War finance, reconstruction, hyperinflation and stabilization in Hungary, 1938-1948
著者
書誌事項
War finance, reconstruction, hyperinflation and stabilization in Hungary, 1938-1948
(St. Antony's/Macmillan series)
Macmillan in association with St Antony's College, Oxford, 1991
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注記
Bibliography: p. 260-275
Includes index
内容説明・目次
内容説明
A blend of history and econometric analysis, this book examines the causes and consequences of the hyperinflation that overwhelmed the Hungarian economy between 1945 and 1948. The book starts with a consideration of the War Finance initiated in 1938 and ends with the stabilization measures of 1948.
目次
- Part 1 Introduction and summary: war finance
- the economic cosequence of the Second World War
- hyperinflation
- stabilization
- why study the Hungarian hyperinflation?
- the framework of the analysis
- plan of the book. Part 2 The basic data: prewar data
- data from the hyperinflation period
- money supply and government debt
- prices
- unemployment and output
- data from the stabilization period. Part 3 Hungary and the German War economy: Hungary's dilemma
- supplying the German war economy
- conclusions. Part 4 The Gyori program and its macroeconomic consequences: introduction
- the Gyori program
- the credibility of the Gyori program
- monetary policy and inflation , 1938-44
- the impact of the Gyori program on the labour market
- conclusions. Part 5 The end of the war and the financial toll of reconstruction: the end of the war and its financial toll
- reparations. Part 6 State finances and peacetime economic prospects: introduction
- a difficult beginning
- the inevitability of the inflation tax
- the influence of politics in the choice of policies
- reparations and reconstruction
- conclusions. Part 7 Attempts to control inflation: the three phases of the hyperinflation
- the tax on the Pengo
- the Pengo indexation experiment
- "Calory" wages
- the role and significance of alternative transaction media. Part 8 Monetary and fiscal policy during the hyperinflation: a statistical overview of the hyperinflation
- money and prices
- demand for money and inflationary expectations
- does the hyperinflation constitute a homogeneous period?
- policy expectations and the demand for money
- the links between monetary policy and inflation
- the tax 'pengo' period and the final acceleration of inflation
- conclusions. Part 9 The end of hyperinflation and its consequences: introduction
- a quick end to the hyperinflation?
- the credibility of the stabilization of August 1946
- monetary following stabilization
- demand for money
- prices, money supply, and government debt
- policy influence on inflation
- economic costs of price stability
- relative price effects
- employment and unemployment
- output and productivity
- summary and conclusions. Part 10 The lessons to be learned from the hyperinflation and its termination: introduction
- supply side influences
- the role of credibility
- applicability to other inflations
- unemployment
- indexation
- concluding remarks. Appendix A: historical statistics 1938-48
- daily data - 1945-46
- weekly data - 1945-48
- monthly data - 1938-48. Appendix B: additional statistical results
- endnotes
- bibliographic abbreviations
- references
- glossary of selected terms
- index.
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