira; 1 was exchanged for 1,000,000 old lira.
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calmed the situation from 2005 to 2008, but riots ensued in 2009 as prices continued to rise.
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Other sources have argued that chronic inflation is caused by governments seeking to optimize
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550:"EconPapers: Inflation stabilization in chronic inflation countries: The empirical evidence"
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is another case with characteristics very akin to well-studied cases of chronic inflation.
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Paradigms and Sand Castles: Theory Building and Research Design in Comparative Politics
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political structures of the affected countries. Under these conditions, a return to a
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and peaked anywhere between 500% and 1,000% in late 1973 (which some consider
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systemic inflation by governments unable to effectively handle the situation.
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Measurement in Economics: Studies in Mathematical Economics and Econometrics
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62:, chronic inflation is a 20th-century phenomenon, being first observed by
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576:(PrΓ€ger Special Studies in International Economics and Development);
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17 January 2020, the exchange rate was 7,023 GNF to 1 USD.
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27:
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In Search of Stability: Explorations in Historical Political Economy
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is an economic phenomenon occurring when a country experiences high
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98:. This paragraph describes reasons for persistent monetary growth.
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demand. Along the same lines, there have also been arguments for
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devaluation. In 1984, the highest denomination was 10,000 pesos
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state that chronic inflation is caused by chronic growth of the
103:
450:
67:
chronic inflation first emerged in Latin America following
739:
158:, which led to the governing party to lose the elections.
872:"It's Official β Venezuela Has Plunged into Recession"
821:"Syrian pound falls 33% against US dollar in 2 weeks"
173:) to the United States Dollar value, inflation rates
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18:Economic accrual of large inflation for many years
440:most prices rounded off to the nearest thousand.
71:, with the result that it was originally called "
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718:(Analytical Perspectives on Politics); p. 121.
191:This was compensated, albeit partly, with high
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195:and subsidization, the latter increasing the
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809:βNorth Korea currency change sparks panicβ
177:nearly to 0%. These policies ended with a
772:History page at the Central Bank of Iraq
786:"Deaths as thousands riot in Madagascar"
748:The Rise & Fall of Israeli Inflation
1839:
654:The Economics of Adjustment and Growth
614:Hirsch, Fred and Goldthorpe, John H.;
235:, and the economy began to stabilize.
94:, a position that is accepted by most
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179:catastrophic economic crisis in 2001
774:http://cbi.iq/index.php?pid=History
46:Chronic inflation is distinct from
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1214:British credit crisis of 1772β1773
617:The Political Economy of Inflation
573:Chronic Inflation in Latin America
14:
1858:
927:Commonwealth of Nations countries
798:from the original on 23 May 2023.
755:from the original on 16 May 2018
751:, Jewish Virtual Library, 2011,
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161:During the 1990s, thanks to the
923:recessions in the United States
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211:Argentine Ministry of Economy
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41:adjusted to the new situation
674:INFLATION, CHRONIC INFLATION
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260:= 1,000,000 pre-1960 pesos.
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1669:1997 Asian financial crisis
1302:Civil War-era United States
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229:International Monetary Fund
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10:
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1445:PostβWorld War I recession
1265:Post-Napoleonic Depression
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1355:2nd Industrial Revolution
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1288:(1836β1838 and 1839β1843)
1204:1st Industrial Revolution
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972:Price-and-wage stickiness
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37:inflationary expectations
1636:1990s United States boom
1424:Financial crisis of 1914
651:AgΓ©nor, Pierre-Richard;
519:Spanish Price Revolution
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1451:Depression of 1920β1921
1383:Depression of 1882β1885
1297:Early Victorian Britain
1032:Real and nominal values
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1556:Recession of 1969β1970
1551:Recession of 1960β1961
1510:Recession of 1937β1938
639:In Search of Stability
552:. Econpapers.repec.org
156:presidential elections
1674:Early 2000s recession
1641:Early 1990s recession
1593:Early 1980s recession
1173:Commercial revolution
1071:Nominal interest rate
169:(and, afterward, the
96:mainstream economists
1240:Copper Panic of 1789
735:Inflation Chile 1973
679:20 July 2011 at the
544:Carmen Reinhart and
1576:1973β1975 recession
1520:PostβWWII expansion
1194:Great Frost of 1709
1022:Neutrality of money
1003:Classical dichotomy
919:Economic expansions
794:. 26 January 2009.
791:The Daily Telegraph
642:; pp. 205 & 208
592:Maier, Charles S.;
165:, which pegged the
163:convertibility plan
1758:COVID-19 recession
1418:Panic of 1910β1911
1250:Panic of 1796β1797
1076:Real interest rate
1044:Economic expansion
548:(7 January 2009).
202:In December 2015,
58:Even more so than
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1545:Recession of 1958
1539:Recession of 1953
1533:Recession of 1949
1230:Thirteen Colonies
1037:Velocity of money
967:Paradox of thrift
827:. 17 January 2020
691:Christ, Carl P.;
521:(c. 1450βc. 1650)
186:Cristina Kirchner
117:inflation inertia
24:Chronic inflation
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1041:
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1019:
1010:
1005:
1000:
986:
984:Business cycle
981:
980:
979:
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964:
962:Overproduction
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954:
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563:
546:Carlos A. Vegh
535:
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516:
511:
506:
501:
499:Hyperinflation
495:
494:
478:
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469:
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455:1980s oil glut
445:
442:
436:
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427:
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403:
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380:
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371:
368:
349:
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330:Malagasy franc
325:
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298:
292:
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279:
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265:
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250:hyperinflation
240:
237:
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204:Mauricio Macri
197:fiscal deficit
151:hyperinflation
149:experienced a
142:
139:
137:
134:
84:
81:
60:hyperinflation
55:
52:
48:hyperinflation
17:
9:
6:
4:
3:
2:
1859:
1848:
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1842:
1825:
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1819:United States
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1503:United States
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1425:
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1416:
1413:
1412:Panic of 1907
1410:
1407:
1406:Panic of 1901
1404:
1401:
1398:
1397:Panic of 1893
1395:
1392:
1391:Baring crisis
1389:
1386:
1384:
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1377:
1376:United States
1374:
1372:
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1363:
1362:
1360:
1356:
1351:
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1337:
1334:
1333:Panic of 1866
1331:
1328:
1325:
1324:Panic of 1857
1322:
1319:
1316:
1315:Panic of 1847
1313:
1310:
1309:
1307:
1303:
1298:
1294:
1287:
1286:Panic of 1837
1284:
1281:
1278:
1275:
1274:Panic of 1825
1272:
1269:
1266:
1263:
1260:
1257:
1254:
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1244:Panic of 1792
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1217:
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1190:
1189:Slump of 1706
1187:
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1097:Balance sheet
1095:
1094:
1093:
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1079:
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1066:Interest rate
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826:
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792:
787:
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769:
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750:
749:
742:
736:
731:
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724:0-472-06835-0
721:
717:
713:
708:
702:
701:0-8047-0136-9
698:
694:
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678:
675:
670:
664:
663:0-674-01578-9
660:
656:
655:
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641:
640:
633:
627:
626:0-674-68584-9
623:
620:; pp. 53β55.
619:
618:
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605:
604:0-521-34698-3
601:
597:
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583:
582:0-275-28282-1
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492:
481:
474:
468:
463:
460:
456:
452:
441:
432:
423:
420:
415:
413:
412:Syrian pounds
409:
399:
395:
390:
386:
376:
367:
365:
363:
360:
355:
345:
343:
339:
335:
331:
321:
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309:
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297:
288:
286:
275:
272:
271:Lansana ContΓ©
261:
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236:
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65:
61:
51:
49:
44:
42:
38:
34:
29:
25:
21:
16:
1736:South Africa
1493:South Africa
1339:Black Friday
1156:Unemployment
1013:Money supply
1008:Disinflation
997:
952:General glut
875:
866:
854:. Retrieved
850:
841:
829:. Retrieved
824:
815:
804:
789:
780:
768:
757:, retrieved
747:
741:
730:
715:
707:
692:
687:
669:
653:
652:
647:
638:
637:
632:
616:
615:
610:
594:
593:
588:
572:
571:
566:
554:. Retrieved
539:
514:Inflationism
509:Disinflation
491:Money portal
471:
447:
438:
429:
416:
405:
382:
373:
351:
342:Disinflation
334:iraimbilanja
327:
318:
305:
294:
281:
267:
242:
221:
208:
201:
190:
183:
160:
144:
121:
113:central bank
100:
92:money supply
86:
77:World War II
72:
69:World War II
64:Felipe Pazos
57:
45:
33:unemployment
23:
22:
20:
15:
1804:New Zealand
1762:2020β2022;
1726:New Zealand
1699:2007β2009;
1645:1990β1991;
1629:(1982β2007)
1597:1980β1982;
1569:(1973β1982)
1547:(1957β1958)
1541:(1953β1954)
1535:(1948β1949)
1523:(1945β1973)
1488:New Zealand
1471:1929β1939;
1447:(1918β1919)
1438:(1918β1939)
1420:(1910β1912)
1414:(1907β1908)
1408:(1902β1904)
1399:(1893β1897)
1393:(1890β1891)
1369:1873β1879;
1358:(1870β1914)
1341:(1869β1870)
1335:(1865β1867)
1326:(1857β1858)
1317:(1847β1848)
1305:(1840β1870)
1276:(1825β1826)
1267:(1815β1821)
1252:(1796β1799)
1246:(1789β1793)
1218:1772β1774;
1207:(1760β1840)
1185:(1430β1490)
1183:Great Slump
1176:(1000β1760)
1122:Stagflation
1081:Yield curve
1027:Price level
525:Stagflation
459:Hugo Chavez
392: [
383:Though the
379:North Korea
129:demographic
88:Monetarists
1769:Bangladesh
1706:Bangladesh
1350:Gilded Age
1102:Depression
1054:Stagnation
856:19 January
831:19 January
825:DailySabah
695:; p. 219.
531:References
435:Uzbekistan
370:Mozambique
354:oil crisis
324:Madagascar
233:World Bank
124:seignorage
54:Occurrence
1847:Inflation
1809:Singapore
1764:Australia
1741:Sri Lanka
1701:Australia
1647:Australia
1473:Australia
1463:1926β1927
1460:1923β1924
1426:(1913β14)
1402:1899β1900
1258:1807β1810
1255:1802β1804
1236:1785β1788
1161:Sahm rule
1092:Recession
993:Inflation
989:Deflation
556:7 January
444:Venezuela
175:decreased
147:Argentina
141:Argentina
28:inflation
1841:Category
1794:Malaysia
1779:Botswana
1731:Pakistan
1721:Malaysia
1225:Scotland
1085:Inverted
1049:Recovery
796:Archived
753:archived
677:Archived
477:See also
308:Hirohito
231:and the
218:Bulgaria
136:Examples
1799:Namibia
1387:1887β88
1329:1860β61
1320:1853β54
1311:1845β46
1282:1833β34
1279:1828β29
1270:1822β23
1220:England
1112:Rolling
998:Chronic
636:Maier;
246:Allende
167:austral
1824:Zambia
1784:Canada
1774:Belize
1711:Canada
1676:(2001)
1652:Canada
1599:Canada
1478:Canada
1149:Supply
1144:Demand
1117:Shapes
1107:Global
1017:demand
942:Supply
759:16 May
722:
699:
661:
624:
602:
580:
467:Zambia
426:Turkey
348:Mexico
338:ariary
278:Israel
264:Guinea
104:feudal
83:Causes
35:until
1789:India
1716:India
1483:India
1139:Shock
957:Model
402:Syria
396:]
301:Japan
239:Chile
39:have
1529:1945
1261:1812
925:and
921:and
858:2020
833:2020
761:2018
720:ISBN
697:ISBN
659:ISBN
622:ISBN
600:ISBN
578:ISBN
558:2010
451:OPEC
406:The
359:peso
328:The
315:Laos
291:Iraq
258:peso
209:The
171:peso
306:As
225:lev
1843::
874:.
849:.
823:.
788:.
714:;
394:ko
199:.
181:.
50:.
43:.
1623:/
1352:/
1299:/
1242:/
1083:/
1015:/
991:/
940:/
911:e
904:t
897:v
880:.
860:.
835:.
560:.
332:(
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