Fiscal Reforms and Stabilisation: Four Hyperinflation Cases Examined

Gustavo H B Franco

Economic Journal, 1990, vol. 100, issue 399, 176-87

Abstract: This paper discusses a hypothesis that is common to several recent explanations for the needs of hyperinflations of the 1920s, namely that fiscal reforms had been responsible for their sudden end. It is suggested that the very presence of these reforms can be disputed once evidence is provided on the fact that budget deficits were mostly caused by the so-called Oliveira-Tanzi effect, i.e., deficits were mostly generated by inflation itself. Some observations are offered on other issues to be addressed if an alternative explanation for the stabilizations are to be found. Copyright 1990 by Royal Economic Society.

Date: 1990
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