Inflation or Deflation in Nineteenth-Century Syria and Palestine

Haim Gerber and Nacham T. Gross

The Journal of Economic History, 1980, vol. 40, issue 2, 351-357

Abstract: From the 1830s on Syria and Palestine exported monetary metal to pay for an import surplus. Nevertheless, there is evidence of a concomitant inflationary process. The apparent contradiction is resolved by a theoretical argument and by reference to the dual nature of the Ottoman monetary system. Government-induced inflation in terms of the domestic (token and paper) money reinforced the rising price of full-bodied coins, caused by the adverse balance of trade.

Date: 1980
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