Historic Hyperinflation Episodes

  • Tara McIndoe-CalderEmail author
  • Tara Bedi
  • Rogelio Mercado


This chapter discusses various episodes of hyperinflation with the aim of finding commonalities as well as differences across each episode. It covers the origins, peaks and resolutions of selected hyperinflation episodes. Most importantly, it compares the experience of Zimbabwe with other economies during hyperinflations.


Hyperinflation Deficit spending Monetising debt Inflationary pressures Monetary stabilisation programmes 


  1. Beaugrand, Philippe. 1997. Zaïre’s Hyperinflation, 1990–96. IMF Working Paper No. 97/50, International Monetary Fund.Google Scholar
  2. Beer, Christian, Earnest Gnan, and Maria Teresa Valderrama. 2016. A (Not So Brief) History of Inflation in Austria. Monetary Policy and the Economy, Q3–Q4, Österreichische Nationalbank.Google Scholar
  3. Cagan, Phillip. 1956. The Monetary Dynamics of Hyperinflation. In Studies in the Quantity Theory of Money, ed. Milton Friedmann. Chicago: University of Chicago Press.Google Scholar
  4. ———. 1989. Hyperinflation. In Money. The New Palgrave, ed. J. Eatwell, M. Milgate, and P. Newman. London: Palgrave Macmillan.Google Scholar
  5. Considera, Claudio. 1998. The Brazilian Economy 1980/97: From Hyperinflation to Stabilization. Institute of Applied Economics Research Working Paper No. 62, Ministry of Planning and Budget, Tokyo, Japan.Google Scholar
  6. Dabrowski, Marek. 2007. The Ukrainian Way to Hyperinflation. Communist Economies and Economic Transformation 6 (2): 115–137.CrossRefGoogle Scholar
  7. Fischer, Stanley, Ratna Sahay, and Carlos A. Végh. 2002. Modern Hyper- and High Inflations. Journal of Economic Literature 40 (3): 837–880.CrossRefGoogle Scholar
  8. Hanke, Steve H., and Nicholas Krus. 2012. World Hyperinflations. Cato Working Paper.Google Scholar
  9. Saboin-García, Jose Luis. (2018). The Modern Hyperinflation Cycle: Some New Empirical Regularities. IMF Working Paper No. 18/266, International Monetary Fund.Google Scholar
  10. Siklos, Pierre. 1991. War Finance, Reconstruction, Hyperinflation and Stabilization in Hungary, 1938–48. Palgrave Macmillan.Google Scholar
  11. von Thadden, Goetz Henning. 1994. Inflation in the Reconstruction of Poland 1918–1927. Doctoral diss., London School of Economics.Google Scholar
  12. Wang, Jian-Ye. 1999. The Georgian Hyperinflation and Stabilization. IMF Working Paper No. 99/65, International Monetary Fund.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Tara McIndoe-Calder
    • 1
    Email author
  • Tara Bedi
    • 2
  • Rogelio Mercado
    • 3
  1. 1.Central Bank of IrelandDublinIreland
  2. 2.Economics DepartmentTrinity College DublinDublinIreland
  3. 3.The South East Asian Central Banks Research and Training CentreKuala LumpurMalaysia

Personalised recommendations