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2of27HighInflationHyperinflationsimplymeansveryhighinflation.Inflationultimatelyresultsfromnominalmoneygrowth.Countriesthathavesufferedfromhyperinflationhavehighnominalmoneygrowthbecausethebudgetdeficitishigh.Governmentscannotfinanceitsexpendituresinanywayotherthanmoneycreation.
3of27HighInflationTable23-1SevenHyperinflationsofthe1920sand1940s
Country
Beginning
End
PT/P0AverageMonthlyInflationRate(%)AverageMonthlyMoneyGrowth(%)AustriaOct.1921Aug.1922704731GermanyAug.1922Nov.19231.0x1010322314GreeceNov.1943Nov.19444.7x106365220Hungary1Mar.1923Feb.1924444633Hungary2Aug.1945Jul.19463.8x102719,80012,200PolandJan.1923Jan.ussiaDec.1921Jan.19241.2x1055749PT/P0isthepricelevelinthelastmonthofhyperinflationdividedbythepricelevelinthefirstmonth.
4of27HighInflationTable23-2HighInflationinLatinAmerica,1976-2000AverageMonthlyInflationRate,%19761985198619951996-2000Argentina9.312.720.02.30.0Brazil3.47.920.719.00.6Nicaragua1.43.6Peru3.46.0
5of27Agovernmentcanfinanceitsbudgetdeficiteitherby:Borrowing(issuingbonds),orbycreatingmoney.Debtmonetizationistheprocessbywhichthegovernmentissuesbondsandasksthecentralbanktobuythem;then,thecentralbankpaysthegovernmentwithmoneyitcreates,andthegovernmentusesthatmoneytofinancethedeficit.23-1BudgetDeficitsandMoneyCreation
6of27Atthestartofhyperinflations,twochangesusuallytakeplace:Thestartofahyperinflationtakesplacewhenthereis
budgetcrisis,andthegovernmentisunabletoborrowfromthepublic
orfromabroad.Seignorageistheamountofrealrevenuethegovernment
cangeneratefrommoneycreation.23-1BudgetDeficitsandMoneyCreation
7of2723-1BudgetDeficitsandMoneyCreationTherateofnominalmoneygrowthrequiredtogenerateagivenamountofseignorageis:Inwords,seignorageistheproductofthe
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