Monetary regimes and inflation : history, economic and political relationships

Peter Bernholz

This book explores the characteristics of inflations, comparing historical cases from Roman times up to the modern day. High and moderate inflations caused by the inflationary bias of political systems and economic relationships - and the importance of different monetary regimes in containing them - are analysed. Peter Bernholz demonstrates that certain macroeconomic traits have been stable characteristics of inflations over the centuries, and illustrates their causes: the development of real stock of money, real exchange rate, real budget deficit and of currency substitution. He goes on to explain that metallic monetary regimes allow substantial inflations by debasement - 4th century Roman Empire experiencing the highest of them - but are dwarfed by the experience of hyperinflations. These occurred only under discretionary paper money regimes. To demonstrate this and their characteristics, all twenty-nine hyperinflations are studied. In contrast to the existing literature, the book also examines political conditions that allow a return to stable monetary regimes, given the inflationary tendencies of political systems. Finally, economic measures and institutional reforms to end high and moderate inflations are discussed.

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[目次]

  • Inflation and monetary regimes: inflations - long-term historical evidence
  • a description of different monetary regimes
  • monetary regime and inflation
  • the inflationary bias of political systems
  • the influence of monetary regimes
  • some other characteristics of monetary constitutions
  • conclusions. Inflation under metallic monetary regimes: inflation caused by an additional supply of the monetary metal
  • the debasement of metal standards by rulers
  • reasons for the introduction and maintenance of stable metallic monetary regimes
  • price and exchange controls
  • consequences of inflation for the real economy
  • conclusions. Moderate paper money inflations: the introduction of paper money
  • paper money inflation in Sweden during the 19th-century
  • paper money inflation in Massachusetts, 1703-1749
  • inflation during the American War of Independence
  • paper money inflation during the American Civil War
  • Chinese paper money inflation under the Ming regime
  • conclusions. Characteristics of hyperinflations: some characteristics of the French hyperinflation
  • hyperinflations are caused by government budget deficits
  • real stock of money and currency substitution
  • undervaluation and currency substitution
  • undervaluation as a consequence of currency substitution - a simple model
  • other characteristics of hyperinflations
  • consequences of high inflation for capital markets
  • the development of prices
  • economic activity and unemployment
  • the political economy of high inflation
  • social and political consequences of hyperinflation
  • conclusions. Currency competition, inflation, Gresham's Law and exchange rate: introduction
  • empirical evidence for periods one to three
  • the model
  • first period - introduction of paper money
  • second period - fixed exchange rate and loss of official reserves
  • third period - Gresham's Law at work
  • fourth period - the return of good money
  • conclusions. Ending mild or moderate inflations: conditions favouring the stabilisation of moderate inflation
  • restoration of stable monetary constitutions after wars at the old parity
  • preconditions for returning to a stable monetary regime at a new parity
  • discussion of historical examples
  • more recent historical examples
  • conclusions. Currency reforms ending hyperinflations: introduction
  • political-economic preconditions for initiating successful reforms
  • sufficient economic and institutional conditions for successful currency reforms
  • characteristics of most successful currency reforms
  • less and least successful reforms
  • the influence of wrong evaluations of reform packages by the public
  • conclusions. Appendix: sources for historical data not contained in the text and literature relating to different cases of hyperinflation.

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この本の情報

書名 Monetary regimes and inflation : history, economic and political relationships
著作者等 Bernholz, Peter
出版元 E. Elgar
刊行年月 c2003
版表示 illustrated ed
ページ数 xi, 210 p.
大きさ 25 cm
ISBN 1845427785
1843761556
NCID BA61209136
※クリックでCiNii Booksを表示
言語 英語
出版国 イギリス
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