The fiscal roots of hyperinflation: a historical perspective

Les racines budgétaires de l’hyperinflation: une perspective historique

Pamfili Antipa

Eco Notepad (in progress) from Banque de France

Abstract: According to Milton Friedman, economics Nobel prize winner, “inflation is always and everywhere a monetary phenomenon”. This blog examines the French assignat debacle and hyperinflation (1795-96) and suggests that unsustainable public finances and fiscal dominance were the primary causes of an excessive increase in the money supply and hyperinflation.

Selon Milton Friedman, prix Nobel d’économie, « l’inflation est toujours et partout un phénomène monétaire ». Ce billet examine le fiasco des assignats et l’hyperinflation en France (1795-1796) et suggère que des finances publiques non soutenables et la dominance budgétaire ont été les principales causes de l’augmentation excessive de la masse monétaire et de l’hyperinflation.

Date: 2023-09-15
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https://www.banque-france.fr/en/publications-and-s ... storical-perspective
https://www.banque-france.fr/fr/publications-et-st ... rspective-historique

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Persistent link: https://EconPapers.repec.org/RePEc:bfr:econot:321

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