War finance, reconstruction, hyperinflation and stabilization in Hungary, 1938-1948

書誌事項

War finance, reconstruction, hyperinflation and stabilization in Hungary, 1938-1948

Pierre L. Siklos

(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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