hyperinflation is a form of the inflation, in which the price level increases very fast. There is no generally accepted definition, but a common Daumenregel speaks of a hyperinflation starting from a monthly inflation rate of 50%. One is simply saidHyperinflation an uncontrollable inflation with extremely high monthly rate. Many hyperinflations end in a currency reform.

Before that 20. Century hyperinflations had changed over rarely, there from a certain inflation level to the Ökonomien to ungeprägten precious metals as cash indemnity or to Naturaltauschare. The ever further spreading of uncovered money (Fiat money) made hyperinflations possible. Governments accused of as a cause for hyperinflations, there it for the covering of its expenditures (fulfilment of achievement promises) disproportionately rapidly and highly to be to blame for itself and thus the confidenceundermine into the own currency. Starting from this time the “escape takes place into real values”. Itself an intensifying procedure.

While “normal” inflations are usually justified with economic causes, hyperinflations beyond that nearly always are with serious vibrations of the national economy due to war,Civil war or social paging situations connected.

quantity equation

an explanation for rising the price level generally offers the quantity equation of Irving Fisher:

<math> (transactions) \ cdot (price level) = (money supply) \ (peripheral speed) /math< cdot>

This formula is permitted to change over: <math> (price level) = {{(money supply)\ cdot (peripheral speed)} \ more over {(transactions)}}< /math>

The price level thus therefore rises

  1. if the money supply rises at continuous peripheral speed and continuous number of transactions (if thus the central bank z. B. more moneys in circulation brings)
  2. if the peripheral speed rises at continuous money supply and continuous number of transactions
  3. if the number of transactions decreases with continuous money supply and continuous peripheral speed (z. B. on disturbance of the economic circulation by disasters, if thus suddenly the deliverability away-breaks, but the demand ) [
to work on] chronology


it gives different historical episodes of hyperinflationswith monthly inflation rates of over 50%. Examples are

period country/notes
early 1920er Germany, monthly inflation rate of 32.400% - see German inflation 1914 to 1923
1921….1923 Austria ([1])
1921….1924 Hungary ([2])
1921..1924 Poland ([3])
1943/44 Greece with a maximum monthly rate of 8.55 billion per cent
of 1945/46 Hungary with a maximum monthly rate of 41,9 Billiarden per cent (4.19 * 10 16 %) (see also Pengő)
1949/1950 People's Republic of China ([4])
1985 Bolivia ([5])
1988 Nicaragua ([6])
1989 Poland ([7], [8], [9])
1989/1990 Brazil ([10], see also Fernando Henrique Cardoso)
1989/1990 Argentina ([11], [12])
1990 Peru ([13])
early 1990er Bosnia and Herzegowina and Yugoslavia ([14])
1990….1994 Zaire ([15], [16])
1992 Russia ([17])
1992..1994 Georgien (see economics Georgiens)
1994, 1996/1997 Angola ([18], [19])

also before that 20. Century gave it heavy inflations:

Period country/notes
276 to 334 westRoman realm ([20] note: this text givesan extensive historical overview of long restaurant cycles, is however interspersed with conspiracy theories of doubtful origin!)
1166 Empire of China ([21])
1719….1720 France ([22])
1789….1796 France ([23])
1861….The 1865 USA, forwardsall Southern States ([24])

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