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Author Fischer, Stanley.

Title Modern Hyper- and High Inflations [electronic resource] / Stanley Fischer.

Published Washington, D.C. : International Monetary Fund, 2002.


Location Call No. Status
Physical description 1 online resource (65 p.)
Series IMF Working Papers; Working Paper ; No. 02/197
IMF Working Papers; Working Paper ; No. 02/197
Summary Since 1947, hyperinflations (by Cagan's definition) in market economies have been rare. Much more common have been longer inflationary processes with inflation rates above 100 percent per annum. Based on a sample of 133 countries, and using the 100 percent threshold as the basis for a definition of very high inflation episodes, this paper examines the main characteristics of such inflations. Among other things, we find that (i) close to 20 percent of countries have experienced inflation above 100 percent per annum; (ii) higher inflation tends to be more unstable; (iii) in high-inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and longrun's; (iv) inflation inertia decreases as average inflation rises; (v) high-inflation is associated with poor macroeconomic performance; and (vi) stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary.
Notes Description based on print version record.
Other author Fischer, Stanley.
Sahay, Ratna.
Végh Gramont, Carlos A.
Subject Fiscal Deficit
High Inflation
Inflation Rate
Inflationary Dynamics
Low Inflation
ISBN 1451860021 : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451860023.001