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来源类型Working Paper
规范类型报告
DOI10.3386/w8930
来源IDWorking Paper 8930
Modern Hyper- and High Inflations
Stanley Fischer; Ratna Sahay; Carlos A. Vegh
发表日期2002-05-16
出版年2002
语种英语
摘要Since 1947, hyperinflations (by Cagan's definition) in market economies have been rare. Much more common have been longer inflationary processes with inflation rates above 100 percent per annum. Based on a sample of 133 countries, and using the 100 percent threshold as the basis for a definition of very high inflation episodes, this paper examines the main characteristics of such inflations. Among other things, we find that (i) close to 20 percent of countries have experienced inflation above 100 percent per annum; (ii) higher inflation tends to be more unstable; (iii) in high inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and long-run; (iv) inflation inertia decreases as average inflation rises; (v) high inflation is associated with poor macroeconomic performance; and (vi) stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary.
主题International Economics ; International Macroeconomics ; Macroeconomics ; Fiscal Policy
URLhttps://www.nber.org/papers/w8930
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/566538
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Stanley Fischer,Ratna Sahay,Carlos A. Vegh. Modern Hyper- and High Inflations. 2002.
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