The Hyperinflation and Currency Depreciation in Germany, 1914–23

Andrea Sommariva and Giuseppe Tullio

Chapter 3 in German Macroeconomic History, 1880–1979, 1987, pp 121-159 from Palgrave Macmillan

Abstract: Abstract The worst inflation to plague Germany since unification occurred after the end of the First World War. For sixty months, between January 1919 and December 1923, the wholesale price index rose on average by 45.6 per cent per month. Like everyone else living through rapid inflation, the Germans directed their invectives against businessmen, the financial community and farmers, who were thought to have sold goods at higher than ‘fair’ prices. In fact, the rapid increase in the price level was caused by a rapid expansion of the stock of money induced by large government budget deficits.

Keywords: Exchange Rate; Real Exchange Rate; Purchase Power Parity; Exchange Rate Change; Cash Balance (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06591-2_4

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DOI: 10.1007/978-1-349-06591-2_4

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