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Golden FettersThe Gold Standard and the Great Depression, 1919-1939$
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Barry Eichengreen

Print publication date: 1996

Print ISBN-13: 9780195101133

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195101138.001.0001

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The Legacy of Hyperinflation

The Legacy of Hyperinflation

(p.125) 5 The Legacy of Hyperinflation
Golden Fetters

Barry Eichengreen (Contributor Webpage)

Oxford University Press

This chapter and the next describe the fiscal war of attrition that fueled inflation in the 1920s. That war proved most intractable in Germany, where it was fought internationally as well as on the domestic front. The German hyperinflation that resulted from this deadlock is the subject of Ch. 5. The different sections of the chapter look at the background (the post World War I reparations tangle), the transition to hyperinflation, the impact of inflation on the German economy, the stabilization that followed the revaluation of government reserves and pegging of the exchange rate in November 1923, and the implications for international monetary relations.

Keywords:   economic stabilization, exchange rate, German economy, Germany, hyperinflation, inflation, international monetary relations, interwar period, reparations, revaluation

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