Hyperinflation in the General Government: German-Occupied Poland During World War II

Steve H. Hanke, Nicholas Krus and Joanna Gawlik

World Economics, 2020, vol. 21, issue 2, 115-134

Abstract: Newly discovered primary data reveals two previously undiscovered episodes of hyperinflation. They occurred in German-occupied Poland from late 1939 to early 1945. Nazi-occupied Poland, a territory then referred to as the General Government, experienced monthly inflation rates of 71.4% in January 1940 and 54.4% in August 1944. Inclusion of the 1940 and 1944 Polish cases of hyperinflation brings the total number of episodes of hyperinflation documented in the Hanke-Krus World Hyperinflation Table to 60. With these newly discovered cases, Poland has experienced more episodes of hyperinflation—four—than any other country in the world.

Date: 2020
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