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| Author: | Paal, B. |
| Title: | Destabilizing effects of a successful stabilization: a forward-looking explanation of the second Hungarian hyperinflation |
| Journal: | Economic Theory
2000 : VOL. 15:3, p. 599-630 |
| Index terms: | SUCCESS HUNGARY STABILIZATION |
| Language: | eng |
| Abstract: | The extreme severity of the second Hungarian hyperinflation is argued to be related to the unusual way in which the inflation was eventually stabilized. The historical features of this episode are represented in a general equilibrium model, which incorporates a transition from one monetary regime to another. During the inflation the government finances a fixed deficit with seigniorage revenue. |
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