Hyperinflation - Knowledge

1225:, that is the confidence that there is a store of value that the currency will be able to command later. In this model, the perceived risk of holding currency rises dramatically, and sellers demand increasingly high premiums to accept the currency. This in turn leads to a greater fear that the currency will collapse, causing even higher premiums. One example of this is during periods of warfare, civil war, or intense internal conflict of other kinds: governments need to do whatever is necessary to continue fighting, since the alternative is defeat. Expenses cannot be cut significantly since the main outlay is armaments. Further, a civil war may make it difficult to raise taxes or to collect existing taxes. While in peacetime the deficit is financed by selling bonds, during a war it is typically difficult and expensive to borrow, especially if the war is going poorly for the government in question. The banking authorities, whether central or not, "monetize" the deficit, printing money to pay for the government's efforts to survive. The hyperinflation under the 2202: 2507: 1280:). If inflation is high enough, government regulations like heavy penalties and fines, often combined with exchange controls, cannot prevent this currency substitution. As a consequence, the inflating currency is usually heavily undervalued compared to stable foreign money in terms of purchasing power parity. So foreigners can live cheaply and buy at low prices in the countries hit by high inflation. It follows that governments that do not succeed in engineering a successful currency reform in time must finally legalize the stable foreign currencies (or, formerly, gold and silver) that threaten to fully substitute the inflating money. Otherwise, their tax revenues, including the inflation tax, will approach zero. The last episode of hyperinflation in which this process could be observed was in 1257: 3033: 3115: 2922: 52: 1707:

artificially freezing the official exchange rate. By September 2020. the government had severely restricted most exchange operations, especially for those citizens without stable incomes. These measures caused the underground foreign exchange market to come back to life, despite efforts made by the previous Macri's administration to stamp it out, further weakening Argentina's control over its economy. In 2022, Argentina's inflation rate reached 100%, and in November 2023 reached 143%, with 55% of children in Argentina living below the poverty line and more than 18 million citizens not being able to afford basic goods as of 2023. When

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October 2008 Zimbabwe was mired in hyperinflation with wages falling far behind inflation. In this dysfunctional economy hospitals and schools had chronic staffing problems, because many nurses and teachers could not afford bus fare to work. Most of the capital of Harare was without water because the authorities had stopped paying the bills to buy and transport the treatment chemicals. Desperate for foreign currency to keep the government functioning, Zimbabwe's central bank governor, Gideon Gono, sent runners into the streets with suitcases of Zimbabwean dollars to buy up American dollars and South African rand.

1295:, or other commodities fail to force acceptance of a paper money that lacks intrinsic value. If the entity responsible for printing a currency promotes excessive money printing, with other factors contributing a reinforcing effect, hyperinflation usually continues. Hyperinflation is generally associated with paper money, which can easily be used to increase the money supply: add more zeros to the plates and print, or even stamp old notes with new numbers. Historically, there have been numerous episodes of hyperinflation in various countries followed by a return to "hard money". Older economies would revert to 1730: 2764: 1510: 3256: 3291: 3168: 1794: 3221: 87: 2465: 2664:, that lasted until 1994. One of several regional conflicts accompanying the dissolution of Yugoslavia was the Bosnian War (1992–1995). The Belgrade government of Slobodan Milošević backed ethnic Serbian forces in the conflict, resulting in a United Nations boycott of Yugoslavia. The UN boycott collapsed an economy already weakened by regional war, with the projected monthly inflation rate accelerating to one million percent by December 1993 (prices double every 2.3 days). 1382: 3419: 1010: 2097: 1374: 1186: 2780: 2969: 2638: 3074: 11294: 914: 3380: 1676:. The IMF expanded the loan with an extra 7 billion U.S. dollars, the largest loan in IMF history. In exchange, the Central Bank would operate on the price of the dollar only when it surpassed certain requirements. The national budget for 2019 reduced the deficit, which was 2.6 percent of GDP in 2018, to zero, and estimated that inflation would decrease from 44% to 23%. This budget was approved by the Congress, despite demonstrations and 985:("dollarization") are the orthodox solutions to ending short-term hyperinflation; however there are significant social and economic costs to these policies. Ineffective implementations of these solutions often exacerbate the situation. Many governments choose to attempt to solve structural issues without resorting to those solutions, with the goal of bringing inflation down slowly while minimizing social costs of further economic shocks. 1143:

monetary inflation are complex and vary based on the situation, with some models finding regressive effects but other empirical studies progressive effects. As a form of tax, it is less overt than levied taxes and is therefore harder to understand by ordinary citizens. Inflation can obscure quantitative assessments of the true cost of living, as published price indices only look at data in retrospect, so may increase only months later.

1932:. Napoleon replaced them with the franc in 1803, at which time the assignats were basically worthless. Stephen D. Dillaye pointed out that one of the reasons for the failure was massive counterfeiting of the paper currency, largely through London. According to Dillaye: "Seventeen manufacturing establishments were in full operation in London, with a force of four hundred men devoted to the production of false and forged Assignats." 11306: 902: 1749:

continually signalling for help. While waiting, however, most of them begin to cut rafts, each for himself, out of the sides and decks. The ship has not yet sunk despite the leaks so caused, and those who have acquired stores of wood in this way may use them to cook their food, while the more seamanlike look on cold and hungry. The population lack courage and energy as well as patriotism."

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settled with drachmas secured from the Bank of Greece and printed for this purpose by private printing presses. As prices soared, the Germans and Italians started requesting more and more drachmas from the Bank of Greece to offset price increases; each time prices increased, the note circulation followed suit soon afterwards. For the year starting November 1943, the inflation rate was

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reached 25% per annum, yet interest rates did not rise above 15%—and then only briefly—and many fixed interest rate loans existed. Contractually, there is often no bar to a debtor clearing his long term debt with "hyperinflated cash", nor could a lender simply somehow suspend the loan. Contractual "early redemption penalties" were (and still are) often based on a penalty of

2685:. In the 1993 currency reform, 1 new dinar was exchanged for 1,000,000 old dinars. Before the year was over, however, the highest denomination was 500,000,000,000 dinars. In the 1994 currency reform, 1 new dinar was exchanged for 1,000,000,000 old dinars. In another currency reform a month later, 1 novi dinar was exchanged for 13 million dinars (1 novi dinar = 1 1345:

reform the substitution of the inflating by stable money goes on. Thus it is not surprising that there have been at least seven historical cases in which the good (foreign) money did fully drive out the use of the inflating currency. In the end, the government had to legalize the former, for otherwise its revenues would have fallen to zero.

1236:, the other phase is ignited. In the case of rapid expansion of the money supply, prices rise rapidly in response to the increased supply of money relative to the supply of goods and services, and in the case of loss of confidence, the monetary authority responds to the risk premiums it has to pay by "running the printing presses". 2581:"one of the biggest contractions in Latin American history". According to undisclosed sources from Reuters, the release of these numbers was due to pressure from China, a Maduro ally. One of these sources claims that the disclosure of economic numbers may bring Venezuela into compliance with the IMF, making it harder to support 40: 1139:. The excessive money supply growth can result from speculating by private borrowers, or may result from the government being either unable or unwilling to fully finance the government budget through taxation or borrowing. The government may instead finance a government deficit through the creation of money. 993:. Typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this happens, the real stock of money (i.e., the amount of circulating money divided by the price level) decreases considerably. 2510:

The value of one US dollar in Venezuelan bolivares on the black market through time, according to DolarToday.com. Blue and red vertical lines represent every time the currency has lost 99% of its value. This has happened almost five times since 2012, meaning that the currency is worth, as of November

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One way to avoid the use of large numbers is by declaring a new unit of currency. (As an example, instead of 10,000,000,000 dollars, a central bank might set 1 new dollar = 1,000,000,000 old dollars, so the new note would read "10 new dollars".) One example of this is Turkey's revaluation of the lira

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Hyperinflation has always been a traumatic experience for the people who suffer it, and the next political regime almost always enacts policies to try to prevent its recurrence. Often this means making the central bank very aggressive about maintaining price stability, as was the case with the German

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Governments have sometimes resorted to excessively loose monetary policy, as it allows a government to devalue its debts and reduce (or avoid) a tax increase. Monetary inflation is effectively a flat tax on creditors that also redistributes proportionally to private debtors. Distributional effects of

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For periods after July 2008, no official inflation statistics were released. Prof. Steve H. Hanke overcame the problem by estimating inflation rates after July 2008 and publishing the Hanke Hyperinflation Index for Zimbabwe. Prof. Hanke's HHIZ measure indicated that the inflation peaked at an annual

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Hyperinflation began early in the 21st century, reaching 624% in 2004. It fell back to low triple digits before surging to a new high of 1,730% in 2006. The Reserve Bank of Zimbabwe revalued on 1 August 2006 at a ratio of 1,000 ZWD to each second dollar (ZWN), but year-to-year inflation rose by June

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released economic data for the first time since 2015. According to this release, the inflation of Venezuela was 274% in 2016, 863% in 2017 and 130,060% in 2018. The annualised inflation rate as of April 2019 was estimated to be 282,972.8% as of April 2019, and cumulative inflation from 2016 to April

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to sell in-game currency or characters for real currency. In many cases, these gamers made more money than salaried workers in Venezuela even though they were earning just a few dollars per day. During the Christmas season of 2017, some shops would no longer use price tags since prices would inflate

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North Korea most likely experienced hyperinflation from December 2009 to mid-January 2011. Based on the price of rice, North Korea's hyperinflation peaked in mid-January 2010, but according to black market exchange-rate data, and calculations based on purchasing power parity, North Korea experienced

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in early 2000. Usually the "dollarization" takes place in spite of all efforts of the government to prevent it by exchange controls, heavy fines and penalties. The government has thus to try to engineer a successful currency reform stabilizing the value of the money. If it does not succeed with this

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by C. Bresciani-Turroni on the German hyperinflation was published in Italian in 1931). In his book, Cagan defined a hyperinflationary episode as starting in the month that the monthly inflation rate exceeds 50%, and as ending when the monthly inflation rate drops below 50% and stays that way for at

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At its November 2008 peak, Zimbabwe's rate of inflation approached, but failed to surpass, Hungary's July 1946 world record. On 2 February 2009, the dollar was redenominated for the third time at the ratio of 10 ZWR to 1 ZWL, only three weeks after the Z$ 100 trillion banknote was issued on 16

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in 2014 reached 69% and was the highest in the world. In 2015, inflation was 181%, the highest in the world and the highest in the country's history at that time, 800% in 2016, over 4,000% in 2017, and 1,698,488% in 2018, with Venezuela spiraling into hyperinflation. While the Venezuelan government

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As more and more money is provided, interest rates decline towards zero. Realizing that fiat money is losing value, investors will try to place money in assets such as real estate, stocks, even art; as these appear to represent "real" value. Asset prices are thus becoming inflated. This potentially

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Hyperinflation is often associated with some stress to the government budget, such as wars or their aftermath, sociopolitical upheavals, a collapse in aggregate supply or one in export prices, or other crises that make it difficult for the government to collect tax revenue. A sharp decrease in real

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estimated in 2018 that Venezuela's inflation rate would reach 1,000,000% by the end of the year. This forecast was criticized by Steve H. Hanke, professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. According to Hanke, the IMF had released a "bogus

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The economic crisis in Poland in the 1980s was accompanied by rising inflation when new money was printed to cover a budget deficit. Although inflation was not as acute as in 1920s, it is estimated that its annual rate reached around 600% in a period of over a year spanning parts of 1989 and 1990.

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reforms, including a 20% levy on bank deposits, but this precipitated a mistrust of banks by the public, especially the peasants, and resulted in a reduction in savings, and thus an increase in the amount of currency in circulation. Due to the reduced tax base, the government resorted to printing

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and the Italian Sagic companies at very low prices. As the value of Greek exports in drachmas fell, the demand for drachmas followed suit and so did its forex rate. While shortages started due to naval blockades and hoarding, the prices of commodities soared. The other part of the "purchases" was

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more criticized economic policies, often expanding on them. This included extremely tight control on all currency exchange operations, which involved setting a maximum exchange of $ 200 US dollars per month for all citizens, imposing a new 35% tax on all foreign currency exchange operations, and

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Much attention on hyperinflation centers on the effect on savers whose investments become worthless. Interest rate changes often cannot keep up with hyperinflation or even high inflation, certainly with contractually fixed interest rates. For example, in the 1970s in the United Kingdom inflation

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On 1 August 2008, the Zimbabwe dollar was redenominated at the ratio of 10 ZWN to each third dollar (ZWR). On 19 August 2008, official figures announced for June estimated the inflation over 11,250,000%. Zimbabwe's annual inflation was 231,000,000% in July (prices doubling every 17.3 days). By

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Observing the Austrian response to developing hyperinflation, which included the hoarding of food and the speculation in foreign currencies, Owen S. Phillpotts, the Commercial Secretary at the British Legation in Vienna wrote: "The Austrians are like men on a ship who cannot manage it, and are

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of Germany was issuing two-trillion mark banknotes and postage stamps with a face value of fifty billion marks. The highest value banknote issued by the Weimar government's Reichsbank had a face value of 100 trillion marks (10; 100,000,000,000,000; 100 million million). At the height of the

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issued by the British. During that time, the cost of basic necessities increased drastically. As the occupation proceeded, the Japanese authorities printed more money to fund their wartime activities, which resulted in hyperinflation and a severe depreciation in value of the banana note.

2132:) was created for tax and postal payments. The inflation was such that the value of the adópengő was adjusted each day by radio announcement. On 1 January 1946, one adópengő equaled one pengő, but by late July, one adópengő equaled 2,000,000,000,000,000,000,000 P or 2×10 P (2 2931:

January, but hyperinflation waned by then as official inflation rates in USD were announced and foreign transactions were legalised, and on 12 April the Zimbabwe dollar was abandoned in favour of using only foreign currencies. The overall impact of hyperinflation was US$ 1 = Z$ 10.

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Inflation by 16 July officially surged to 2,200,000% with some analysts estimating figures surpassing 9,000,000%. As of 22 July 2008 the value of the Zimbabwe dollar fell to approximately Z$ 688 billion per US$ 1, or Z$ 688 trillion in pre-August 2006 Zimbabwean dollars.

4711: 4801: 5543: 2791:(ZWD) was worth about US$ 1.49 (or 67 Zimbabwean cents per U.S. dollar). Afterwards, however, rampant inflation and the collapse of the economy severely devalued the currency. Inflation was relatively steady until the early 1990s when economic disruption caused by failed 6133: 4957: 2245:, after which the value of Japanese scrip began to erode, reaching $ 385 in December 1943 and $ 1,850 one year later. By 1 August 1945, this had inflated to $ 10,500, and 11 days later it had reached $ 95,000. After 13 August 1945, Japanese scrip had become valueless. 1123:

and price inflation proceed at a rapid pace. Such rapidly increasing prices cause widespread unwillingness of the local population to hold the local currency as it rapidly loses its buying power. Instead, they quickly spend any money they receive, which increases the

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since the 1970s. At one time in 1985, the country experienced an annual inflation rate of more than 20,000%. Fiscal and monetary reform reduced the inflation rate to single digits by the 1990s, and in 2004 Bolivia experienced a manageable 4.9% rate of inflation.

2677:. In the 1990 currency reform, 1 new dinar was exchanged for 10,000 old dinars. After socialist Yugoslavia broke up, the 1992 currency reform in FR Yugoslavia led to 1 new dinar being exchanged for 10 old dinars. The highest denomination in 1992 was 50,000 7872: 1275:

One of the most important characteristics of hyperinflation is the accelerating substitution of the inflating money by stable money—gold and silver in former times, then relatively stable foreign currencies after the breakdown of the gold or silver standards

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Selection of 16 original un-circulated Zimbabwe notes ranging in denomination from Z$ 1 to Z$ 100 trillion. They are all signed by Gideon Gono, the Governor of the Reserve Bank of Zimbabwe, in the period 2007 to 2008, who promises "to pay the bearer on

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forecast" because "no one has ever been able to accurately forecast the course or the duration of an episode of hyperinflation. But that has not stopped the IMF from offering inflation forecasts for Venezuela that have proven to be wildly inaccurate".

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was elected to the office of president in December 2023, his main election promise was to initiate a libertarian recovery economic plan to mitigate the economic crisis and restore the Argentinean economy to normalcy. In January 2024, after a series of

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Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the

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at the same time outlawed possession of other currencies, most especially "guerrilla money". The fiat money's lack of value earned it the derisive nickname "Mickey Mouse money". Survivors of the war often tell tales of bringing suitcases or

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administration immediately refused to take the remaining $ 11 billion of the loan, arguing that it was no longer obliged to adhere to the IMF conditions. The value of the peso continued to plummet as foreign investors pulled out and the

1425:) pengő, was printed but not issued.) The banknotes did not show the numbers in full: "hundred million b.-pengő" ("hundred million trillion pengő") and "one milliard b.-pengő" were spelled out instead. This makes the 100,000,000,000,000 2950:

Ironically, following the abandonment of the ZWR and subsequent use of reserve currencies, banknotes from the hyperinflation period of the old Zimbabwe dollar began attracting international attention as collectors items, having accrued

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Governments may try to disguise the true rate of inflation through a variety of techniques. If these actions do not address the root causes of inflation they may undermine trust in the currency, causing further increases in inflation.

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months of interest/payment; again no real bar to paying off what had been a large loan. In interwar Germany, for example, much private and corporate debt was effectively wiped out—certainly for those holding fixed interest rate loans.

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least a year. Economists usually follow Cagan's description that hyperinflation occurs when the monthly inflation rate exceeds 50% (this is equivalent to a yearly rate of 12,874.63%, so that the amount becomes 129.7463 times as high).

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took place frustrated because of the impending crisis to forestall. In October 2017, inflation was at 11.9%, the highest rate since July 2008. The lira fell from TL 1.503 = US$ 1 in 2010 to TL 23.1446 = US$ 1 in June 2023.

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financed by currency creation. Peter Bernholz analysed 29 hyperinflations (following Cagan's definition) and concludes that at least 25 of them have been caused in this way. A necessary condition for hyperinflation is the use of

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The Communists gained significant legitimacy by defeating hyperinflation in the late 1940s and early 1950s. Their development of state trading agencies reintegrated markets and trading networks, ultimately stabilizing prices.

1178:. In both Cagan's model and the neo-classical models, a tipping point occurs when the increase in money supply or the drop in the monetary base makes it impossible for a government to improve its financial position. Thus when 7125: 2620: 2065:

drachmae and one gold sovereign cost 43,167 billion drachmas. The hyperinflation started subsiding immediately after the departure of the German occupation forces, but inflation rates took several years to fall below 50%.

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during the government of Itamar Franco. During the period of inflation Brazil adopted a total of six different currencies, as the government constantly changed due to rapid devaluation and increase in the number of zeros.

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has issued guidance on accounting rules in a hyperinflationary environment. It does not establish an absolute rule on when hyperinflation arises, but instead lists factors that indicate the existence of hyperinflation:

7418: 7864: 1745:, essentially all State enterprises ran at a loss, and the number of state employees in the capital, Vienna, was greater than in the earlier monarchy, even though the new republic was nearly one-eighth of the size. 5922: 2336:(Mp) to the US dollar dropped from Mp 9.— per dollar in 1918 to Mp 6,375,000.— per dollar at the end of 1923. A new personal 'inflation tax' was introduced. The resolution of the crisis is attributed to 8194: 7333: 7248: 2035:

With the German invasion in April 1941, there was an abrupt increase in prices. This was due to psychological factors related to the fear of shortages and to the hoarding of goods. During the German and Italian

1485:. Products available to consumers may diminish or disappear as businesses no longer find it economic to continue producing and/or distributing such goods at the legal prices, further exacerbating the shortages. 2918:% yearly rate. At that rate, prices were doubling every 24.7 hours. Note that many of these figures should be considered mostly theoretical since hyperinflation did not proceed at this rate over a whole year. 2613:

Vietnam went through a period of chaos and high inflation in the late 1980s, with inflation peaking at 774% in 1988, after the country's "price-wage-currency" reform package, led by then-Deputy Prime Minister

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From this, it might be wondered why any rational government would engage in actions that cause or continue hyperinflation. One reason for such actions is that often the alternative to hyperinflation is either

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percent; equivalent to a tenfold increase on average a year) in that time due to the uncontrolled printing of money. There were many economic plans that tried to contain hyperinflation including zeroes cuts,

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inflation, one US dollar was worth 4 trillion German marks. One of the firms printing these notes submitted an invoice for the work to the Reichsbank for 32,776,899,763,734,490,417.05 (3.28 × 10, roughly 33

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hold that hyperinflation occurs when there is a continuing (and often accelerating) rapid increase in the amount of money that is not supported by a corresponding growth in the output of goods and services.

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Hyperinflation increases stock market prices, wipes out the purchasing power of private and public savings, distorts the economy in favor of the hoarding of real assets, causes the monetary base (whether

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once again, especially if another administration were to be voted in during the next election cycle, and started pulling out investments. All those factors led to a dramatic increase in the price of the

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during the time between recording or levying taxable transactions and collecting the taxes due, the value of the taxes collected falls in real value to a small fraction of the original taxes receivable;

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wrote: "In the whole course of history, no dog has ever run after its own tail with the speed of the Reichsbank." Germany went through its worst inflation in 1923. In 1922, the highest denomination was

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The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power;

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from 1939 to 1945 is a classic example of a government printing money to pay civil war costs. By the end, currency was flown in over the Himalayas, and then old currency was flown out to be destroyed.

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retail goods in warehouses in Zimbabwe and just south of the border, preventing commodities from becoming available on the market. The result was that to pay its expenditures Mugabe's government and

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replaced the original currency of post-war Poland, the mark. This currency was subsequently replaced by another of the same name in 1950. As a result of the second hyperinflation crisis, the current

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spiraling process will ultimately lead to the collapse of the monetary system. The Cantillon effect says that those institutions that receive the new money first are the beneficiaries of the policy.

7747: 7691: 4965:, three zeros are cut from the face values of denominations. It can be read from the table that if the (annual) inflation is for example 100%, it takes about 3.32 years for prices to increase by an 4885: 10435: 7192: 5896: 1966:

300 million before World War I to £20 million. The Reichsbank responded by the unlimited printing of notes, thereby accelerating the devaluation of the mark. In his report to London,

6884: 4969:(e.g., to produce one more zero on the price tags), or 9.97 years to produce three zeros. Thus can one expect a redenomination to take place about ten years after the currency was introduced. 5817: 7274: 1377:

100 million b.-pengő (100 quintillion pengő) banknote from the period of postwar hyperinflation in Hungary in 1946, the largest denomination banknote ever officially issued for circulation

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and political instability between 1919 and 1924 led to a major inflation of Hungary's currency. In 1921, in an attempt to stop this inflation, the national assembly of Hungary passed the

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Hyperinflation is a complex phenomenon and one explanation may not be applicable to all cases. In both of these models, however, whether loss of confidence comes first, or central bank

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In 1922, inflation in Austria reached 1,426%, and from 1914 to January 1923, the consumer price index rose by a factor of 11,836, with the highest banknote in denominations of 500,000

1440:%; 41,900,000,000,000,000%) for July 1946, amounting to prices doubling every 15.3 hours. By comparison, on 14 November 2008, Zimbabwe's annual inflation rate was estimated to be 89.7 4807: 1473:

and also occasionally happens in countries with lower inflation rates. During hyperinflation, currency inflation happens so quickly that bills reach large numbers before revaluation.

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The newly independent Poland had been struggling with a large budget deficit since its inception in 1918 but it was in 1923 when inflation reached its peak. The exchange rate of the

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In 1942, the highest denomination available was ₱10. Before the end of the war, because of inflation, the Japanese government was forced to issue ₱100, ₱500, and ₱1,000 notes.

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often prints money in larger and larger denominations as the smaller denomination notes become worthless. This can result in the production of unusually large denominations of

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The general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency;

7013: 1558:. The Central Bank attempted to reduce it to 15%, by adjusting its interest rates but these efforts only managed to stop further inflation rather than reduce it. An intense 5948: 7153: 6006: 5979: 5918: 2128:. By the end of 1945, it was 10,000,000 P, and the highest value in mid-1946 was 100,000,000,000,000,000,000 P (10 pengő). A special currency, the adópengő (or 1135:

for the money (including currency and bank deposits), causing rapid inflation. Very high inflation rates can result in a loss of confidence in the currency, similar to a

977:, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. Effective 7329: 7240: 6769: 5479: 6300: 2524:"has essentially stopped" producing official inflation estimates as of early 2018, one estimate of the rate at that time was 5,220%, according to inflation economist 1785:

at a rate of one million to one (when 1 US dollar was worth 1.8–1.9 million pesos bolivianos). At that time, 1 new boliviano was roughly equivalent to 52 U.S. cents.

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After a brief decrease following the defeat of Japan in the Second Sino-Japanese War, hyperinflation resumed in October 1945. From 1948 to 1949, near the end of the

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agreements and rampant government corruption resulted in reductions in food production and the decline of foreign investment. Several multinational companies began

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Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short;

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instead of gold or silver coins. Most hyperinflations in history, with some exceptions, such as the French hyperinflation of 1789–1796, occurred after the use of

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coupled with a strong need to maintain government spending, together with an inability or unwillingness to borrow, can lead a country into hyperinflation.

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In October 1948, the Nationalist government replaced its fabi currency with the gold yuan. The gold yuan deteriorated even faster than the fabi had.

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its peak month of inflation in early March 2010. These data points are unofficial, however, and therefore must be treated with a degree of caution.

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Between the end of 1945 and July 1946, Hungary went through the highest inflation ever recorded. In 1944, the highest banknote value was 1,000

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flow; this in turn causes further acceleration in prices. This means that the increase in the price level is greater than that of the money supply.

11167: 2449:, in which "new rubles" replaced old at the rates of 10,000:1 (1 January 1922), 100:1 (1 January 1923), and 50,000:1 (7 March 1924), respectively. 8516: 7270: 2442:. The inflationary crisis effectively ended in March 1924 with the introduction of the so-called "gold ruble" as the country's standard currency. 1210:, it is always the result of the monetary authority irresponsibly borrowing money to pay all its expenses. These models focus on the unrestrained 5350: 2394: 1340:) as a national unit of currency. An example was dollarization in Ecuador, initiated in September 2000 in response to a 75% loss of value of the 1096:

became widespread in the late 19th century. The French hyperinflation took place after the introduction of a non-convertible paper currency, the

7496:[Inflation in 2018 closed at 1,698,488%, according to the National Assembly] (in Spanish). Efecto Cocuyo. 9 January 2019. Archived from 7297: 7561: 6894: 7717: 11270: 11152: 11091: 11054: 10888: 7808: 7067: 6158: 5466: 2787:

Hyperinflation in Zimbabwe was one of the few instances that resulted in the abandonment of the local currency. At independence in 1980, the

2625:, had failed. High inflation also occurred in the early stages of the socialist-oriented market economic reforms commonly referred to as the 1432:

The Post-World War II hyperinflation of Hungary held the record for the most extreme monthly inflation rate ever – 41.9 quadrillion percent (

8039: 6857: 11212: 10751: 6055: 7584: 1284:

in the first decade of the 21st century. In this case, the local money was mainly driven out by the US dollar and the South African rand.

9779: 9735: 8243: 7647: 5427: 944: 876: 6947: 11136: 10996: 10895: 9816: 8453: 7497: 2473: 1626: 7520: 5813: 5604: 11003: 10846: 10479: 8387: 7440: 4706:{\displaystyle {\hbox{New price }}y{\hbox{ years later}}={\hbox{old price}}\times \left(1+{\frac {\hbox{inflation}}{100}}\right)^{y}} 2226: 1853: 7471: 6829: 5731: 1958:

5 million marks would have been worth $ 714.29 in January 1923, but was only worth about one-thousandth of one cent by October 1923.

1831:

The highest value was in March 1990, when the government inflation index reached 82.39%. Hyperinflation ended in July 1994 with the

1488:

There are also issues with computerized money-handling systems. In Zimbabwe, during the hyperinflation of the Zimbabwe dollar, many

11160: 11077: 11047: 10930: 10923: 10867: 10860: 10728: 10417: 7003: 1967: 1182:

is printed, government obligations that are not denominated in money increase in cost by more than the value of the money created.

1054: 8364: 4796:{\displaystyle {\hbox{Monthly inflation}}=100\times \left(\left(1+{\frac {\hbox{inflation}}{100}}\right)^{\frac {1}{12}}-1\right)} 11234: 10853: 10106: 10027: 8417: 8116: 6727: 6594: 5944: 6002: 5971: 4952:{\displaystyle {\hbox{Years per added zero of the price}}={\frac {1}{\log _{10}\left(1+{\frac {\hbox{inflation}}{100}}\right)}}} 2821:

20 May: a new series of notes ("agro cheques") in denominations of Z$ 5 billion, Z$ 25 billion and Z$ 50 billion.

2205:

Banana banknotes issued by the Japanese Government during the occupation of Malaya. The term "banana notes" originates from the

11040: 10944: 10909: 10766: 10604: 10099: 8545: 6267: 2563:

In July 2018, hyperinflation in Venezuela was sitting at 33,151%, "the 23rd most severe episode of hyperinflation in history".

1654: 5520: 2589:. At the time, the IMF was not able to support the validity of the data as they had not been able to contact the authorities. 2506: 1720:

has also announced sweeping cuts in government including attempting to eliminate a large portion of the government ministries.

10721: 10634: 10383: 10375: 8661: 8632: 8586: 8281: 8164: 8017: 6761: 6653: 6628: 6553: 6458: 6408: 6224: 6199: 5318: 2417: 1949: 970: 7358: 5486: 5469:. "Hyperinflation has its root cause in money growth, which is not supported by growth in the output of goods and services." 2907:%) in mid-November 2008. The peak monthly rate was 79.6 billion percent, which is equivalent to a 98% daily rate, or around 7987: 6292: 6080: 1481:

will generally result in shortages and hoarding and extremely high demand for the controlled goods, causing disruptions of

7103: 1119:

can create a vicious circle, requiring ever growing amounts of new money creation to fund government deficits. Hence both

11069: 10338: 8783: 8706: 2586: 7769: 5869: 5843: 5790: 5764: 2645:

banknote circa 1993, the largest nominal value ever officially printed in Yugoslavia, the final result of hyperinflation

2352:("golden" in Polish), established a new national bank and scrapped the inflation tax, which took place throughout 1924. 2161:% per month (i.e. prices doubled every 15.6 hours). On 18 August 1946, 400,000,000,000,000,000,000,000,000,000 P (4 2100:

The 100 million b.-P note was the highest denomination of banknote ever issued, worth 10P, or 100 quintillion

1465:(TRY) at a rate of 1,000,000 old to 1 new lira. While this does not lessen the actual value of a currency, it is called 11098: 7933: 6791: 2321:, the first in 1923, the second in 1989–1990. Both events resulted in the introduction of new currencies. In 1924, the 5816:[The drought in Argentina, among the 10 most destructive climate events of the year] (in Spanish). La Nación. 1256: 11227: 11033: 10685: 10552: 10302: 6704: 6363: 5672: 5438: 5228: 5137: 5062: 3296: 1874: 1687: 6516:

Assignats and Mandats: A True History, Including an Examination of Dr. Andrew Dickson White's 'Paper Money in France

6490: 5641: 2566:

In April 2019, the International Monetary Fund estimated that inflation would reach 10,000,000% by the end of 2019.

2091: 1703: 47:, the largest denomination bill ever issued, Hungary, 1946. 1 sextillion pengő notes were printed, but never issued. 10472: 10084: 5117: 3173: 3038: 2552:("talkers"), how much each item was. Some then further cut costs by replacing the "talkers" with computer screens. 2214: 1260: 1083:

While there can be a number of causes of high inflation, almost all hyperinflations have been caused by government

8479: 10874: 10648: 10135: 7008: 5188: 4874:{\displaystyle {\hbox{Price doubling time}}={\frac {1}{\log _{2}\left(1+{\frac {\hbox{inflation}}{100}}\right)}}} 3460:

is usually measured in percent per year. It can also be measured in percent per month or in price doubling time.

2344:

in December 1923. Having nominated an all-new government and being granted extraordinary lawmaking powers by the

1808: 1551: 937: 17: 8216: 2811:

2007 to 11,000% (versus an earlier estimate of 9,000%). Larger denominations were progressively issued in 2008:

11062: 11026: 10937: 10839: 9809: 9217: 8302: 3120: 11263: 11198: 10902: 10773: 10714: 10567: 9187: 9177: 8870: 7158: 7098: 6081:"Does Javier Milei's dollarisation plan for Argentina make any economic sense? | Javier Milei | The Guardian" 2601: 2479: 2317:

has gone through two episodes of hyperinflation since the country regained independence following the end of

2302:, which worsened inflation into hyperinflation. Peru's currency and economy were stabilized under Fujimori's 2218: 275: 9398: 537: 10965: 10809: 10802: 10759: 10707: 10641: 10239: 9337: 9310: 6646:

When Money Dies – The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany

8343: 7834: 6673: 5700: 1421:(10; 100,000,000,000,000,000,000; 100 million million million). (A banknote worth 10 times as much, 10 (1 11326: 11121: 11113: 10787: 10780: 10700: 10627: 10619: 10611: 10589: 9988: 9764: 9745: 9322: 9167: 9133: 9118: 9097: 9092: 5589: 5158: 2556: 2495: 1622: 886: 106: 96: 55: 2921: 1605:. Despite the high-interest rates and IMF support, investors feared that the country might fall into a 11284: 11105: 11010: 10816: 10494: 10257: 9739: 9315: 9005: 8995: 8512: 6400: 5025: 2758: 2377: 1733:

Hanke Krus Hyperinflation Table that lists 56 episodes of hyperinflation (following Cagan's definition)

930: 880: 410: 400: 6546:

When Money Dies – The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany

6217:

When Money Dies – The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany

5218: 2279: 1361:

in the wake of hyperinflation, but this does not prevent further inflation of the money supply by the

51: 11331: 11220: 11144: 10916: 10399: 9802: 8885: 6191:

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany

5020: 2577:

The new reports imply a contraction of more than half of the economy in five years, according to the

2570: 2037: 1995:

percent per month (prices double every two days). Beginning on 20 November 1923, 1,000,000,000,000ℳ (

1713: 1673: 1642: 1547: 1489: 1329: 290: 10391: 8513:"World Hyperinflations | Steve H. Hanke and Nicholas Krus | Cato Institute: Working Paper" 7553: 11336: 10881: 10544: 10516: 10353: 9769: 9715: 9458: 9413: 9252: 9123: 9000: 7713: 2818:

15 May: new bearer cheques with a value of Z$ 500 million (then equivalent to about US$ 2.50).

2804: 2529: 2341: 2295: 1802: 1365:, and always leads to widespread shortages of consumer goods if the controls are rigidly enforced. 1147:

can become hyperinflation if monetary authorities fail to fund increasing government expenses from

859: 597: 552: 405: 174: 118: 9473: 8314: 7800: 7071: 6530:

White, E. N. (1991). "Measuring the French Revolution's Inflation: the Tableaux de depreciation".

6429:, New York: The Technology Press of Massachusetts Institute of Technology and John Wiley and Sons. 6166: 2815:

5 May: banknotes or "bearer cheques" for the value of Z$ 100 million and Z$ 250 million.

2689:

at the time of exchange). The overall impact of hyperinflation was that 1 novi dinar was equal to

612: 11256: 11174: 10678: 10581: 10182: 9423: 9257: 9247: 9237: 9227: 8965: 8955: 8915: 8905: 8778: 8699: 8043: 6861: 5067: 5015: 2792: 2044:. One part of these "sales" of provisions was settled with bilateral clearing through the German 1878: 1414: 1358: 562: 370: 360: 320: 310: 217: 140: 3301: 11249: 10951: 10346: 10197: 10190: 10142: 10128: 9844: 9593: 9438: 9298: 9241: 9197: 9160: 8910: 8850: 8825: 8795: 8768: 8251: 5129: 3178: 2337: 1859: 1199: 1045:, the book often regarded as the first serious study of hyperinflation and its effects (though 732: 577: 315: 255: 212: 159: 2117: 1332:

of slashing government expenditures or altering the currency basis. One form this may take is

11181: 10574: 10428: 10091: 10073: 10000: 9979: 9725: 9408: 9383: 9368: 9342: 9281: 8960: 8900: 8880: 8875: 5010: 2653: 1925: 1699: 1638: 982: 866: 547: 522: 507: 365: 305: 285: 280: 5121: 1413:

The largest denomination banknote ever officially issued for circulation was in 1946 by the

1303:

when the circulating medium became excessively devalued, generally following a "run" on the

1272:

or hard currency) to flee the country, and makes the afflicted area anathema to investment.

11128: 10958: 10502: 10114: 10019: 10011: 9923: 9774: 9478: 9222: 9192: 9145: 9108: 9034: 8985: 8950: 8890: 8855: 8790: 8773: 8438:

Hanke, S. H. and Kwok, A. K. F. (2009). "On the Measurement of Zimbabwe's Hyperinflation".

5613: 5072: 5047: 5032: 2427: 2291: 1877:

went through a period of hyperinflation. In 1947, the highest denomination bill was 50,000

1590: 1577:

of the United States increased interest rates from 0.25% to 1.75% and then 2%. This caused

1531: 1337: 1226: 617: 439: 390: 355: 295: 260: 164: 154: 101: 8723: 7619:[Clothing stores eliminate price labels and talkers to speed up price increases]. 7467: 7444: 6819:"Drivers of Peru's Equilibrium Real Exchange Rate: Is the Nuevo Sol a Commodity Currency?" 6818: 5383: 2269: 1690: 1444:(10) percent. The highest monthly inflation rate of that period was 79.6 billion percent ( 8: 11084: 10794: 10692: 10597: 10457: 10309: 10227: 10061: 9886: 9704: 9513: 9332: 9232: 9212: 9172: 9128: 9113: 9069: 9010: 8935: 8925: 8895: 8818: 6323:"Entenda os planos econômicos Bresser, Verão, Collor 1, Collor 2 e as perdas na poupança" 5723: 3429: 2825: 2501: 2439: 2003:, so that RM 4.2 was worth 1 US dollar, exactly the same rate the mark had in 1914. 1493: 1203: 843: 652: 474: 415: 340: 330: 300: 227: 135: 9373: 8805: 5638:"Values of the most important German Banknotes of the Inflation Period from 1920 – 1923" 5154: 2982:

Please help update this article to reflect recent events or newly available information.

1189:

The price of gold in Germany, 1 January 1918 – 30 November 1923. (The vertical scale is

512: 9967: 9759: 9730: 9688: 9493: 9202: 9182: 9150: 9064: 9059: 9039: 8990: 8930: 8920: 8865: 8860: 8692: 7525: 5814:"La sequía en la Argentina, entre los 10 fenómenos climáticos más destructivos del año" 5513:"Progressive tax-like effects of inflation: Fact or myth? The U.S. post-war experience" 5273: 5042: 4966: 2763: 2535:

Inflation has affected Venezuelans so much that in 2017, some people became video game

2361: 2263: 1782: 1300: 1144: 1120: 871: 827: 632: 469: 464: 444: 395: 335: 325: 270: 265: 237: 232: 202: 70: 8409: 8108: 7865:"The Hanke-Krus World Hyperinflation Table for Latin America (2013, Amended May 2018)" 6719: 3043: 2955:, selling for prices many orders of magnitude higher than their old purchasing power. 2626: 2241:

From February to December 1942, $ 100 of Straits currency was worth $ 100 in Japanese

2125: 2101: 1729: 1683: 1650: 44: 31: 10053: 10036: 9937: 9623: 9598: 9508: 9388: 9276: 9079: 9015: 8980: 8970: 8840: 8657: 8628: 8611: 8582: 8487: 7929: 7187: 6916: 6889: 6700: 6649: 6624: 6549: 6464: 6454: 6404: 6220: 6195: 5668: 5444: 5434: 5224: 5133: 5122: 4983: 3261: 3231: 2768: 2478:

Since the end of 2017 Turkey has had high inflation rates. It is speculated that the

2222: 2113: 1972: 1921: 1870: 1645:, resigned a week later, alongside much of its senior staff. Macri replaced him with 1606: 1563: 1426: 1221:

In neo-classical economic theory, hyperinflation is rooted in a deterioration of the

1190: 1132: 1125: 762: 737: 647: 527: 484: 420: 385: 375: 207: 169: 125: 9548: 8595:

Cagan, Phillip, "The Monetary Dynamics of Hyperinflation." In Milton Friedman, ed.,

8538: 7895:"El Parlamento venezolano cree que la inflación llegará al 4.300.000 % en 2018" 6256: 5693:"New Hyperinflation Index (HHIZ) Puts Zimbabwe Inflation at 89.7 sextillion percent" 1928:, the National Assembly issued bonds, some backed by seized church property, called 1668:

were restored, as a result of the crisis. Caputo resigned for personal reasons, and

1649:, and merged the ministries of treasury and finances into a single ministry, led by 687: 11310: 11018: 10533: 10528: 9944: 9916: 9893: 9825: 9673: 9618: 9603: 9588: 9573: 9503: 9483: 9463: 9418: 9025: 8975: 8945: 8940: 8830: 8756: 6980: 6952: 6587: 5512: 5265: 5037: 2357: 2287: 2278:

underwent a period of hyperinflation in the 1980s to the early 1990s starting with

2174: 1586: 1509: 1462: 1397:, including those denominated in amounts of 1,000,000,000 (10, 1 billion) or more. 1341: 1038: 812: 757: 742: 727: 712: 642: 622: 602: 557: 430: 380: 350: 345: 9553: 8340:

New Hyperinflation Index (HHIZ) Puts Zimbabwe Inflation at 89.7 Sextillion Percent

8273: 8156: 8009: 7897:[Venezuelan parliament believes inflation will reach 4,300,000% in 2018]. 7617:"Tiendas de ropa eliminan etiquetas y habladores para agilizar aumento de precios" 6747:

Nogaro, B. (1948) "Hungary's Recent Monetary Crisis and Its Theoretical Meaning",

2486:

In February 2022 inflation rose to 54.4%. In March 2022, inflation was above 60%.

692: 58:

represented by the time it would take for money to lose 90% of its value (301-day

10978: 10828: 10663: 10509: 10465: 10364: 9865: 9784: 9678: 9643: 9608: 9543: 9468: 9453: 9347: 9303: 9140: 9074: 9049: 9044: 9020: 8751: 8736: 8651: 8622: 8605: 8596: 8576: 8347: 8138: 7362: 7354: 6731: 6424: 6189: 5755: 5753: 5751: 5749: 5314: 5295: 5057: 5004: 4988: 3226: 3084: 2788: 2717:% cumulative inflation over the time period 1 October 1993 and 24 January 1994. 2422:

A seven-year period of uncontrollable spiralling inflation occurred in the early

1863: 1669: 1634: 1574: 1496:

errors as customers required many billions and trillions of dollars at one time.

1402: 1152: 978: 906: 817: 782: 747: 682: 607: 592: 479: 454: 449: 425: 197: 192: 59: 7979: 6571:

An Ambassador of Peace, the diary of Viscount D'Abernon, Berlin 1920–1926 (V1–3)

2397:

could buy one duck egg. In 1944, a box of matches cost more than 100 JIM pesos.

2322: 10743: 10655: 10560: 9930: 9698: 9683: 9648: 9633: 9613: 9583: 9403: 9054: 8763: 8731: 7302: 6442: 6392: 5696: 5433:(Report). Working Paper No. 2012/202. International Monetary Fund. p. 16. 4962: 3457: 3266: 3125: 2669: 2520: 2446: 2381: 2234: 1963: 1738: 1478: 1466: 1354: 1304: 1277: 1116: 1084: 837: 822: 787: 772: 752: 722: 542: 459: 149: 145: 9433: 6468: 5746: 2582: 2283: 1793: 572: 11320: 10406: 10331: 10324: 10317: 10295: 10279: 10271: 10264: 10250: 10220: 10213: 10206: 10164: 10157: 10150: 10121: 9960: 9953: 9879: 9851: 9663: 9653: 9628: 9568: 9563: 9558: 9538: 9528: 9498: 9488: 9393: 9293: 9266: 9030: 8678: 8578:

Monetary Regimes and Inflation: History, Economic and Political Relationships

8491: 7589: 7411:"Venezuela 2016 inflation hits 800 percent, GDP shrinks 19 percent: document" 6397:

The Collapse of Nationalist China: How Chiang Kai-shek Lost China's Civil War

5865: 5839: 5786: 5760: 5637: 5448: 5291: 3394: 3390: 3355: 2686: 2657: 2431: 2299: 1778: 1770: 1615: 1582: 1539: 1333: 1296: 1292: 1222: 1215: 1175: 1093: 802: 792: 767: 707: 702: 697: 677: 667: 637: 627: 532: 435: 6795: 1962:

By November 1922, the value in gold of money in circulation had fallen from

1163:

government debt issues fail to find buyers except at very deep discounts; or

1074:

The cumulative inflation rate over three years approaches, or exceeds, 100%.

86: 11298: 10735: 10486: 10287: 9858: 9693: 9638: 9533: 9523: 9518: 9443: 9288: 8813: 8741: 8369: 7130: 7040: 6134:"New Argentinian president eliminates Women, Gender and Diversity Ministry" 5052: 3424: 3328: 2453: 2423: 2373: 2303: 2230: 2041: 1825: 1821: 1717: 1708: 1482: 1458: 1390: 1385:

1 milliard b.-pengő (1 sextillion pengő) banknote, printed but never issued

1362: 1245: 990: 918: 832: 777: 672: 662: 657: 582: 130: 6355: 5096:

A banknote with a value of one million krones was printed, but not issued.

3468:

When first bought, an item cost 1 currency unit. Later, the price rose...

1381: 10989: 10446: 10045: 9902: 9872: 9668: 9658: 9448: 9327: 9271: 8746: 8454:"Zimbabwe's trillion-dollar note: from worthless paper to hot investment" 7128:[Inflation in Turkey jumps in February to more than 50 percent]. 7096:[A year-long record: Turkish inflation at more than 50 percent]. 5627:

1 billion in the German long scale = 1000 milliard = 1 trillion US scale.

5256:

Robinson, Joan (1 January 1938). "Review of The Economics of Inflation".

5077: 2952: 2800: 2597: 2536: 2525: 2464: 2445:

The early Soviet hyperinflationary period was marked by three successive

2360:

in 1989, named after the main author of the reforms, minister of finance

2333: 2318: 2206: 2170: 2096: 1742: 1677: 1646: 1593:, was modest in most countries, but it was felt particularly strongly in 1470: 1407: 1373: 1288: 1244:

A number of hyperinflations were caused by some sort of extreme negative

1233: 1211: 1171: 1089: 998: 807: 797: 587: 222: 39: 2546:

so quickly, so customers were required to ask staff at stores, known as

2143:, the total value of all Hungarian banknotes in circulation amounted to 1621:

Macri announced on 8 May 2018 that Argentina would seek a loan from the

1202:

or military defeat. The root cause is a matter of more dispute. In both

1185: 9578: 9378: 9155: 6107:"Argentina's annual inflation soars to 211.4%, the highest in 32 years" 5277: 4998: 2706: 2435: 2376:

issued fiat currencies for general circulation. The Japanese-sponsored

2133: 2000: 1832: 1441: 1422: 1350: 1207: 1179: 1108: 1009: 717: 517: 8653:

Great Inflations of the 20th Century: Theories, Policies, and Evidence

5724:"Zimbabwe knocks 10 zeros off currency amid world's highest inflation" 2779: 2637: 1248:, sometimes but not always associated with wars or natural disasters. 9428: 9358: 8715: 8220: 6950:[The true reason why Erdogan is bringing elections forward]. 6450: 2899:

rate of 89.7 sextillion percent (89,700,000,000,000,000,000,000%, or

2772: 2541: 2516: 2166: 1716:

were introduced, inflation reached a 32-year high at 211%. President

1630: 1611: 1594: 1578: 1535: 1527: 1170:

Theories of hyperinflation generally look for a relationship between

966: 958: 567: 498: 78: 8615: 5269: 1263:: banknotes had lost so much value that they were used as wallpaper. 9837: 9794: 9207: 8643: 8480:"How to Turn 100 Trillion Dollars Into Five and Feel Good About It" 7648:"Venezuelan inflation predicted to hit 1 million percent this year" 7494:"Inflación de 2018 cerró en 1.698.488%, según la Asamblea Nacional" 5200: 5198: 4978: 3079: 2796: 2364:. The plan was largely inspired by the previous Grabski's reforms. 2045: 1979:

marks). In December 1923 the exchange rate was 4,200,000,000,000ℳ (

1929: 1694: 1394: 1281: 1136: 1097: 974: 8342:". Washington, D.C.: Cato Institute. (Retrieved 17 November 2008) 7094:"Ein langjähriger Rekord: Türkische Inflation bei über 50 Prozent" 5893:"Luis Caputo Replaces Sturzenegger as Argentina Cenbank President" 5128:. Upper Saddle River, New Jersey: Pearson Prentice Hall. pp. 2393:

leaf strips) overflowing with Japanese-issued notes. Early on, 75

1418: 1328:

Hyperinflation is ended by drastic remedies, such as imposing the

1071:

Interest rates, wages, and prices are linked to a price index; and

5146: 3385: 2656:, from 1989 to 1991. In April 1992, one of its successor states, 2390: 1766: 1665: 1658: 1559: 7714:"Inflation rate, average consumer prices: Annual percent change" 7126:"Inflation in Türkei springt im Februar auf mehr als 50 Prozent" 6720:"Zimbabwe hyperinflation 'will set world record within six weeks 6056:"Argentina braces for election with economy in 'intensive care'" 5195: 5007:

for financial purposes, including as a hedge against inflation:

2515:

Venezuela's hyperinflation began in November 2016. Inflation of

1287:

Enactment of price controls to prevent discounting the value of

11305: 8339: 8079:"Zimbabwe issues 250 mn dollar banknote to tackle price spiral" 7928:. Boise, Idaho: Boise State University CCI Press. p. 140. 5692: 3350: 2958: 2314: 2140: 2121:

money, and in 1923 inflation in Hungary reached 98% per month.

1881:. By mid-1948, the highest denomination was 180,000,000 yuan. 1602: 1598: 901: 7330:"Venezuela annual inflation 180 percent: opposition newspaper" 5312: 2650:

Hyperinflation in the Socialist Federal Republic of Yugoslavia

2348:

for a period of six months, he introduced a new currency, the

1975:. By 1923, the highest denomination was 100,000,000,000,000ℳ ( 1811:

ended) to 1994, with prices rising by 184,901,570,954.39% (or

7926:

What we see, why we worry, why we hope: Vietnam going forward

7380:"Venezuelans report big weight losses in 2017 as hunger hits" 6860:(in Polish). Polish National Bank. 7 May 2015. Archived from 5972:"Argentina debt crisis: IMF austerity plan is being derailed" 5761:"Argentina asks IMF to release $ 50bn loan as crisis worsens" 5315:"IAS 29 – Financial Reporting in Hyperinflationary Economies" 3323: 3002:

Highest monthly inflation rates in history as of August 2012

2242: 2196: 2108:

was short for "billió pengő",equal to 1 trillion pengő (10P).

1807:

Brazilian hyperinflation lasted from 1985 (the year when the

1269: 8684: 8644:

German Hyperinflation 1922/23 – A Law and Economics Approach

6003:"Dólar. El refuerzo del cepo reabrió la salida de depósitos" 5415:. Boston, Massachusetts: Wellspring Press. pp. 112–119. 1657:

caused yet another increase on the price of the dollar. The

7740:"Au Venezuela, l'inflation a été de 130 060 % en 2018" 7652: 7521:"Venezuela Issues New Bank Notes Because of Hyperinflation" 7519:

Herrero, Ana Vanessa; Malkin, Elisabeth (16 January 2017).

6426:

The Inflationary Spiral: The Experience in China, 1939–1950

4993: 2345: 2275: 1954: 1429:

banknotes the note with the greatest number of zeros shown.

7835:"IMF denies pressuring Venezuela to release economic data" 6937:, Manila: American Chamber of Commerce on the Philippines. 1987:

marks) to 1 US dollar. In 1923, the rate of inflation hit

7684:"IMF Produces Another Bogus Venezuela Inflation Forecast" 7183:"Venezuela's Great Bolivar Scam, Nothing but a Face Lift" 6621:

Money in Greece, 1821–2001: The history of an institution

6447:

How China Escaped Shock Therapy: The Market Reform Debate

5945:"Argentine Senate Approves Austerity Budget for IMF Deal" 2372:

The Japanese government occupying the Philippines during

1858:

Hyperinflation was a major factor in the collapse of the

1662: 1567: 1555: 1543: 1148: 7742:[In Venezuela, inflation was 130,060% in 2018]. 6484:"Bank notes of the French Revolution and First Republic" 2306:

program, which has remained Peru's currency since 1991.

2024:

Peak month and rate of inflation: November 1923, 29,525%

1014:

Argentina monthly inflation of over 50% in 1989 and 1990

7828: 7826: 6618: 5567: 5565: 1939:

Peak month and rate of inflation: mid August 1796, 304%

1520:

2018–present Argentine monetary crisis § Ongoing crisis

1452:%; 79,600,000,000%), and a doubling time of 24.7 hours. 7585:"Desperate Venezuelans Turn to Video Games to Survive" 7215:"Venezuela 2014 inflation hits 68.5 pct -central bank" 6238: 6236: 5294:(1956). "The Monetary Dynamics of Hyperinflation". In 5220:

The Four Ends of the Greek Hyperinflation of 1941–1946

5116: 4931: 4890: 4853: 4812: 4756: 4722: 4682: 4659: 4649: 4639: 2771:

100 trillion banknote (Z$ 10), equal to Z$ 10 (1

2727:

Peak month and rate of inflation: December 1989, 59.7%

2511:

2020, almost 1 billion times less than in August 2012.

1353:, or moving to some hard basis of currency, such as a 11282: 10143:

Post-Napoleonic Irish grain price and land use shocks

7966:

Macroeconomic Instability in Post-Communist Countries

7801:"Venezuela data offer rare glimpse of economic chaos" 7770:"BCV admits hyperinflation of 53,798,500% since 2016" 6548:. Public Affairs – Perseus Books Group. p. 117. 5919:"Argentina names Sandleris as new central bank chief" 5891:

Gillespie, Patrick; Millan, Carolina (14 June 2018).

4888: 4810: 4720: 4637: 2938:

Peak month and rate of inflation: mid November 2008,

2807:

printed more and more notes with higher face values.

2209:

of banana trees on the currency's 10-dollar banknote.

2030: 2013:

Peak month and rate of inflation: January 1920, 56.9%

1534:, with an annual rate of 25% in 2017, second only to 1336:, the use of a foreign currency (not necessarily the 8620: 7823: 7468:"Venezuela's decline fuelled by plunging oil prices" 6948:"Der wahre Grund, warum Erdoğan die Wahlen vorzieht" 6219:. Public Affairs – Perseus Books Group. p. 92. 5562: 5510: 5153:

Berg, Andrew; Borensztein, Eduardo (December 2000).

2662:

hyperinflation in the Federal Republic of Yugoslavia

2596:

Peak month and rate of inflation: April 2018, 234% (

1843:

Peak month and rate of inflation: March 1990, 82.39%

1769:

has plagued, and at times crippled, its economy and

1629:

was $ 50 billion, and the country pledged to reduce

1499: 7298:"Looking into the Black Box of Venezuela's Economy" 7006:[Erdogan announces new elections in June]. 6670:"Hungary: Postal history – Hyperinflation (part 2)" 6233: 2407:

Peak month and rate of inflation: January 1944, 60%

1756:

Peak month and rate of inflation: August 1922, 129%

8478:McGroarty, Patrick; Mutsaka, Farai (11 May 2011). 6568: 6521:, (Philadelphia: Henry Carey Baird & Co, 1877) 5612: 4951: 4873: 4795: 4705: 2935:Start and end date: March 2007 – mid November 2008 2724:Start and end date: September 1989 – December 1989 2356:The economy was stabilised by the adoption of the 2139:When the pengő was replaced in August 1946 by the 1214:of the monetary authority, and the gains from the 1155:, cost cutting, or by other means, because either 1115:The increases in price that can result from rapid 8679:Wheelbarrows of Money: 5 Times Currencies Crashed 8365:"On the Measurement of Zimbabwe's Hyperinflation" 8244:"Zimbabwe's Mugabe fires deputy, seven ministers" 7512: 6915: 6582: 6580: 2667:The highest denomination in 1988 was 50,000 2073:Peak month and rate of inflation: December 1944, 1894:Peak month and rate of inflation: June 1945, 302% 1753:Start and end date: October 1921 – September 1923 11318: 8649: 8639:a popular description of the 1789–1799 inflation 8477: 8139:"Zimbabwe to introduce 100 bln dollar bank note" 8066:The Age of Turbulence: Adventures in a New World 7271:"The Three Countries with the Highest Inflation" 7070:. Finanzen.net GmbH. 8 June 2023. Archived from 6935:History of Industry and Trade of the Philippines 6876: 5511:Süssmuth, Bernd; Wieschemeyer, Matthias (2017). 4606: 4593: 4575: 4562: 4549: 4521: 4508: 4490: 4477: 4464: 4436: 4423: 4405: 4392: 4379: 4337: 4324: 4306: 4293: 4280: 4238: 4224: 4206: 4193: 4180: 4141: 4127: 4109: 4096: 4083: 4062: 4048: 4030: 4017: 4004: 3982: 3968: 3950: 3936: 3922: 3900: 3886: 3867: 3853: 3839: 3817: 3803: 3784: 3770: 3756: 3735: 3721: 3702: 3688: 3674: 3653: 3639: 3620: 3606: 3592: 3571: 3557: 3538: 3524: 3510: 2738:Peak month and rate of inflation: January 1994, 2404:Start and end date: January 1944 – December 1944 1840:Start and end date: January 1985 – mid-July 1994 1357:. Many governments have enacted extremely stiff 8312: 7833:Wroughton, Lesley; Pons, Corina (30 May 2019). 7295: 5890: 5544:"Hyperinflations, Hysteria, and False Memories" 5426:Kumhof, Michael; Benes, Jaromir (August 2012). 5339:Bernholz, Peter 2003, chapter 5.2 and Table 5.1 5152: 2430:in November 1917 to the reestablishment of the 2021:Start and end date: August 1922 – December 1923 2010:Start and end date: January 1920 – January 1920 1902:Start and end date: October 1947 – mid May 1949 1700:COVID-19 pandemic hit the country in early 2020 8574: 8068:. New York: The Penguin Press. 2007. Page 339. 8010:"Zimbabwe: Industry Allays Fears of Shortages" 6643: 6577: 6543: 6214: 6187: 5480:"On Inflation as a Regressive Consumption Tax" 5472: 5351:"A Monetary Model of the Inflationary Process" 1905:Peak month and rate of inflation: April 5,070% 1389:In countries experiencing hyperinflation, the 1026: M2 money supply increases year over year 11271:List of stock market crashes and bear markets 9810: 8700: 8610:, New York, Columbia University Press, 1963, 8601:. Chicago: University of Chicago Press, 1956. 8359: 8357: 8355: 7832: 7518: 6329:(in Brazilian Portuguese). 29 November 2017. 6264:Library of Congress Federal Research Division 5679:Of course, one must not forget the 5 pfennig! 2735:Start and end date: April 1992 – January 1994 2184:Peak month and rate of inflation: July 1946, 1614:in Argentina. The Central Bank increased the 938: 7924:Napier, Nancy K.; Vuong, Quan Hoang (2013). 7459: 7044:(in German). 3 November 2017. Archived from 2959:Most severe hyperinflations in world history 2783:Zimbabwe inflation of almost 25,000% in 2007 2298:3,210,000,000. Garcia's term introduced the 2070:Start and end date: June 1941 – January 1946 1943: 1936:Start and end date: May 1795 – November 1796 7923: 7156:[Turkish inflation at 61 percent]. 6362:(in Brazilian Portuguese). 3 October 2017. 5425: 2593:Start and end date: November 2016 – present 2547: 2181:Start and end date: August 1945 – July 1946 1891:Start and end date: July 1943 – August 1945 9817: 9803: 8707: 8693: 8352: 8315:"Life in Zimbabwe: Wait for Useless Money" 7545: 7433: 7289: 6159:"Austria - 1,000,000 Kronen (1 July 1924)" 5212: 5210: 2286:first administration, to the beginning of 2233:" as the official currency to replace the 2197:Malaya and Singapore (Japanese occupation) 1999:ℳ, 1 trillion marks) were exchanged for 1 965:is a very high and typically accelerating 945: 931: 11092:2015–2016 Chinese stock market turbulence 8581:(2nd ed.). Edward Elgar Publishing. 8187:"Inflation gallops ahead: 9000 000%" 7963: 7623:(in European Spanish). 12 December 2017. 7102:(in German). 3 March 2022. Archived from 7038:[Lira falls towards record low]. 6978:[Why Erdogan is in such a rush]. 6923:. Quezon City, Philippines: R. P. Garcia. 6053: 5866:"Argentina raises rates as peso plummets" 2652:happened before and during the period of 2282:second administration, heightened during 1589:. The effect, a rise in the price of the 1492:and payment card machines struggled with 1131:This results in an imbalance between the 8241: 7677: 7675: 7241:"Venezuela annual inflation 180 percent" 5787:"Argentina raises interest rates to 40%" 5348: 5255: 5216: 2920: 2778: 2762: 2636: 2539:and could be seen playing games such as 2505: 2463: 2452:Between 1921 and 1922, inflation in the 2426:, running from the earliest days of the 2329:was introduced in 1995 (ISO code: PLN). 2200: 2153:of one US cent. Inflation had peaked at 2095: 1953: 1792: 1728: 1508: 1380: 1372: 1255: 1184: 1055:International Accounting Standards Board 1008: 50: 38: 8598:Studies in the Quantity Theory of Money 8242:Dzirutwe, MacDonald (9 December 2014). 7377: 7355:Venezuela country profile (Economy tab) 6697:Postwar: A History of Europe Since 1945 6131: 5667:. New York Times Book Co. p. 203. 5662: 5541: 5407: 5302:. Chicago: University of Chicago Press. 5300:Studies in the Quantity Theory of Money 5223:. Museum Tusculanum Press. p. 10. 5207: 5155:"Full Dollarization: The Pros and Cons" 1043:The Monetary Dynamics of Hyperinflation 14: 11319: 10997:Venezuelan banking crisis of 2009–2010 10767:South American economic crisis of 2002 10664:Black Wednesday (1992 Sterling crisis) 8451: 8373:, Vol. 29, No. 2 (Spring/Summer 2009). 8167:from the original on 30 September 2009 7582: 7551: 7465: 7408: 7296:Cristóbal Nagel, Juan (13 July 2015). 7004:"Erdogan kündigt Neuwahlen im Juni an" 6713: 6600:from the original on 12 September 2013 6387: 6385: 6383: 6381: 5947:. Voice of America. 15 November 2018. 5178: 2681:. By 1993, it was 10,000,000,000 2474:Turkish economic crisis (2018–current) 2468:Turkey inflation rate (year over year) 2389:(native bags made of woven coconut or 1702:. Fernández soon brought back some of 1618:again, to 60%, but could not keep up. 11048:2013 Chinese banking liquidity crisis 11004:2010–2014 Portuguese financial crisis 10480:Secondary banking crisis of 1973–1975 9798: 8688: 8551:from the original on 5 September 2013 8284:from the original on 24 February 2010 7980:"Mugabe warns of business take-overs" 7681: 7672: 7645: 7627:from the original on 15 December 2017 7564:from the original on 22 February 2018 7474:from the original on 21 February 2016 7421:from the original on 15 November 2017 7390:from the original on 22 February 2018 7277:from the original on 24 February 2019 7180: 6852: 6850: 6816: 6441: 6437: 6435: 6391: 6350: 6348: 6132:Rioseco, Esteban (13 December 2023). 6054:Raszewski, Eliana (19 October 2023). 5951:from the original on 18 November 2018 5872:from the original on 24 November 2018 5846:from the original on 18 February 2019 5811: 5767:from the original on 24 November 2018 5703:from the original on 13 November 2008 5690: 5290: 5237:from the original on 10 November 2015 3452: 2418:Hyperinflation in early Soviet Russia 1950:Hyperinflation in the Weimar Republic 1854:Economic history of China (1912–1949) 11078:Russian financial crisis (2014–2016) 10931:2008–2011 Icelandic financial crisis 10924:2008–2009 Ukrainian financial crisis 10889:2000s U.S. housing market correction 10729:1998–2002 Argentine great depression 9824: 8519:from the original on 17 October 2012 8420:from the original on 3 February 2009 8363:Steve H. Hanke and Alex K. F. Kwok. 8089:from the original on 11 January 2009 7798: 7597:from the original on 6 December 2017 7378:Sequera, Vivian (21 February 2018). 7336:from the original on 27 October 2017 7251:from the original on 27 October 2017 7154:"Türkische Inflation bei 61 Prozent" 6694: 6481: 6035:from the original on 24 October 2020 6009:from the original on 19 October 2020 5982:from the original on 4 February 2020 5925:from the original on 13 October 2018 5820:from the original on 7 November 2021 5812:Massa, Fernando (26 December 2018). 5793:from the original on 3 February 2019 5734:from the original on 2 February 2017 5721: 5691:Hanke, Steve H. (17 November 2008). 5684: 5602: 5455:from the original on 12 August 2021. 5313:International Accounting Standards. 5284: 3465:Example of inflation rates and units 3019:Equivalent daily inflation rate (%) 2962: 11235:2023–2024 Egyptian financial crisis 11070:Puerto Rican government-debt crisis 11063:2014–2016 Brazilian economic crisis 10436:1963–1965 Indonesian hyperinflation 10339:Shanghai rubber stock market crisis 10028:Dutch Republic stock market crashes 8784:Agent-based computational economics 8274:"Zimbabwe inflation rockets higher" 7905:from the original on 8 October 2018 7901:(in Spanish). EFE. 8 October 2018. 7694:from the original on 31 August 2018 7195:from the original on 19 August 2018 6882: 6378: 6244:Rational Expectations and Inflation 5969: 5840:"Why US rates have a global impact" 3022:Time required for prices to double 2574:2019 was estimated at 53,798,500%. 1682:In the 2019 presidential election, 1566:in 2018, reduced the production of 24: 11041:2012–2013 Cypriot financial crisis 10945:2008–2014 Spanish financial crisis 10917:2008–2009 Russian financial crisis 10910:2008–2009 Belgian financial crisis 10605:1988–1992 Norwegian banking crisis 10100:British credit crisis of 1772–1773 8646:", Eul Verlag, Köln, Germany 2010. 8567: 8313:Celia W. Dugger (1 October 2008). 8157:"Zimbabwe inflation at 2,200,000%" 8109:"Zimbabwe bank issues $ 500m note" 8020:from the original on 2 August 2018 7990:from the original on 2 August 2018 7583:Rosati, Andrew (5 December 2017). 7371: 7016:from the original on 3 August 2018 6847: 6432: 6366:from the original on 14 April 2019 6345: 6333:from the original on 27 April 2019 6188:Adam Fergusson (12 October 2010). 6000: 5644:from the original on 13 April 2004 5523:from the original on 26 April 2019 2031:Greece (German–Italian occupation) 1672:was appointed as president of the 1562:, ranking among the world's worst 1417:for the amount of 100 quintillion 25: 11348: 11228:2023 United States banking crisis 11034:2011 Bangladesh share market scam 10722:1998–1999 Ecuador economic crisis 10686:Venezuelan banking crisis of 1994 10612:Japanese asset price bubble crash 10553:Souk Al-Manakh stock market crash 10303:Australian banking crisis of 1893 10107:Dutch Republic financial collapse 8672: 8642:Wolfgang Chr. Fischer (Editor), " 7660:from the original on 28 July 2018 7533:from the original on 31 July 2017 7466:Davies, Wyre (20 February 2016). 7310:from the original on 14 July 2015 6885:"A Return to Wartime Philippines" 6883:Noe, Barbara A. (7 August 2005). 6792:"Brightening the future of Korea" 5465:Bernard Mufute (2 October 2003). 5459: 5333: 5321:from the original on 4 April 2012 5204:Bernholz, Peter 2003, chapter 5.3 5063:Liberty dollar (private currency) 4892:Years per added zero of the price 3066:100 quintillion P (10) 2673:. By 1989, it was 2,000,000 2600:estimate); September 2018, 233% ( 1688:Chief of the Cabinet of Ministers 1500:Notable hyperinflationary periods 11304: 11292: 10085:Amsterdam banking crisis of 1763 9242:neoclassical–Keynesian synthesis 8531: 8505: 8471: 8445: 8432: 8410:"Zimbabwe dollar sheds 12 zeros" 8402: 8376: 8332: 8306: 8296: 8266: 8235: 8209: 8179: 8149: 8131: 8119:from the original on 19 May 2008 8101: 8071: 8058: 8042:. 14 August 2003. Archived from 8032: 8002: 7972: 7957: 7942: 7917: 7887: 7875:from the original on 22 May 2018 7857: 7845:from the original on 30 May 2019 7811:from the original on 30 May 2019 7792: 7780:from the original on 29 May 2019 7762: 7750:from the original on 30 May 2019 7720:from the original on 29 May 2019 7552:Krauze, Enrique (8 March 2018). 7409:Corina, Pons (20 January 2017). 7036:"Lira fällt Richtung Rekordtief" 6919:; Guerrero, Milagros C. (1986). 6835:from the original on 9 June 2015 6817:Tashu, Melesse (February 2015). 6772:from the original on 27 May 2015 6619:Athanassios K. Boudalis (2016). 6273:from the original on 7 July 2014 5899:from the original on 2 July 2018 5542:Montier, James (February 2013). 5411:(1974). "Chapter 17: Velocity". 3417: 3378: 3289: 3254: 3219: 3166: 3113: 3072: 3031: 2967: 1655:Turkish currency and debt crisis 1556:a change of the inflation target 1526:Since the late 2010s, prolonged 1518:This section is an excerpt from 1457:on 1 January 2005, when the old 1239: 1032: Month-over-month inflation 912: 900: 85: 32:Inhalation § Hyperinflation 10810:2007 Chinese stock bubble crash 10136:Danish state bankruptcy of 1813 8607:The Chinese Inflation 1937–1949 8452:Frisby, Dominic (14 May 2016). 7949:"Where Zillion Loses Meaning". 7732: 7716:. International Monetary Fund. 7706: 7639: 7609: 7576: 7486: 7402: 7348: 7322: 7263: 7233: 7221:from the original on 9 May 2019 7207: 7181:Hanke, Steve (18 August 2018). 7174: 7146: 7118: 7086: 7060: 7028: 7009:Hannoversche Allgemeine Zeitung 6996: 6976:"Warum Erdogan es so eilig hat" 6968: 6940: 6927: 6909: 6810: 6784: 6754: 6741: 6688: 6662: 6637: 6612: 6573:. London: Hodder and Stoughton. 6562: 6537: 6524: 6508: 6475: 6417: 6315: 6303:from the original on 1 May 2019 6285: 6249: 6208: 6181: 6151: 6125: 6099: 6073: 6047: 6021: 5994: 5963: 5937: 5911: 5884: 5858: 5832: 5805: 5779: 5715: 5656: 5630: 5621: 5596: 5574: 5535: 5504: 5467:"Hyperinflation: causes, cures" 5419: 5401: 5376: 5364:(November/December 1975): 13–23 5342: 5179:Bowyer, Jerry (9 August 2012). 5124:Economics: Principles in action 5090: 2447:redenominations of its currency 2411: 1693:was elected president. The new 1530:remained a constant problem of 1103: 187:Concepts, theory and techniques 30:For the medical condition, see 11191:Chinese property sector crisis 11099:2015–2016 stock market selloff 11027:August 2011 stock markets fall 10938:2008–2011 Irish banking crisis 10635:1990s Swedish financial crisis 10384:Weimar Republic hyperinflation 8650:Pierre L. Siklos, ed. (1995). 8627:. Ludwig von Mises Institute. 8624:Fiat Money Inflation in France 8193:. 26 June 2008. Archived from 8040:"Zim: More white farms listed" 7646:Amaro, Silvia (27 July 2018). 6921:History of the Filipino People 6293:"BCB - Calculadora do cidadão" 5921:. Reuters. 25 September 2018. 5588:. 6 March 2008. Archived from 5306: 5249: 5172: 5120:; Sheffrin, Steven M. (2003). 5110: 3248:100 trillion ℳ (10) 2367: 2248: 2092:Hungarian pengő hyperinflation 1020: Year-over-year inflation 27:Rapidly accelerating inflation 13: 1: 11264:List of sovereign debt crises 11206:2022 Russian financial crisis 10903:2008 Latvian financial crisis 10896:U.S. bear market of 2007–2009 10774:Stock market downturn of 2002 10715:1998 Russian financial crisis 10568:1983 Israel bank stock crisis 9178:Critique of political economy 8714: 8621:Andrew Dickson White (1933). 7682:Hanke, Steve (31 July 2018). 6588:"Bresciani-Turroni, page 335" 6246:. New York: Harper & Row. 5217:Palairet, Michael R. (2000). 5181:"Where's the Hyperinflation?" 5103: 2632: 2434:with the introduction of the 2280:President Fernando Belaúnde's 1765:Increasing hyperinflation in 1513:Argentina inflation 1994–2021 1004: 62:, inverted logarithmic scale) 10966:Greek government-debt crisis 10803:2004 Argentine energy crisis 10760:2001 Turkish economic crisis 10649:1990s Armenian energy crisis 10642:1990s Finnish banking crisis 10503:1976 British currency crisis 10473:1973–1974 stock market crash 8515:. Cato.org. 15 August 2012. 7968:. New York: Clarendon Press. 7799:Long, Gideon (29 May 2019). 7012:(in German). 18 April 2018. 5603:Aziz, John (7 August 2012). 2489: 1504: 1323: 7: 11122:2017 Sri Lankan fuel crisis 10788:2003 Myanmar banking crisis 10781:2002 Uruguay banking crisis 10701:1997 Asian financial crisis 10628:1991 Indian economic crisis 10620:Rhode Island banking crisis 10590:Cameroonian economic crisis 10376:Early Soviet hyperinflation 9989:Crisis of the Third Century 8656:. Edward Elgar Publishing. 7776:(in Spanish). 28 May 2019. 7470:. BBC News, Latin America. 5722:Tran, Mark (31 July 2008). 5582:"Jefferson County Miracles" 5159:International Monetary Fund 4972: 2752: 2557:International Monetary Fund 2496:Hyperinflation in Venezuela 1623:International Monetary Fund 1461:(TRL) was converted to the 1368: 1166:a combination of the above. 56:Hyperinflation in Venezuela 10: 11353: 11153:Sri Lankan economic crisis 11011:Energy crisis in Venezuela 10990:2009 Dubai debt standstill 10840:2007–2008 financial crisis 10495:Latin American debt crisis 10258:Paris Bourse crash of 1882 9316:Real business-cycle theory 8544:. CNBC. 14 February 2011. 7746:(in French). 29 May 2019. 6984:(in German). 19 April 2018 6956:(in German). 18 April 2018 6401:Cambridge University Press 6399:. Cambridge and New York: 6257:"Country Profile: Bolivia" 5665:The Penniless Billionaires 5428:The Chicago Plan Revisited 5026:Palladium as an investment 2828:" for Z$ 100 billion. 2759:Hyperinflation in Zimbabwe 2756: 2608: 2499: 2493: 2471: 2415: 2378:Second Philippine Republic 2267: 2261: 2165:10 pengő, or four hundred 2089: 2085: 1947: 1851: 1800: 1797:Brazil Inflation 1981-1995 1760: 1724: 1570:and dried up tax revenue. 1517: 1291:relative to gold, silver, 1251: 1047:The Economics of Inflation 29: 11244: 11221:2022 stock market decline 11213:Pakistani economic crisis 11199:2021–2023 inflation surge 11145:Lebanese liquidity crisis 11114:Venezuelan hyperinflation 11106:Brexit stock market crash 11055:Venezuela economic crisis 10977: 10827: 10817:Zimbabwean hyperinflation 10527: 10445: 10416: 10400:Wall Street Crash of 1929 10363: 10240:2nd Industrial Revolution 10238: 10174: 10074:1st Industrial Revolution 10072: 9999: 9977: 9832: 9756: 9714: 9356: 9090: 8839: 8804: 8722: 7368:. Retrieved 14 June 2017. 7162:(in German). 4 April 2022 7134:(in German). 3 March 2022 7068:"Dollar – Türkische Lira" 6794:. DailyNK. Archived from 6449:. Abingdon, Oxfordshire: 6356:"O que foi o Plano Real?" 5546:. GMO LLC. Archived from 5349:Humphrey, Thomas (1975). 5021:Platinum as an investment 3482:New price 100 years later 3107:$ 100 trillion (10) 3001: 2976:This section needs to be 2709:'s rate of inflation hit 2571:Central Bank of Venezuela 2459: 2309: 2038:Axis occupation of Greece 1944:Germany (Weimar Republic) 1915: 1824:and even confiscation of 1788: 1643:Central Bank of Argentina 1548:Central Bank of Argentina 1490:automated teller machines 1078: 10882:Subprime mortgage crisis 10545:Brazilian hyperinflation 10517:Brazilian hyperinflation 10354:Financial crisis of 1914 10062:Mississippi bubble crash 8346:12 November 2008 at the 8191:The Zimbabwe Independent 7558:New York Review of Books 6749:American Economic Review 6730:14 November 2008 at the 6648:. Perseus. p. 101. 5083: 3479:New price 10 years later 2641:A 500 billion 2530:Johns Hopkins University 2342:prime minister of Poland 1847: 1803:Hyperinflation in Brazil 1781:was replaced by the new 969:. It quickly erodes the 175:JEL classification codes 11257:List of economic crises 11175:2020 stock market crash 11168:Financial market impact 11137:Turkish economic crisis 10752:9/11 stock market crash 10708:October 1997 mini-crash 10679:1994 bond market crisis 10671:Yugoslav hyperinflation 10582:Savings and loan crisis 10183:European potato failure 8956:Industrial organization 8779:Computational economics 8575:Peter Bernholz (2015). 8539:"World Hyperinflations" 6933:Hartendorp, A. (1958). 6762:"Banana Money Exchange" 6699:. Penguin. p. 87. 6644:Adam Fergusson (2010). 6569:Lord D'Abernon (1930). 6544:Adam Fergusson (2010). 6215:Adam Fergusson (2010). 6138:www.washingtonblade.com 5868:. BBC. 30 August 2018. 5763:. BBC. 30 August 2018. 5586:The Wall Street Journal 5068:Negative interest rates 5016:Silver as an investment 3283:₯100 billion (10) 2587:the presidential crisis 2288:Alberto Fujimori's term 2257: 2229:. The Japanese issued " 2057:%, the circulation was 1714:economic shock measures 1641:, the president of the 1542:and the highest in the 1415:Hungarian National Bank 1359:wage and price controls 361:Industrial organization 218:Computational economics 11250:List of banking crises 11019:Syrian economic crisis 10952:Blue Monday Crash 2009 10561:Chilean crisis of 1982 10392:Shōwa financial crisis 10198:Highland Potato Famine 10054:South Sea bubble crash 9845:Commodity price shocks 9161:Modern monetary theory 8826:Experimental economics 8796:Pluralism in economics 8769:Mathematical economics 7964:Rostowski, J. (1998). 6242:Sargent, T. J. (1986) 5605:"The Cantillon Effect" 4953: 4875: 4797: 4707: 3476:New price 1 year later 3179:Republika Srpska dinar 2927: 2784: 2776: 2660:, entered a period of 2646: 2548: 2512: 2469: 2210: 2109: 1959: 1860:Nationalist government 1798: 1734: 1546:. On December 28, the 1514: 1386: 1378: 1264: 1194: 1034: 213:Experimental economics 63: 48: 10575:Black Saturday (1983) 10429:Kennedy Slide of 1962 10001:Commercial revolution 8016:. 26 September 2017. 7361:4 August 2019 at the 6917:Agoncillo, Teodoro A. 6532:Histoire & Mesure 6029:"Super cepo al dolar" 5842:. BBC. 13 June 2018. 5663:Shapiro, Max (1980). 5617:on 17 September 2023. 5517:IWH Discussion Papers 5011:Gold as an investment 4954: 4876: 4798: 4708: 3201:50 billion 3025:Highest denomination 2924: 2782: 2766: 2654:breakup of Yugoslavia 2640: 2509: 2467: 2204: 2099: 1957: 1809:military dictatorship 1796: 1732: 1639:Federico Sturzenegger 1512: 1384: 1376: 1259: 1188: 1012: 983:currency substitution 54: 43:100 quintillion (10) 42: 11129:Ghana banking crisis 10959:European debt crisis 10744:Dot-com bubble crash 10656:Cuban Special Period 10115:Copper Panic of 1789 10020:The Great Debasement 10012:Great Bullion Famine 9035:Social choice theory 8791:Behavioral economics 8774:Complexity economics 8217:"ZimbabweanEQUITIES" 7048:on 12 September 2019 6623:. MIG. p. 618. 6514:Stephen D. Dillaye, 5571:Bernholz, Peter 2003 5492:on 10 September 2008 5258:The Economic Journal 5073:Outline of economics 5048:Inflation accounting 5033:Hoarding (economics) 4886: 4808: 4718: 4635: 2521:bolivar fuerte (VEF) 2428:Bolshevik Revolution 1591:United States dollar 1532:economy of Argentina 1227:Chinese Nationalists 440:Social choice theory 11085:2015 Nepal blockade 10795:2000s energy crisis 10693:Mexican peso crisis 10598:Black Monday (1987) 10458:1970s energy crisis 10418:Post–WWII expansion 10092:Bengal bubble crash 9887:Financial contagion 9119:American (National) 8819:Economic statistics 8484:Wall Street Journal 8416:. 2 February 2009. 8390:on 19 February 2012 8254:on 13 December 2014 7953:. 31 December 1993. 7447:on 16 February 2017 6897:on 17 February 2009 6864:on 11 February 2017 6798:on 10 November 2012 6738:. 14 November 2008. 6695:Judt, Tony (2006). 6085:amp.theguardian.com 5789:. BBC. 4 May 2018. 5592:on 19 January 2018. 4814:Price doubling time 3485:(Annual) inflation 3469: 3430:Turkmenistani manat 2826:special agro-cheque 2502:Crisis in Venezuela 2440:New Economic Policy 2274:In modern history, 2219:Japanese occupation 1704:Cristina Kirchner's 1625:(IMF). The initial 1573:Later in 2018, the 1494:arithmetic overflow 1204:classical economics 1109:Monetarist theories 907:Business portal 228:Operations research 208:National accounting 11327:Economic collapses 10347:Panic of 1910–1911 10191:Great Irish Famine 10129:Panic of 1796–1797 9968:Stock market crash 8442:, 29 (2): 353–364. 8319:The New York Times 8280:. 19 August 2008. 8083:The Economic Times 7951:The New York Times 7554:"Hell of a Fiesta" 7526:The New York Times 7500:on 10 January 2019 7247:. 1 October 2015. 6751:, 38 (4): 526–542. 6736:Zimbabwe Situation 6593:. 18 August 2014. 6496:on 8 December 2013 6169:on 18 January 2019 6087:. 20 November 2023 5118:O'Sullivan, Arthur 5043:Inflation in India 5003:The collection of 4967:order of magnitude 4949: 4935: 4894: 4871: 4857: 4816: 4793: 4760: 4726: 4703: 4686: 4663: 4653: 4643: 3463: 3453:Units of inflation 2928: 2785: 2777: 2775:) pre-2006 dollars 2647: 2513: 2470: 2380:government led by 2362:Leszek Balcerowicz 2264:Lost Decade (Peru) 2211: 2110: 1960: 1799: 1735: 1550:together with the 1515: 1401:By late 1923, the 1387: 1379: 1265: 1195: 1145:Monetary inflation 1121:monetary inflation 1035: 991:supply of currency 238:Industrial complex 233:Middle income trap 64: 49: 11280: 11279: 11161:COVID-19 pandemic 10046:Tulip mania crash 10037:Kipper und Wipper 10014:(c. 1400–c. 1500) 9792: 9791: 9323:New institutional 8663:978-1-78195-635-9 8634:978-1-61016-449-8 8588:978-1-78471-763-6 8384:"IC Publications" 8338:Steve H. Hanke. " 8223:on 20 August 2008 8064:Greenspan, Alan. 8046:on 8 January 2009 6890:Los Angeles Times 6826:IMF Working Paper 6766:The Straits Times 6655:978-1-58648-994-6 6630:978-9-60937-758-4 6555:978-1-58648-994-6 6534:, 6 (3): 245–274. 6460:978-0-429-49012-5 6423:Chang, K. (1958) 6410:978-1-009-29761-5 6226:978-1-58648-994-6 6201:978-1-58648-994-6 6194:. PublicAffairs. 6113:. 11 January 2024 5292:Cagan, Phillip D. 5191:on 2 August 2018. 4984:Chronic inflation 4947: 4939: 4934: 4893: 4869: 4861: 4856: 4815: 4779: 4764: 4759: 4725: 4724:Monthly inflation 4690: 4685: 4662: 4652: 4651: years later 4642: 4630: 4629: 4620: 4619: 4603: 4602: 4585: 4584: 4572: 4571: 4559: 4558: 4535: 4534: 4518: 4517: 4500: 4499: 4487: 4486: 4474: 4473: 4450: 4449: 4433: 4432: 4415: 4414: 4402: 4401: 4389: 4388: 4351: 4350: 4334: 4333: 4316: 4315: 4303: 4302: 4290: 4289: 4266: 4265: 4235: 4234: 4216: 4215: 4203: 4202: 4190: 4189: 4169: 4168: 4138: 4137: 4119: 4118: 4106: 4105: 4093: 4092: 4072: 4071: 4059: 4058: 4040: 4039: 4027: 4026: 4014: 4013: 3993: 3992: 3979: 3978: 3960: 3959: 3947: 3946: 3933: 3932: 3911: 3910: 3897: 3896: 3878: 3877: 3864: 3863: 3850: 3849: 3828: 3827: 3814: 3813: 3795: 3794: 3781: 3780: 3767: 3766: 3745: 3744: 3732: 3731: 3713: 3712: 3699: 3698: 3685: 3684: 3663: 3662: 3650: 3649: 3631: 3630: 3617: 3616: 3603: 3602: 3581: 3580: 3568: 3567: 3549: 3548: 3535: 3534: 3521: 3520: 3450: 3449: 3411:50,000 Rbls 3232:German Papiermark 3204: 3151: 3148:500 billion 2997: 2996: 2892: 2891: 2705:pre-1990 dinars. 2684: 2680: 2676: 2672: 2644: 2602:National Assembly 2569:In May 2019, the 2338:Władysław Grabski 2270:La Década Perdida 2114:Treaty of Trianon 1922:French Revolution 1875:Republic of China 1871:Chinese Civil War 1691:Alberto Fernández 1607:sovereign default 1581:to return to the 1564:natural disasters 1427:Zimbabwean dollar 1133:supply and demand 1126:velocity of money 955: 954: 16:(Redirected from 11344: 11332:Financial crises 11309: 11308: 11297: 11296: 11295: 11288: 11273: 11266: 11259: 11252: 11237: 11230: 11223: 11216: 11208: 11201: 11194: 11184: 11177: 11170: 11163: 11156: 11148: 11140: 11132: 11124: 11117: 11109: 11101: 11094: 11087: 11080: 11073: 11065: 11058: 11050: 11043: 11036: 11029: 11022: 11014: 11006: 10999: 10992: 10968: 10961: 10954: 10947: 10940: 10933: 10926: 10919: 10912: 10905: 10898: 10891: 10884: 10877: 10870: 10863: 10856: 10849: 10842: 10820: 10812: 10805: 10798: 10790: 10783: 10776: 10769: 10762: 10755: 10747: 10739: 10731: 10724: 10717: 10710: 10703: 10696: 10688: 10681: 10674: 10666: 10659: 10651: 10644: 10637: 10630: 10623: 10615: 10607: 10600: 10593: 10585: 10577: 10570: 10563: 10556: 10548: 10534:Great Regression 10529:Great Moderation 10520: 10512: 10505: 10498: 10490: 10482: 10475: 10468: 10461: 10438: 10431: 10409: 10402: 10395: 10387: 10379: 10356: 10349: 10342: 10334: 10327: 10320: 10313: 10305: 10298: 10291: 10283: 10275: 10267: 10260: 10253: 10231: 10223: 10216: 10209: 10200: 10193: 10186: 10167: 10160: 10153: 10146: 10138: 10131: 10124: 10117: 10110: 10102: 10095: 10087: 10065: 10057: 10049: 10041: 10031: 10023: 10015: 9992: 9970: 9963: 9956: 9947: 9940: 9933: 9926: 9919: 9917:Liquidity crisis 9912: 9905: 9896: 9894:Social contagion 9889: 9882: 9875: 9868: 9861: 9854: 9847: 9840: 9826:Financial crises 9819: 9812: 9805: 9796: 9795: 8996:Natural resource 8831:Economic history 8757:Mechanism design 8709: 8702: 8695: 8686: 8685: 8681:at Commodity.com 8667: 8638: 8604:Shun-Hsin Chou, 8592: 8561: 8560: 8558: 8556: 8550: 8543: 8535: 8529: 8528: 8526: 8524: 8509: 8503: 8502: 8500: 8498: 8475: 8469: 8468: 8466: 8464: 8449: 8443: 8436: 8430: 8429: 8427: 8425: 8406: 8400: 8399: 8397: 8395: 8386:. Archived from 8380: 8374: 8361: 8350: 8336: 8330: 8329: 8327: 8325: 8310: 8304: 8300: 8294: 8293: 8291: 8289: 8270: 8264: 8263: 8261: 8259: 8250:. Archived from 8239: 8233: 8232: 8230: 8228: 8219:. Archived from 8213: 8207: 8206: 8204: 8202: 8197:on 9 August 2011 8183: 8177: 8176: 8174: 8172: 8163:. 16 July 2008. 8153: 8147: 8146: 8135: 8129: 8128: 8126: 8124: 8105: 8099: 8098: 8096: 8094: 8075: 8069: 8062: 8056: 8055: 8053: 8051: 8036: 8030: 8029: 8027: 8025: 8006: 8000: 7999: 7997: 7995: 7976: 7970: 7969: 7961: 7955: 7954: 7946: 7940: 7939: 7921: 7915: 7914: 7912: 7910: 7891: 7885: 7884: 7882: 7880: 7861: 7855: 7854: 7852: 7850: 7830: 7821: 7820: 7818: 7816: 7796: 7790: 7789: 7787: 7785: 7774:Venezuela Al Dia 7766: 7760: 7759: 7757: 7755: 7736: 7730: 7729: 7727: 7725: 7710: 7704: 7703: 7701: 7699: 7679: 7670: 7669: 7667: 7665: 7643: 7637: 7636: 7634: 7632: 7621:Diario La Region 7613: 7607: 7606: 7604: 7602: 7580: 7574: 7573: 7571: 7569: 7549: 7543: 7542: 7540: 7538: 7516: 7510: 7509: 7507: 7505: 7490: 7484: 7483: 7481: 7479: 7463: 7457: 7456: 7454: 7452: 7443:. Archived from 7437: 7431: 7430: 7428: 7426: 7406: 7400: 7399: 7397: 7395: 7375: 7369: 7366:World in Figures 7352: 7346: 7345: 7343: 7341: 7326: 7320: 7319: 7317: 7315: 7293: 7287: 7286: 7284: 7282: 7267: 7261: 7260: 7258: 7256: 7237: 7231: 7230: 7228: 7226: 7211: 7205: 7204: 7202: 7200: 7178: 7172: 7171: 7169: 7167: 7150: 7144: 7143: 7141: 7139: 7122: 7116: 7115: 7113: 7111: 7106:on 15 April 2022 7090: 7084: 7083: 7081: 7079: 7064: 7058: 7057: 7055: 7053: 7032: 7026: 7025: 7023: 7021: 7000: 6994: 6993: 6991: 6989: 6981:Wirtschaftswoche 6972: 6966: 6965: 6963: 6961: 6953:Business Insider 6944: 6938: 6931: 6925: 6924: 6913: 6907: 6906: 6904: 6902: 6893:. Archived from 6880: 6874: 6873: 6871: 6869: 6854: 6845: 6844: 6842: 6840: 6834: 6823: 6814: 6808: 6807: 6805: 6803: 6788: 6782: 6781: 6779: 6777: 6758: 6752: 6745: 6739: 6723: 6717: 6711: 6710: 6692: 6686: 6685: 6683: 6681: 6676:on 17 April 2011 6672:. Archived from 6666: 6660: 6659: 6641: 6635: 6634: 6616: 6610: 6609: 6607: 6605: 6599: 6592: 6584: 6575: 6574: 6566: 6560: 6559: 6541: 6535: 6528: 6522: 6519: 6512: 6506: 6505: 6503: 6501: 6495: 6489:. Archived from 6488: 6482:Sandrock, J. E. 6479: 6473: 6472: 6439: 6430: 6421: 6415: 6414: 6389: 6376: 6375: 6373: 6371: 6352: 6343: 6342: 6340: 6338: 6319: 6313: 6312: 6310: 6308: 6289: 6283: 6282: 6280: 6278: 6272: 6266:. January 2006. 6261: 6253: 6247: 6240: 6231: 6230: 6212: 6206: 6205: 6185: 6179: 6178: 6176: 6174: 6165:. Archived from 6163:Bank Note Museum 6155: 6149: 6148: 6146: 6144: 6129: 6123: 6122: 6120: 6118: 6103: 6097: 6096: 6094: 6092: 6077: 6071: 6070: 6068: 6066: 6051: 6045: 6044: 6042: 6040: 6025: 6019: 6018: 6016: 6014: 6001:Blacno, Javier. 5998: 5992: 5991: 5989: 5987: 5976:The Conversation 5967: 5961: 5960: 5958: 5956: 5941: 5935: 5934: 5932: 5930: 5915: 5909: 5908: 5906: 5904: 5888: 5882: 5881: 5879: 5877: 5862: 5856: 5855: 5853: 5851: 5836: 5830: 5829: 5827: 5825: 5809: 5803: 5802: 5800: 5798: 5783: 5777: 5776: 5774: 5772: 5757: 5744: 5743: 5741: 5739: 5719: 5713: 5712: 5710: 5708: 5688: 5682: 5681: 5660: 5654: 5653: 5651: 5649: 5634: 5628: 5625: 5619: 5618: 5616: 5611:. Archived from 5600: 5594: 5593: 5578: 5572: 5569: 5560: 5559: 5557: 5555: 5539: 5533: 5532: 5530: 5528: 5508: 5502: 5501: 5499: 5497: 5491: 5485:. Archived from 5484: 5476: 5470: 5463: 5457: 5456: 5432: 5423: 5417: 5416: 5405: 5399: 5398: 5396: 5394: 5384:"Hyperinflation" 5380: 5374: 5373: 5371: 5369: 5355: 5346: 5340: 5337: 5331: 5330: 5328: 5326: 5310: 5304: 5303: 5296:Friedman, Milton 5288: 5282: 5281: 5264:(191): 507–513. 5253: 5247: 5246: 5244: 5242: 5214: 5205: 5202: 5193: 5192: 5187:. Archived from 5176: 5170: 5169: 5167: 5165: 5150: 5144: 5143: 5127: 5114: 5097: 5094: 5038:Hyperstagflation 4958: 4956: 4955: 4950: 4948: 4946: 4945: 4941: 4940: 4932: 4930: 4914: 4913: 4900: 4895: 4891: 4880: 4878: 4877: 4872: 4870: 4868: 4867: 4863: 4862: 4854: 4852: 4836: 4835: 4822: 4817: 4813: 4802: 4800: 4799: 4794: 4792: 4788: 4781: 4780: 4772: 4770: 4766: 4765: 4757: 4755: 4727: 4723: 4712: 4710: 4709: 4704: 4702: 4701: 4696: 4692: 4691: 4683: 4681: 4664: 4660: 4654: 4650: 4644: 4640: 4607: 4594: 4576: 4563: 4550: 4522: 4509: 4491: 4478: 4465: 4437: 4424: 4406: 4393: 4380: 4369: 4368: 4364: 4361: 4338: 4325: 4307: 4294: 4281: 4260: 4259: 4255: 4252: 4239: 4225: 4207: 4194: 4181: 4163: 4162: 4158: 4155: 4142: 4128: 4110: 4097: 4084: 4063: 4049: 4031: 4018: 4005: 3983: 3969: 3951: 3937: 3923: 3901: 3887: 3868: 3854: 3840: 3818: 3804: 3785: 3771: 3757: 3736: 3722: 3703: 3689: 3675: 3654: 3640: 3621: 3607: 3593: 3572: 3558: 3539: 3525: 3511: 3470: 3462: 3423: 3421: 3420: 3384: 3382: 3381: 3318:¥6 billion 3295: 3293: 3292: 3260: 3258: 3257: 3225: 3223: 3222: 3212: 3210: 3202: 3192: 3190: 3174:Republika Srpska 3172: 3170: 3169: 3159: 3157: 3149: 3139: 3137: 3119: 3117: 3116: 3098: 3096: 3078: 3076: 3075: 3057: 3055: 3037: 3035: 3034: 2999: 2998: 2992: 2989: 2983: 2971: 2970: 2963: 2953:numismatic value 2945: 2943: 2917: 2916: 2912: 2906: 2904: 2878:2 February 2009 2836: 2835: 2745: 2743: 2721:SFR Yugoslavia: 2716: 2714: 2704: 2702: 2696: 2694: 2682: 2678: 2674: 2668: 2642: 2624: 2551: 2358:Balcerowicz Plan 2235:Straits currency 2191: 2189: 2173:) became 1 2164: 2160: 2158: 2152: 2151: 2147: 2080: 2078: 2064: 2062: 2056: 2054: 1998: 1994: 1992: 1986: 1984: 1978: 1899:Second episode: 1818: 1816: 1587:emerging markets 1463:new Turkish lira 1451: 1449: 1439: 1437: 1342:Ecuadorian sucre 1031: 1025: 1019: 979:capital controls 947: 940: 933: 919:Money portal 917: 916: 915: 905: 904: 401:Natural resource 193:Economic systems 89: 66: 65: 21: 11352: 11351: 11347: 11346: 11345: 11343: 11342: 11341: 11337:Hyperinflations 11317: 11316: 11315: 11303: 11293: 11291: 11283: 11281: 11276: 11269: 11262: 11255: 11248: 11240: 11233: 11226: 11219: 11211: 11204: 11197: 11189: 11180: 11173: 11166: 11159: 11151: 11143: 11135: 11127: 11120: 11112: 11104: 11097: 11090: 11083: 11076: 11068: 11061: 11053: 11046: 11039: 11032: 11025: 11017: 11009: 11002: 10995: 10988: 10981: 10979:Information Age 10973: 10964: 10957: 10950: 10943: 10936: 10929: 10922: 10915: 10908: 10901: 10894: 10887: 10880: 10873: 10866: 10859: 10852: 10845: 10838: 10831: 10829:Great Recession 10823: 10815: 10808: 10801: 10793: 10786: 10779: 10772: 10765: 10758: 10750: 10742: 10734: 10727: 10720: 10713: 10706: 10699: 10691: 10684: 10677: 10669: 10662: 10654: 10647: 10640: 10633: 10626: 10618: 10610: 10603: 10596: 10588: 10580: 10573: 10566: 10559: 10551: 10543: 10536: 10532: 10523: 10515: 10510:1979 oil crisis 10508: 10501: 10493: 10485: 10478: 10471: 10466:1973 oil crisis 10464: 10456: 10449: 10447:Great Inflation 10441: 10434: 10427: 10420: 10412: 10405: 10398: 10390: 10382: 10374: 10367: 10365:Interwar period 10359: 10352: 10345: 10337: 10330: 10323: 10316: 10308: 10301: 10294: 10286: 10278: 10270: 10263: 10256: 10249: 10242: 10234: 10226: 10219: 10212: 10205: 10196: 10189: 10181: 10170: 10163: 10156: 10149: 10141: 10134: 10127: 10120: 10113: 10105: 10098: 10090: 10083: 10076: 10068: 10060: 10052: 10044: 10034: 10026: 10018: 10010: 10003: 9995: 9987: 9973: 9966: 9959: 9952: 9943: 9936: 9929: 9922: 9915: 9908: 9901: 9892: 9885: 9878: 9871: 9866:Currency crisis 9864: 9857: 9850: 9843: 9836: 9828: 9823: 9793: 9788: 9785:Business portal 9752: 9751: 9750: 9710: 9474:von Böhm-Bawerk 9362: 9361: 9352: 9124:Ancient thought 9102: 9101: 9095: 9086: 9085: 9084: 8835: 8800: 8752:Contract theory 8737:Decision theory 8718: 8713: 8675: 8670: 8664: 8635: 8589: 8570: 8568:Further reading 8565: 8564: 8554: 8552: 8548: 8541: 8537: 8536: 8532: 8522: 8520: 8511: 8510: 8506: 8496: 8494: 8476: 8472: 8462: 8460: 8450: 8446: 8437: 8433: 8423: 8421: 8408: 8407: 8403: 8393: 8391: 8382: 8381: 8377: 8362: 8353: 8348:Wayback Machine 8337: 8333: 8323: 8321: 8311: 8307: 8301: 8297: 8287: 8285: 8272: 8271: 8267: 8257: 8255: 8240: 8236: 8226: 8224: 8215: 8214: 8210: 8200: 8198: 8185: 8184: 8180: 8170: 8168: 8155: 8154: 8150: 8145:. 19 July 2008. 8137: 8136: 8132: 8122: 8120: 8115:. 15 May 2008. 8107: 8106: 8102: 8092: 8090: 8077: 8076: 8072: 8063: 8059: 8049: 8047: 8038: 8037: 8033: 8023: 8021: 8008: 8007: 8003: 7993: 7991: 7986:. 1 July 2002. 7978: 7977: 7973: 7962: 7958: 7948: 7947: 7943: 7936: 7922: 7918: 7908: 7906: 7893: 7892: 7888: 7878: 7876: 7863: 7862: 7858: 7848: 7846: 7831: 7824: 7814: 7812: 7805:Financial Times 7797: 7793: 7783: 7781: 7768: 7767: 7763: 7753: 7751: 7738: 7737: 7733: 7723: 7721: 7712: 7711: 7707: 7697: 7695: 7680: 7673: 7663: 7661: 7644: 7640: 7630: 7628: 7615: 7614: 7610: 7600: 7598: 7581: 7577: 7567: 7565: 7550: 7546: 7536: 7534: 7517: 7513: 7503: 7501: 7492: 7491: 7487: 7477: 7475: 7464: 7460: 7450: 7448: 7439: 7438: 7434: 7424: 7422: 7407: 7403: 7393: 7391: 7376: 7372: 7363:Wayback Machine 7353: 7349: 7339: 7337: 7328: 7327: 7323: 7313: 7311: 7294: 7290: 7280: 7278: 7269: 7268: 7264: 7254: 7252: 7239: 7238: 7234: 7224: 7222: 7213: 7212: 7208: 7198: 7196: 7179: 7175: 7165: 7163: 7152: 7151: 7147: 7137: 7135: 7124: 7123: 7119: 7109: 7107: 7092: 7091: 7087: 7077: 7075: 7066: 7065: 7061: 7051: 7049: 7034: 7033: 7029: 7019: 7017: 7002: 7001: 6997: 6987: 6985: 6974: 6973: 6969: 6959: 6957: 6946: 6945: 6941: 6932: 6928: 6914: 6910: 6900: 6898: 6881: 6877: 6867: 6865: 6858:"Hiperinflacja" 6856: 6855: 6848: 6838: 6836: 6832: 6821: 6815: 6811: 6801: 6799: 6790: 6789: 6785: 6775: 6773: 6760: 6759: 6755: 6746: 6742: 6732:Wayback Machine 6721: 6718: 6714: 6707: 6693: 6689: 6679: 6677: 6668: 6667: 6663: 6656: 6642: 6638: 6631: 6617: 6613: 6603: 6601: 6597: 6590: 6586: 6585: 6578: 6567: 6563: 6556: 6542: 6538: 6529: 6525: 6517: 6513: 6509: 6499: 6497: 6493: 6486: 6480: 6476: 6461: 6443:Weber, Isabella 6440: 6433: 6422: 6418: 6411: 6393:Coble, Parks M. 6390: 6379: 6369: 6367: 6354: 6353: 6346: 6336: 6334: 6321: 6320: 6316: 6306: 6304: 6297:www3.bcb.gov.br 6291: 6290: 6286: 6276: 6274: 6270: 6259: 6255: 6254: 6250: 6241: 6234: 6227: 6213: 6209: 6202: 6186: 6182: 6172: 6170: 6157: 6156: 6152: 6142: 6140: 6130: 6126: 6116: 6114: 6105: 6104: 6100: 6090: 6088: 6079: 6078: 6074: 6064: 6062: 6052: 6048: 6038: 6036: 6027: 6026: 6022: 6012: 6010: 5999: 5995: 5985: 5983: 5970:Grigera, Juan. 5968: 5964: 5954: 5952: 5943: 5942: 5938: 5928: 5926: 5917: 5916: 5912: 5902: 5900: 5889: 5885: 5875: 5873: 5864: 5863: 5859: 5849: 5847: 5838: 5837: 5833: 5823: 5821: 5810: 5806: 5796: 5794: 5785: 5784: 5780: 5770: 5768: 5759: 5758: 5747: 5737: 5735: 5720: 5716: 5706: 5704: 5689: 5685: 5675: 5661: 5657: 5647: 5645: 5636: 5635: 5631: 5626: 5622: 5601: 5597: 5580: 5579: 5575: 5570: 5563: 5553: 5551: 5540: 5536: 5526: 5524: 5509: 5505: 5495: 5493: 5489: 5482: 5478: 5477: 5473: 5464: 5460: 5441: 5430: 5424: 5420: 5406: 5402: 5392: 5390: 5382: 5381: 5377: 5367: 5365: 5358:Economic Review 5353: 5347: 5343: 5338: 5334: 5324: 5322: 5311: 5307: 5289: 5285: 5270:10.2307/2225440 5254: 5250: 5240: 5238: 5231: 5215: 5208: 5203: 5196: 5177: 5173: 5163: 5161: 5151: 5147: 5140: 5115: 5111: 5106: 5101: 5100: 5095: 5091: 5086: 5058:Inflation hedge 5005:precious metals 4989:Currency crisis 4975: 4963:redenominations 4929: 4922: 4918: 4909: 4905: 4904: 4899: 4889: 4887: 4884: 4883: 4851: 4844: 4840: 4831: 4827: 4826: 4821: 4811: 4809: 4806: 4805: 4771: 4754: 4747: 4743: 4742: 4741: 4737: 4721: 4719: 4716: 4715: 4697: 4680: 4673: 4669: 4668: 4658: 4648: 4641:New price 4638: 4636: 4633: 4632: 4366: 4362: 4359: 4357: 4257: 4253: 4250: 4248: 4160: 4156: 4153: 4151: 3502:Zero add time 3499: 3497: 3495: 3491: 3489: 3467: 3455: 3418: 3416: 3379: 3377: 3360:September 1989 3290: 3288: 3255: 3253: 3220: 3218: 3208: 3206: 3188: 3186: 3167: 3165: 3155: 3153: 3135: 3133: 3114: 3112: 3094: 3092: 3085:Zimbabwe dollar 3073: 3071: 3053: 3051: 3044:Hungarian pengő 3032: 3030: 2993: 2987: 2984: 2981: 2972: 2968: 2961: 2941: 2939: 2914: 2910: 2908: 2902: 2900: 2887: 2885: 2872: 2845: 2840: 2789:Zimbabwe dollar 2761: 2755: 2741: 2739: 2732:FR Yugoslavia: 2712: 2710: 2700: 2698: 2692: 2690: 2635: 2618: 2611: 2579:Financial Times 2504: 2498: 2492: 2476: 2462: 2438:as part of the 2420: 2414: 2370: 2312: 2294:was worth over 2272: 2266: 2260: 2251: 2199: 2187: 2185: 2162: 2156: 2154: 2149: 2145: 2144: 2094: 2088: 2076: 2074: 2060: 2058: 2052: 2050: 2033: 1996: 1990: 1988: 1982: 1980: 1976: 1952: 1946: 1918: 1888:First episode: 1864:Chiang Kai-shek 1856: 1850: 1814: 1812: 1805: 1791: 1763: 1727: 1722: 1721: 1684:Néstor Kirchner 1670:Guido Sandleris 1651:Nicolás Dujovne 1635:public spending 1575:Federal Reserve 1523: 1507: 1502: 1447: 1445: 1435: 1433: 1403:Weimar Republic 1371: 1326: 1254: 1242: 1153:government debt 1106: 1085:budget deficits 1081: 1033: 1029: 1027: 1023: 1021: 1017: 1015: 1007: 951: 913: 911: 899: 892: 891: 862: 852: 851: 850: 849: 613:von Böhm-Bawerk 501: 490: 489: 251: 243: 242: 198:Economic growth 188: 180: 179: 121: 119:classifications 60:rolling average 35: 28: 23: 22: 18:Hyper-inflation 15: 12: 11: 5: 11350: 11340: 11339: 11334: 11329: 11314: 11313: 11301: 11278: 11277: 11275: 11274: 11267: 11260: 11253: 11245: 11242: 11241: 11239: 11238: 11231: 11224: 11217: 11215:(2022–present) 11209: 11202: 11195: 11193:(2020–present) 11187: 11186: 11185: 11178: 11171: 11157: 11155:(2019–present) 11149: 11147:(2019–present) 11141: 11139:(2018–present) 11133: 11125: 11118: 11110: 11102: 11095: 11088: 11081: 11074: 11066: 11059: 11057:(2013–present) 11051: 11044: 11037: 11030: 11023: 11021:(2011–present) 11015: 11013:(2010–present) 11007: 11000: 10993: 10985: 10983: 10982:(2009–present) 10975: 10974: 10972: 10971: 10970: 10969: 10962: 10955: 10948: 10941: 10934: 10927: 10920: 10913: 10906: 10899: 10892: 10885: 10878: 10871: 10864: 10857: 10850: 10847:September 2008 10835: 10833: 10825: 10824: 10822: 10821: 10819:(2007–present) 10813: 10806: 10799: 10791: 10784: 10777: 10770: 10763: 10756: 10748: 10740: 10732: 10725: 10718: 10711: 10704: 10697: 10689: 10682: 10675: 10667: 10660: 10652: 10645: 10638: 10631: 10624: 10616: 10608: 10601: 10594: 10586: 10578: 10571: 10564: 10557: 10549: 10540: 10538: 10525: 10524: 10522: 10521: 10513: 10506: 10499: 10491: 10483: 10476: 10469: 10462: 10453: 10451: 10443: 10442: 10440: 10439: 10432: 10424: 10422: 10414: 10413: 10411: 10410: 10403: 10396: 10388: 10380: 10371: 10369: 10361: 10360: 10358: 10357: 10350: 10343: 10335: 10328: 10321: 10314: 10306: 10299: 10292: 10284: 10276: 10268: 10261: 10254: 10246: 10244: 10236: 10235: 10233: 10232: 10224: 10217: 10210: 10203: 10202: 10201: 10194: 10178: 10176: 10172: 10171: 10169: 10168: 10161: 10154: 10147: 10139: 10132: 10125: 10118: 10111: 10109:(c. 1780–1795) 10103: 10096: 10088: 10080: 10078: 10070: 10069: 10067: 10066: 10058: 10050: 10042: 10032: 10030:(c. 1600–1760) 10024: 10016: 10007: 10005: 9997: 9996: 9994: 9993: 9984: 9982: 9975: 9974: 9972: 9971: 9964: 9957: 9950: 9949: 9948: 9941: 9934: 9927: 9913: 9910:Hyperinflation 9906: 9899: 9898: 9897: 9883: 9876: 9869: 9862: 9855: 9848: 9841: 9833: 9830: 9829: 9822: 9821: 9814: 9807: 9799: 9790: 9789: 9787: 9782: 9777: 9772: 9767: 9762: 9757: 9754: 9753: 9749: 9748: 9743: 9733: 9728: 9722: 9721: 9720: 9718: 9712: 9711: 9709: 9708: 9701: 9696: 9691: 9686: 9681: 9676: 9671: 9666: 9661: 9656: 9651: 9646: 9641: 9636: 9631: 9626: 9621: 9616: 9611: 9606: 9601: 9596: 9591: 9586: 9581: 9576: 9571: 9566: 9561: 9556: 9551: 9546: 9541: 9536: 9531: 9526: 9521: 9516: 9511: 9506: 9501: 9496: 9491: 9486: 9481: 9476: 9471: 9466: 9461: 9456: 9451: 9446: 9441: 9436: 9431: 9426: 9421: 9416: 9411: 9406: 9401: 9396: 9391: 9386: 9381: 9376: 9371: 9365: 9363: 9357: 9354: 9353: 9351: 9350: 9345: 9340: 9335: 9330: 9325: 9320: 9319: 9318: 9308: 9307: 9306: 9296: 9291: 9286: 9285: 9284: 9274: 9269: 9264: 9263: 9262: 9261: 9260: 9250: 9245: 9230: 9225: 9220: 9215: 9210: 9205: 9200: 9195: 9190: 9188:Disequilibrium 9185: 9180: 9175: 9170: 9165: 9164: 9163: 9153: 9148: 9143: 9138: 9137: 9136: 9126: 9121: 9116: 9111: 9105: 9103: 9091: 9088: 9087: 9083: 9082: 9077: 9072: 9067: 9062: 9057: 9052: 9047: 9042: 9037: 9028: 9023: 9018: 9013: 9008: 9003: 9001:Organizational 8998: 8993: 8988: 8983: 8978: 8973: 8968: 8963: 8958: 8953: 8948: 8943: 8938: 8933: 8928: 8923: 8918: 8913: 8908: 8903: 8898: 8893: 8888: 8883: 8878: 8873: 8868: 8863: 8858: 8853: 8847: 8846: 8845: 8843: 8837: 8836: 8834: 8833: 8828: 8823: 8822: 8821: 8810: 8808: 8802: 8801: 8799: 8798: 8793: 8788: 8787: 8786: 8776: 8771: 8766: 8764:Macroeconomics 8761: 8760: 8759: 8754: 8749: 8744: 8739: 8732:Microeconomics 8728: 8726: 8720: 8719: 8712: 8711: 8704: 8697: 8689: 8683: 8682: 8674: 8673:External links 8671: 8669: 8668: 8662: 8647: 8640: 8633: 8618: 8602: 8593: 8587: 8571: 8569: 8566: 8563: 8562: 8530: 8504: 8470: 8444: 8431: 8401: 8375: 8351: 8331: 8305: 8295: 8265: 8234: 8208: 8178: 8148: 8130: 8100: 8070: 8057: 8031: 8001: 7971: 7956: 7941: 7935:978-0985530587 7934: 7916: 7899:Yahoo! Finance 7886: 7856: 7822: 7791: 7761: 7731: 7705: 7671: 7638: 7608: 7575: 7544: 7511: 7485: 7458: 7432: 7401: 7370: 7347: 7321: 7303:Foreign Policy 7288: 7262: 7232: 7206: 7173: 7145: 7117: 7085: 7074:on 7 June 2023 7059: 7027: 6995: 6967: 6939: 6926: 6908: 6875: 6846: 6809: 6783: 6753: 6740: 6712: 6705: 6687: 6661: 6654: 6636: 6629: 6611: 6576: 6561: 6554: 6536: 6523: 6507: 6474: 6459: 6453:. p. 70. 6431: 6416: 6409: 6377: 6344: 6314: 6284: 6248: 6232: 6225: 6207: 6200: 6180: 6150: 6124: 6098: 6072: 6046: 6031:(in Spanish). 6020: 6005:(in Spanish). 5993: 5962: 5936: 5910: 5883: 5857: 5831: 5804: 5778: 5745: 5714: 5697:Cato Institute 5683: 5673: 5655: 5629: 5620: 5595: 5584:. Marketbeat. 5573: 5561: 5550:on 1 July 2013 5534: 5503: 5471: 5458: 5439: 5418: 5413:Dying of Money 5400: 5375: 5341: 5332: 5305: 5283: 5248: 5229: 5206: 5194: 5171: 5145: 5138: 5108: 5107: 5105: 5102: 5099: 5098: 5088: 5087: 5085: 5082: 5081: 5080: 5075: 5070: 5065: 5060: 5055: 5050: 5045: 5040: 5035: 5030: 5029: 5028: 5023: 5018: 5013: 5001: 4996: 4991: 4986: 4981: 4974: 4971: 4944: 4938: 4928: 4925: 4921: 4917: 4912: 4908: 4903: 4898: 4866: 4860: 4850: 4847: 4843: 4839: 4834: 4830: 4825: 4820: 4791: 4787: 4784: 4778: 4775: 4769: 4763: 4753: 4750: 4746: 4740: 4736: 4733: 4730: 4700: 4695: 4689: 4679: 4676: 4672: 4667: 4657: 4647: 4628: 4627: 4621: 4618: 4617: 4611: 4604: 4601: 4600: 4598: 4591: 4586: 4583: 4582: 4580: 4573: 4570: 4569: 4567: 4560: 4557: 4556: 4554: 4547: 4543: 4542: 4536: 4533: 4532: 4526: 4519: 4516: 4515: 4513: 4506: 4501: 4498: 4497: 4495: 4488: 4485: 4484: 4482: 4475: 4472: 4471: 4469: 4462: 4458: 4457: 4451: 4448: 4447: 4441: 4434: 4431: 4430: 4428: 4421: 4416: 4413: 4412: 4410: 4403: 4400: 4399: 4397: 4390: 4387: 4386: 4384: 4377: 4373: 4372: 4352: 4349: 4348: 4342: 4335: 4332: 4331: 4329: 4322: 4317: 4314: 4313: 4311: 4304: 4301: 4300: 4298: 4291: 4288: 4287: 4285: 4278: 4274: 4273: 4267: 4264: 4263: 4243: 4236: 4233: 4232: 4229: 4222: 4217: 4214: 4213: 4211: 4204: 4201: 4200: 4198: 4191: 4188: 4187: 4185: 4178: 4174: 4173: 4170: 4167: 4166: 4146: 4139: 4136: 4135: 4132: 4125: 4120: 4117: 4116: 4114: 4107: 4104: 4103: 4101: 4094: 4091: 4090: 4088: 4081: 4077: 4076: 4073: 4070: 4069: 4067: 4060: 4057: 4056: 4053: 4046: 4041: 4038: 4037: 4035: 4028: 4025: 4024: 4022: 4015: 4012: 4011: 4009: 4002: 3998: 3997: 3994: 3991: 3990: 3987: 3980: 3977: 3976: 3973: 3966: 3961: 3958: 3957: 3955: 3948: 3945: 3944: 3941: 3934: 3931: 3930: 3927: 3920: 3916: 3915: 3912: 3909: 3908: 3905: 3898: 3895: 3894: 3891: 3884: 3879: 3876: 3875: 3872: 3865: 3862: 3861: 3858: 3851: 3848: 3847: 3844: 3837: 3833: 3832: 3829: 3826: 3825: 3822: 3815: 3812: 3811: 3808: 3801: 3796: 3793: 3792: 3789: 3782: 3779: 3778: 3775: 3768: 3765: 3764: 3761: 3754: 3750: 3749: 3746: 3743: 3742: 3740: 3733: 3730: 3729: 3726: 3719: 3714: 3711: 3710: 3707: 3700: 3697: 3696: 3693: 3686: 3683: 3682: 3679: 3672: 3668: 3667: 3664: 3661: 3660: 3658: 3651: 3648: 3647: 3644: 3637: 3632: 3629: 3628: 3625: 3618: 3615: 3614: 3611: 3604: 3601: 3600: 3597: 3590: 3586: 3585: 3582: 3579: 3578: 3576: 3569: 3566: 3565: 3562: 3555: 3550: 3547: 3546: 3543: 3536: 3533: 3532: 3529: 3522: 3519: 3518: 3515: 3508: 3504: 3503: 3500: 3492: 3486: 3483: 3480: 3477: 3474: 3458:Inflation rate 3454: 3451: 3448: 3447: 3444: 3441: 3438: 3435: 3434:November 1993 3432: 3427: 3413: 3412: 3409: 3406: 3403: 3400: 3399:November 1993 3397: 3388: 3374: 3373: 3372:100,000 Ruble 3370: 3367: 3364: 3361: 3358: 3353: 3347: 3346: 3343: 3340: 3337: 3334: 3331: 3326: 3320: 3319: 3316: 3313: 3310: 3307: 3304: 3299: 3285: 3284: 3281: 3278: 3275: 3272: 3269: 3264: 3250: 3249: 3246: 3243: 3240: 3237: 3234: 3229: 3215: 3214: 3199: 3196: 3193: 3184: 3181: 3176: 3162: 3161: 3146: 3143: 3140: 3131: 3128: 3126:Yugoslav dinar 3123: 3109: 3108: 3105: 3102: 3099: 3090: 3089:November 2008 3087: 3082: 3068: 3067: 3064: 3061: 3058: 3049: 3046: 3041: 3027: 3026: 3023: 3020: 3017: 3014: 3011: 3010:Currency name 3008: 3004: 3003: 2995: 2994: 2975: 2973: 2966: 2960: 2957: 2948: 2947: 2936: 2890: 2889: 2882: 2879: 2875: 2874: 2869: 2866: 2865:1 August 2008 2862: 2861: 2858: 2855: 2854:1 August 2006 2851: 2850: 2847: 2842: 2841:redenomination 2830: 2829: 2822: 2819: 2816: 2757:Main article: 2754: 2751: 2750: 2749: 2748: 2747: 2736: 2730: 2729: 2728: 2725: 2634: 2631: 2610: 2607: 2606: 2605: 2594: 2494:Main article: 2491: 2488: 2472:Main article: 2461: 2458: 2456:reached 213%. 2416:Main article: 2413: 2410: 2409: 2408: 2405: 2382:Jose P. Laurel 2369: 2366: 2311: 2308: 2262:Main article: 2259: 2256: 2250: 2247: 2198: 2195: 2194: 2193: 2182: 2090:Main article: 2087: 2084: 2083: 2082: 2071: 2032: 2029: 2028: 2027: 2026: 2025: 2022: 2018:Second phase: 2016: 2015: 2014: 2011: 1968:Lord D'Abernon 1948:Main article: 1945: 1942: 1941: 1940: 1937: 1926:first Republic 1917: 1914: 1909: 1908: 1907: 1906: 1903: 1897: 1896: 1895: 1892: 1849: 1846: 1845: 1844: 1841: 1801:Main article: 1790: 1787: 1779:peso boliviano 1762: 1759: 1758: 1757: 1754: 1726: 1723: 1524: 1516: 1506: 1503: 1501: 1498: 1479:Price controls 1467:redenomination 1454: 1453: 1430: 1411: 1370: 1367: 1355:currency board 1325: 1322: 1305:store of value 1253: 1250: 1241: 1238: 1168: 1167: 1164: 1161: 1117:money creation 1105: 1102: 1080: 1077: 1076: 1075: 1072: 1069: 1066: 1063: 1028: 1022: 1016: 1013: 1006: 1003: 963:hyperinflation 953: 952: 950: 949: 942: 935: 927: 924: 923: 922: 921: 909: 894: 893: 890: 889: 884: 874: 869: 863: 858: 857: 854: 853: 848: 847: 840: 835: 830: 825: 820: 815: 810: 805: 800: 795: 790: 785: 780: 775: 770: 765: 760: 755: 750: 745: 740: 735: 730: 725: 720: 715: 710: 705: 700: 695: 690: 685: 680: 675: 670: 665: 660: 655: 650: 645: 640: 635: 630: 625: 620: 615: 610: 605: 600: 595: 590: 585: 580: 575: 570: 565: 560: 555: 550: 545: 540: 535: 530: 525: 520: 515: 510: 504: 503: 502: 496: 495: 492: 491: 488: 487: 482: 477: 472: 467: 462: 457: 452: 447: 442: 433: 428: 423: 418: 413: 408: 406:Organizational 403: 398: 393: 388: 383: 378: 373: 368: 363: 358: 353: 348: 343: 338: 333: 328: 323: 318: 313: 308: 303: 298: 293: 288: 283: 278: 273: 268: 263: 258: 252: 250:By application 249: 248: 245: 244: 241: 240: 235: 230: 225: 220: 215: 210: 205: 200: 195: 189: 186: 185: 182: 181: 178: 177: 172: 167: 162: 157: 152: 143: 138: 133: 128: 122: 116: 115: 112: 111: 110: 109: 104: 99: 91: 90: 82: 81: 75: 74: 26: 9: 6: 4: 3: 2: 11349: 11338: 11335: 11333: 11330: 11328: 11325: 11324: 11322: 11312: 11307: 11302: 11300: 11290: 11289: 11286: 11272: 11268: 11265: 11261: 11258: 11254: 11251: 11247: 11246: 11243: 11236: 11232: 11229: 11225: 11222: 11218: 11214: 11210: 11207: 11203: 11200: 11196: 11192: 11188: 11183: 11179: 11176: 11172: 11169: 11165: 11164: 11162: 11158: 11154: 11150: 11146: 11142: 11138: 11134: 11130: 11126: 11123: 11119: 11115: 11111: 11107: 11103: 11100: 11096: 11093: 11089: 11086: 11082: 11079: 11075: 11071: 11067: 11064: 11060: 11056: 11052: 11049: 11045: 11042: 11038: 11035: 11031: 11028: 11024: 11020: 11016: 11012: 11008: 11005: 11001: 10998: 10994: 10991: 10987: 10986: 10984: 10980: 10976: 10967: 10963: 10960: 10956: 10953: 10949: 10946: 10942: 10939: 10935: 10932: 10928: 10925: 10921: 10918: 10914: 10911: 10907: 10904: 10900: 10897: 10893: 10890: 10886: 10883: 10879: 10876: 10872: 10869: 10868:December 2008 10865: 10862: 10861:November 2008 10858: 10855: 10851: 10848: 10844: 10843: 10841: 10837: 10836: 10834: 10830: 10826: 10818: 10814: 10811: 10807: 10804: 10800: 10796: 10792: 10789: 10785: 10782: 10778: 10775: 10771: 10768: 10764: 10761: 10757: 10753: 10749: 10745: 10741: 10737: 10733: 10730: 10726: 10723: 10719: 10716: 10712: 10709: 10705: 10702: 10698: 10694: 10690: 10687: 10683: 10680: 10676: 10672: 10668: 10665: 10661: 10657: 10653: 10650: 10646: 10643: 10639: 10636: 10632: 10629: 10625: 10621: 10617: 10613: 10609: 10606: 10602: 10599: 10595: 10591: 10587: 10583: 10579: 10576: 10572: 10569: 10565: 10562: 10558: 10554: 10550: 10546: 10542: 10541: 10539: 10535: 10530: 10526: 10518: 10514: 10511: 10507: 10504: 10500: 10496: 10492: 10488: 10484: 10481: 10477: 10474: 10470: 10467: 10463: 10459: 10455: 10454: 10452: 10448: 10444: 10437: 10433: 10430: 10426: 10425: 10423: 10419: 10415: 10408: 10407:Panic of 1930 10404: 10401: 10397: 10393: 10389: 10385: 10381: 10377: 10373: 10372: 10370: 10366: 10362: 10355: 10351: 10348: 10344: 10340: 10336: 10333: 10332:Panic of 1907 10329: 10326: 10325:Panic of 1901 10322: 10319: 10318:Panic of 1896 10315: 10311: 10307: 10304: 10300: 10297: 10296:Panic of 1893 10293: 10289: 10285: 10281: 10280:Baring crisis 10277: 10273: 10272:Arendal crash 10269: 10266: 10265:Panic of 1884 10262: 10259: 10255: 10252: 10251:Panic of 1873 10248: 10247: 10245: 10241: 10237: 10229: 10225: 10222: 10221:Panic of 1866 10218: 10215: 10214:Panic of 1857 10211: 10208: 10207:Panic of 1847 10204: 10199: 10195: 10192: 10188: 10187: 10184: 10180: 10179: 10177: 10173: 10166: 10165:Panic of 1837 10162: 10159: 10158:Panic of 1825 10155: 10152: 10151:Panic of 1819 10148: 10144: 10140: 10137: 10133: 10130: 10126: 10123: 10122:Panic of 1792 10119: 10116: 10112: 10108: 10104: 10101: 10097: 10093: 10089: 10086: 10082: 10081: 10079: 10075: 10071: 10063: 10059: 10055: 10051: 10047: 10043: 10039: 10038: 10033: 10029: 10025: 10021: 10017: 10013: 10009: 10008: 10006: 10002: 9998: 9990: 9986: 9985: 9983: 9981: 9976: 9969: 9965: 9962: 9961:Social crisis 9958: 9955: 9954:Minsky moment 9951: 9946: 9942: 9939: 9935: 9932: 9928: 9925: 9921: 9920: 9918: 9914: 9911: 9907: 9904: 9900: 9895: 9891: 9890: 9888: 9884: 9881: 9880:Energy crisis 9877: 9874: 9870: 9867: 9863: 9860: 9856: 9853: 9852:Credit crunch 9849: 9846: 9842: 9839: 9835: 9834: 9831: 9827: 9820: 9815: 9813: 9808: 9806: 9801: 9800: 9797: 9786: 9783: 9781: 9778: 9776: 9773: 9771: 9768: 9766: 9763: 9761: 9758: 9755: 9747: 9744: 9741: 9737: 9734: 9732: 9729: 9727: 9724: 9723: 9719: 9717: 9713: 9707: 9706: 9702: 9700: 9697: 9695: 9692: 9690: 9687: 9685: 9682: 9680: 9677: 9675: 9672: 9670: 9667: 9665: 9662: 9660: 9657: 9655: 9652: 9650: 9647: 9645: 9642: 9640: 9637: 9635: 9632: 9630: 9627: 9625: 9622: 9620: 9617: 9615: 9612: 9610: 9607: 9605: 9602: 9600: 9597: 9595: 9592: 9590: 9587: 9585: 9582: 9580: 9577: 9575: 9572: 9570: 9567: 9565: 9562: 9560: 9557: 9555: 9552: 9550: 9547: 9545: 9542: 9540: 9537: 9535: 9532: 9530: 9527: 9525: 9522: 9520: 9517: 9515: 9512: 9510: 9507: 9505: 9502: 9500: 9497: 9495: 9492: 9490: 9487: 9485: 9482: 9480: 9477: 9475: 9472: 9470: 9467: 9465: 9462: 9460: 9457: 9455: 9452: 9450: 9447: 9445: 9442: 9440: 9437: 9435: 9432: 9430: 9427: 9425: 9422: 9420: 9417: 9415: 9412: 9410: 9407: 9405: 9402: 9400: 9397: 9395: 9392: 9390: 9387: 9385: 9382: 9380: 9377: 9375: 9372: 9370: 9369:de Mandeville 9367: 9366: 9364: 9360: 9355: 9349: 9346: 9344: 9341: 9339: 9336: 9334: 9331: 9329: 9326: 9324: 9321: 9317: 9314: 9313: 9312: 9311:New classical 9309: 9305: 9302: 9301: 9300: 9297: 9295: 9292: 9290: 9287: 9283: 9280: 9279: 9278: 9275: 9273: 9270: 9268: 9267:Malthusianism 9265: 9259: 9256: 9255: 9254: 9251: 9249: 9246: 9243: 9239: 9236: 9235: 9234: 9231: 9229: 9228:Institutional 9226: 9224: 9221: 9219: 9216: 9214: 9211: 9209: 9206: 9204: 9201: 9199: 9196: 9194: 9191: 9189: 9186: 9184: 9181: 9179: 9176: 9174: 9171: 9169: 9166: 9162: 9159: 9158: 9157: 9154: 9152: 9149: 9147: 9144: 9142: 9139: 9135: 9132: 9131: 9130: 9127: 9125: 9122: 9120: 9117: 9115: 9112: 9110: 9107: 9106: 9104: 9099: 9094: 9089: 9081: 9078: 9076: 9073: 9071: 9068: 9066: 9063: 9061: 9058: 9056: 9053: 9051: 9048: 9046: 9043: 9041: 9038: 9036: 9032: 9031:Public choice 9029: 9027: 9024: 9022: 9019: 9017: 9014: 9012: 9009: 9007: 9006:Participation 9004: 9002: 8999: 8997: 8994: 8992: 8989: 8987: 8984: 8982: 8979: 8977: 8974: 8972: 8969: 8967: 8966:Institutional 8964: 8962: 8959: 8957: 8954: 8952: 8949: 8947: 8944: 8942: 8939: 8937: 8934: 8932: 8929: 8927: 8924: 8922: 8919: 8917: 8916:Expeditionary 8914: 8912: 8909: 8907: 8906:Environmental 8904: 8902: 8899: 8897: 8894: 8892: 8889: 8887: 8884: 8882: 8879: 8877: 8874: 8872: 8869: 8867: 8864: 8862: 8859: 8857: 8854: 8852: 8849: 8848: 8844: 8842: 8838: 8832: 8829: 8827: 8824: 8820: 8817: 8816: 8815: 8812: 8811: 8809: 8807: 8803: 8797: 8794: 8792: 8789: 8785: 8782: 8781: 8780: 8777: 8775: 8772: 8770: 8767: 8765: 8762: 8758: 8755: 8753: 8750: 8748: 8745: 8743: 8740: 8738: 8735: 8734: 8733: 8730: 8729: 8727: 8725: 8721: 8717: 8710: 8705: 8703: 8698: 8696: 8691: 8690: 8687: 8680: 8677: 8676: 8665: 8659: 8655: 8654: 8648: 8645: 8641: 8636: 8630: 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Bloomberg. 5894: 5887: 5871: 5867: 5861: 5845: 5841: 5835: 5819: 5815: 5808: 5792: 5788: 5782: 5766: 5762: 5756: 5754: 5752: 5750: 5733: 5729: 5725: 5718: 5702: 5698: 5694: 5687: 5680: 5676: 5674:0-8129-0923-2 5670: 5666: 5659: 5643: 5639: 5633: 5624: 5615: 5610: 5606: 5599: 5591: 5587: 5583: 5577: 5568: 5566: 5549: 5545: 5538: 5522: 5518: 5514: 5507: 5488: 5481: 5475: 5468: 5462: 5454: 5450: 5446: 5442: 5440:9781475505528 5436: 5429: 5422: 5414: 5410: 5409:Parsson, Jens 5404: 5389: 5385: 5379: 5363: 5359: 5352: 5345: 5336: 5320: 5316: 5309: 5301: 5297: 5293: 5287: 5279: 5275: 5271: 5267: 5263: 5259: 5252: 5236: 5232: 5230:9788772895826 5226: 5222: 5221: 5213: 5211: 5201: 5199: 5190: 5186: 5182: 5175: 5160: 5156: 5149: 5141: 5139:0-13-063085-3 5135: 5131: 5126: 5125: 5119: 5113: 5109: 5093: 5089: 5079: 5076: 5074: 5071: 5069: 5066: 5064: 5061: 5059: 5056: 5054: 5051: 5049: 5046: 5044: 5041: 5039: 5036: 5034: 5031: 5027: 5024: 5022: 5019: 5017: 5014: 5012: 5009: 5008: 5006: 5002: 5000: 4997: 4995: 4992: 4990: 4987: 4985: 4982: 4980: 4977: 4976: 4970: 4968: 4964: 4959: 4942: 4936: 4926: 4923: 4919: 4915: 4910: 4906: 4901: 4896: 4881: 4864: 4858: 4848: 4845: 4841: 4837: 4832: 4828: 4823: 4818: 4803: 4789: 4785: 4782: 4776: 4773: 4767: 4761: 4751: 4748: 4744: 4738: 4734: 4731: 4728: 4713: 4698: 4693: 4687: 4677: 4674: 4670: 4665: 4655: 4645: 4626: 4622: 4616: 4612: 4609: 4608: 4605: 4599: 4596: 4595: 4592: 4590: 4587: 4581: 4578: 4577: 4574: 4568: 4565: 4564: 4561: 4555: 4552: 4551: 4548: 4545: 4544: 4541: 4537: 4531: 4527: 4524: 4523: 4520: 4514: 4511: 4510: 4507: 4505: 4502: 4496: 4493: 4492: 4489: 4483: 4480: 4479: 4476: 4470: 4467: 4466: 4463: 4460: 4459: 4456: 4452: 4446: 4442: 4439: 4438: 4435: 4429: 4426: 4425: 4422: 4420: 4417: 4411: 4408: 4407: 4404: 4398: 4395: 4394: 4391: 4385: 4382: 4381: 4378: 4375: 4374: 4371: 4353: 4347: 4343: 4340: 4339: 4336: 4330: 4327: 4326: 4323: 4321: 4318: 4312: 4309: 4308: 4305: 4299: 4296: 4295: 4292: 4286: 4283: 4282: 4279: 4276: 4275: 4272: 4268: 4262: 4244: 4241: 4240: 4237: 4230: 4227: 4226: 4223: 4221: 4218: 4212: 4209: 4208: 4205: 4199: 4196: 4195: 4192: 4186: 4183: 4182: 4179: 4176: 4175: 4171: 4165: 4147: 4144: 4143: 4140: 4133: 4130: 4129: 4126: 4124: 4121: 4115: 4112: 4111: 4108: 4102: 4099: 4098: 4095: 4089: 4086: 4085: 4082: 4079: 4078: 4074: 4068: 4065: 4064: 4061: 4054: 4051: 4050: 4047: 4045: 4042: 4036: 4033: 4032: 4029: 4023: 4020: 4019: 4016: 4010: 4007: 4006: 4003: 4000: 3999: 3995: 3988: 3985: 3984: 3981: 3974: 3971: 3970: 3967: 3965: 3962: 3956: 3953: 3952: 3949: 3942: 3939: 3938: 3935: 3928: 3925: 3924: 3921: 3918: 3917: 3913: 3906: 3903: 3902: 3899: 3892: 3889: 3888: 3885: 3883: 3880: 3873: 3870: 3869: 3866: 3859: 3856: 3855: 3852: 3845: 3842: 3841: 3838: 3835: 3834: 3830: 3823: 3820: 3819: 3816: 3809: 3806: 3805: 3802: 3800: 3797: 3790: 3787: 3786: 3783: 3776: 3773: 3772: 3769: 3762: 3759: 3758: 3755: 3752: 3751: 3747: 3741: 3738: 3737: 3734: 3727: 3724: 3723: 3720: 3718: 3715: 3708: 3705: 3704: 3701: 3694: 3691: 3690: 3687: 3680: 3677: 3676: 3673: 3670: 3669: 3665: 3659: 3656: 3655: 3652: 3645: 3642: 3641: 3638: 3636: 3633: 3626: 3623: 3622: 3619: 3612: 3609: 3608: 3605: 3598: 3595: 3594: 3591: 3588: 3587: 3583: 3577: 3574: 3573: 3570: 3563: 3560: 3559: 3556: 3554: 3551: 3544: 3541: 3540: 3537: 3530: 3527: 3526: 3523: 3516: 3513: 3512: 3509: 3506: 3505: 3501: 3493: 3487: 3484: 3481: 3478: 3475: 3472: 3471: 3466: 3461: 3459: 3445: 3442: 3439: 3436: 3433: 3431: 3428: 3426: 3415: 3414: 3410: 3407: 3404: 3401: 3398: 3396: 3395:Russian ruble 3392: 3391:Armenian dram 3389: 3387: 3376: 3375: 3371: 3368: 3365: 3362: 3359: 3357: 3356:Russian Ruble 3354: 3352: 3349: 3348: 3345:500,000 Lire 3344: 3341: 3338: 3335: 3332: 3330: 3327: 3325: 3322: 3321: 3317: 3314: 3311: 3308: 3305: 3303: 3300: 3298: 3287: 3286: 3282: 3279: 3276: 3273: 3271:October 1944 3270: 3268: 3267:Greek drachma 3265: 3263: 3252: 3251: 3247: 3244: 3241: 3238: 3236:October 1923 3235: 3233: 3230: 3228: 3217: 3216: 3200: 3197: 3194: 3185: 3183:January 1994 3182: 3180: 3177: 3175: 3164: 3163: 3147: 3144: 3141: 3132: 3130:January 1994 3129: 3127: 3124: 3122: 3111: 3110: 3106: 3103: 3100: 3091: 3088: 3086: 3083: 3081: 3070: 3069: 3065: 3062: 3059: 3050: 3047: 3045: 3042: 3040: 3029: 3028: 3024: 3021: 3018: 3015: 3012: 3009: 3006: 3005: 3000: 2991: 2988:November 2020 2979: 2974: 2965: 2964: 2956: 2954: 2937: 2934: 2933: 2932: 2923: 2919: 2896: 2883: 2880: 2877: 2876: 2870: 2867: 2864: 2863: 2859: 2856: 2853: 2852: 2848: 2843: 2838: 2837: 2834: 2827: 2823: 2820: 2817: 2814: 2813: 2812: 2808: 2806: 2802: 2798: 2794: 2790: 2781: 2774: 2770: 2765: 2760: 2737: 2734: 2733: 2731: 2726: 2723: 2722: 2720: 2719: 2718: 2708: 2688: 2671: 2665: 2663: 2659: 2658:FR Yugoslavia 2655: 2651: 2639: 2630: 2628: 2622: 2617: 2603: 2599: 2595: 2592: 2591: 2590: 2588: 2584: 2580: 2575: 2572: 2567: 2564: 2561: 2558: 2553: 2550: 2544: 2543: 2538: 2533: 2531: 2527: 2522: 2518: 2508: 2503: 2497: 2487: 2484: 2481: 2480:new elections 2475: 2466: 2457: 2455: 2450: 2448: 2443: 2441: 2437: 2433: 2432:gold standard 2429: 2425: 2419: 2406: 2403: 2402: 2401: 2398: 2396: 2392: 2388: 2383: 2379: 2375: 2365: 2363: 2359: 2353: 2351: 2347: 2343: 2340:, who became 2339: 2335: 2330: 2328: 2324: 2320: 2316: 2307: 2305: 2301: 2297: 2293: 2289: 2285: 2284:Alan García's 2281: 2277: 2271: 2265: 2255: 2246: 2244: 2239: 2236: 2232: 2228: 2224: 2220: 2216: 2208: 2203: 2183: 2180: 2179: 2178: 2176: 2172: 2168: 2142: 2137: 2135: 2131: 2127: 2122: 2119: 2115: 2107: 2103: 2098: 2093: 2072: 2069: 2068: 2067: 2047: 2043: 2039: 2023: 2020: 2019: 2017: 2012: 2009: 2008: 2007:First phase: 2006: 2005: 2004: 2002: 1974: 1969: 1965: 1956: 1951: 1938: 1935: 1934: 1933: 1931: 1927: 1923: 1913: 1904: 1901: 1900: 1898: 1893: 1890: 1889: 1887: 1886: 1885: 1882: 1880: 1876: 1872: 1867: 1865: 1861: 1855: 1842: 1839: 1838: 1837: 1834: 1829: 1827: 1826:bank accounts 1823: 1822:price freezes 1810: 1804: 1795: 1786: 1784: 1780: 1777:In 1987, the 1775: 1772: 1768: 1755: 1752: 1751: 1750: 1746: 1744: 1740: 1731: 1719: 1715: 1710: 1705: 1701: 1696: 1692: 1689: 1685: 1681: 1679: 1675: 1671: 1667: 1664: 1660: 1656: 1652: 1648: 1644: 1640: 1636: 1632: 1628: 1624: 1619: 1617: 1616:interest rate 1613: 1608: 1604: 1600: 1596: 1592: 1588: 1584: 1583:United States 1580: 1576: 1571: 1569: 1565: 1561: 1557: 1553: 1549: 1545: 1541: 1540:South America 1537: 1533: 1529: 1521: 1511: 1497: 1495: 1491: 1486: 1484: 1483:supply chains 1480: 1474: 1472: 1468: 1464: 1460: 1443: 1431: 1428: 1424: 1420: 1416: 1412: 1409: 1404: 1400: 1399: 1398: 1396: 1392: 1383: 1375: 1366: 1364: 1360: 1356: 1352: 1346: 1343: 1339: 1335: 1334:dollarization 1331: 1330:shock therapy 1321: 1317: 1314: 1308: 1306: 1302: 1298: 1297:hard currency 1294: 1293:hard currency 1290: 1285: 1283: 1279: 1273: 1271: 1262: 1261:Germany, 1923 1258: 1249: 1247: 1240:Supply shocks 1237: 1235: 1230: 1228: 1224: 1223:monetary base 1219: 1217: 1216:inflation tax 1213: 1209: 1205: 1201: 1192: 1187: 1183: 1181: 1177: 1176:inflation tax 1173: 1165: 1162: 1158: 1157: 1156: 1154: 1150: 1146: 1140: 1138: 1134: 1129: 1127: 1122: 1118: 1113: 1110: 1101: 1099: 1095: 1094:fiat currency 1091: 1086: 1073: 1070: 1067: 1064: 1061: 1060: 1059: 1056: 1051: 1048: 1044: 1040: 1039:Phillip Cagan 1011: 1002: 1000: 994: 992: 986: 984: 980: 976: 973:of the local 972: 968: 964: 960: 948: 943: 941: 936: 934: 929: 928: 926: 925: 920: 910: 908: 903: 898: 897: 896: 895: 888: 885: 882: 878: 875: 873: 870: 868: 865: 864: 861: 856: 855: 846: 845: 841: 839: 836: 834: 831: 829: 826: 824: 821: 819: 816: 814: 811: 809: 806: 804: 801: 799: 796: 794: 791: 789: 786: 784: 781: 779: 776: 774: 771: 769: 766: 764: 761: 759: 756: 754: 751: 749: 746: 744: 741: 739: 736: 734: 731: 729: 726: 724: 721: 719: 716: 714: 711: 709: 706: 704: 701: 699: 696: 694: 691: 689: 686: 684: 681: 679: 676: 674: 671: 669: 666: 664: 661: 659: 656: 654: 651: 649: 646: 644: 641: 639: 636: 634: 631: 629: 626: 624: 621: 619: 616: 614: 611: 609: 606: 604: 601: 599: 596: 594: 591: 589: 586: 584: 581: 579: 576: 574: 571: 569: 566: 564: 561: 559: 556: 554: 551: 549: 546: 544: 541: 539: 536: 534: 531: 529: 526: 524: 521: 519: 516: 514: 511: 509: 508:de Mandeville 506: 505: 500: 494: 493: 486: 483: 481: 478: 476: 473: 471: 468: 466: 463: 461: 458: 456: 453: 451: 448: 446: 443: 441: 437: 436:Public choice 434: 432: 429: 427: 424: 422: 419: 417: 414: 412: 411:Participation 409: 407: 404: 402: 399: 397: 394: 392: 389: 387: 384: 382: 379: 377: 374: 372: 371:Institutional 369: 367: 364: 362: 359: 357: 354: 352: 349: 347: 344: 342: 339: 337: 334: 332: 329: 327: 324: 322: 321:Expeditionary 319: 317: 314: 312: 311:Environmental 309: 307: 304: 302: 299: 297: 294: 292: 289: 287: 284: 282: 279: 277: 274: 272: 269: 267: 264: 262: 259: 257: 254: 253: 247: 246: 239: 236: 234: 231: 229: 226: 224: 221: 219: 216: 214: 211: 209: 206: 204: 201: 199: 196: 194: 191: 190: 184: 183: 176: 173: 171: 168: 166: 163: 161: 158: 156: 153: 151: 147: 144: 142: 141:International 139: 137: 134: 132: 129: 127: 124: 123: 120: 117:Branches and 114: 113: 108: 105: 103: 100: 98: 95: 94: 93: 92: 88: 84: 83: 80: 77: 76: 72: 68: 67: 61: 57: 53: 46: 41: 37: 33: 19: 10854:October 2008 10736:Samba effect 10592:(1987–2000s) 10487:Steel crisis 10310:Black Monday 10288:Encilhamento 10228:Black Friday 10035: 9991:(235–284 CE) 9909: 9859:Credit cycle 9780:Publications 9736:Publications 9703: 9299:Neoclassical 9289:Mercantilism 9198:Evolutionary 9060:Sociological 9033: / 8931:Geographical 8911:Evolutionary 8886:Digitization 8851:Agricultural 8814:Econometrics 8742:Price theory 8652: 8623: 8606: 8597: 8577: 8553:. 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