Inflations - Revision history

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2012-02-10T07:25:57Z

Links: +res

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	==Links==		==Links==
	* [http://www.scribd.com/doc/6456165/A-Panoramic-View-of-Eight-Centuries-of-Financial-Crises This time is different: A Panoramic View of Eight Centuries of Financial Crises] ([http://latrobefinancialmanagement.com/Research/Market_History/This%20Time%20is%20Different%20A%20Panoramic%20View%20of%20Eight%20Centuries%20of%20Financial%20Crisis.pdf pdf]) by Carmen M. Reinhart and Kenneth S. Rogoff, March 2008, esp. pages 39-50		* [http://www.scribd.com/doc/6456165/A-Panoramic-View-of-Eight-Centuries-of-Financial-Crises This time is different: A Panoramic View of Eight Centuries of Financial Crises] ([http://latrobefinancialmanagement.com/Research/Market_History/This%20Time%20is%20Different%20A%20Panoramic%20View%20of%20Eight%20Centuries%20of%20Financial%20Crisis.pdf pdf]) by Carmen M. Reinhart and Kenneth S. Rogoff, March 2008, esp. pages 39-50
			* [http://mises.org/daily/5886/Withholding-Consent-from-the-Khan Withholding Consent from the Khan] by Peter C. Earle, February 2012, about an (attempted) inflation in the 12th century

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			{{TOC right}}
	[[History of money and banking\|History]] shows many examples of [[inflation]] - from debasement of metal coins in [[Money and banking in Ancient Rome\|Ancient Rome]] to the [[hyperinflation]] in [[Zimbabwe]]. This page lists a few notable episodes.		[[History of money and banking\|History]] shows many examples of [[inflation]] - from debasement of metal coins in [[Money and banking in Ancient Rome\|Ancient Rome]] to the [[hyperinflation]] in [[Zimbabwe]]. This page lists a few notable episodes.

Pestergaines: Added inflation of Henry VIII.

2011-07-12T22:06:47Z

Added inflation of Henry VIII.

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	It had many features of a modern-day inflation. People refused the money, and no goods were to be had, unless one happened to have the good old money or the Bohemian groschen. The chronicles describe the great suffering in the lands of Austria and neighboring Bavaria, and there are reports of deaths of individuals as entire families, and the destruction of countless livelihoods. Life returned to normal with a return to good currency.<ref name="Gaettens_Austria">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Die Zeit der Schilderlinge'' (The Time of the Schilderlings) p. 40-51. ISBN: ISBN 3-87045-211-0. Referenced 2010-01-29.</ref>		It had many features of a modern-day inflation. People refused the money, and no goods were to be had, unless one happened to have the good old money or the Bohemian groschen. The chronicles describe the great suffering in the lands of Austria and neighboring Bavaria, and there are reports of deaths of individuals as entire families, and the destruction of countless livelihoods. Life returned to normal with a return to good currency.<ref name="Gaettens_Austria">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Die Zeit der Schilderlinge'' (The Time of the Schilderlings) p. 40-51. ISBN: ISBN 3-87045-211-0. Referenced 2010-01-29.</ref>

			==Inflation of Henry VIII==
			For economists, [[Henry VIII of England]] should be almost as famous for clipping his [[England\|kingdom's]] coins as he was for chopping off the heads of its queens. Despite inheriting a vast fortune from his father, Henry VII, and even after confiscating the church's assets, he found himself in such desperate need of funds that he resorted to an epic debasement of the currency. This debasement began in 1542 and continued through the end of Henry's reign in 1547 and on into that of his successor, Edward VI. Cumulatively, the pound lost 83 percent of its silver content during this period.<ref name="Reinhart_Different">Carmen M. Reinhart and Kenneth S. Rogoff. [http://press.princeton.edu/titles/8973.html "This Time is Different"], ''Princeton University Press'', ISBN 978-0-691-14216-6. Referenced 2011-07-13, p. 175.</ref>

	==Vellon inflation in Spain==		==Vellon inflation in Spain==

Pestergaines: /* The kipper and wipper inflation in the Habsburg lands */ typo

2011-06-30T11:01:28Z

The kipper and wipper inflation in the Habsburg lands: typo

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	==The kipper and wipper inflation in the Habsburg lands==		==The kipper and wipper inflation in the Habsburg lands==
	{{Main\|Kipper and wipper inflation}}		{{Main\|Kipper and wipper inflation}}
	The kipper and wipper inflation (''German''; Tipper and See-Saw Time~~'''~~ in English) was a severe [[inflation]] in the [[Habsburg]] lands in early 17th century.<ref name="Gaettens_Kipper">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Die Zeit der Kipper und Wipper'' (The time of kippers and wippers) p. 74-99. ISBN: ISBN 3-87045-211-0. Referenced 2010-02-04.</ref> The terms kipper and wipper came to mean counterfeiters or cheats in general. Many have seen the inflation as the sign of the End of Days.<ref name="Helfferich_Thirty">Tryntje Helfferich. [http://books.google.com/books?id=BEl8LyOLoVQC&pg=PA58&lpg=PA58&dq=kipper+wipper&source=bl&ots=Elo2XTaVgz&sig=6bVA1YVVdFu7nAcB_KlcaUn3_2Q&hl=en&ei=KU8MTqqKLMaEmQW-zfDHDg&sa=X&oi=book_result&ct=result&resnum=6&ved=0CEkQ6AEwBQ#v=onepage&q=kipper%20wipper&f=false "The Thirty Years War: a documentary history"], ''Google Books'', ''Hackett Publishing'', 2009. Referenced 2011-06-30.</ref>		The kipper and wipper inflation (''German''; Tipper and See-Saw Time in English) was a severe [[inflation]] in the [[Habsburg]] lands in early 17th century.<ref name="Gaettens_Kipper">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Die Zeit der Kipper und Wipper'' (The time of kippers and wippers) p. 74-99. ISBN: ISBN 3-87045-211-0. Referenced 2010-02-04.</ref> The terms kipper and wipper came to mean counterfeiters or cheats in general. Many have seen the inflation as the sign of the End of Days.<ref name="Helfferich_Thirty">Tryntje Helfferich. [http://books.google.com/books?id=BEl8LyOLoVQC&pg=PA58&lpg=PA58&dq=kipper+wipper&source=bl&ots=Elo2XTaVgz&sig=6bVA1YVVdFu7nAcB_KlcaUn3_2Q&hl=en&ei=KU8MTqqKLMaEmQW-zfDHDg&sa=X&oi=book_result&ct=result&resnum=6&ved=0CEkQ6AEwBQ#v=onepage&q=kipper%20wipper&f=false "The Thirty Years War: a documentary history"], ''Google Books'', ''Hackett Publishing'', 2009. Referenced 2011-06-30.</ref>

	==John Law's inflation in France==		==John Law's inflation in France==

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Carved out sections into separate pages.

Show changes

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	[[Category:Inflations]]		[[Category:Inflations]]
			[[Category:History of Germany]]

	==Links==		==Links==
	* [http://www.scribd.com/doc/6456165/A-Panoramic-View-of-Eight-Centuries-of-Financial-Crises This time is different: A Panoramic View of Eight Centuries of Financial Crises] ([http://latrobefinancialmanagement.com/Research/Market_History/This%20Time%20is%20Different%20A%20Panoramic%20View%20of%20Eight%20Centuries%20of%20Financial%20Crisis.pdf pdf]) by Carmen M. Reinhart and Kenneth S. Rogoff, March 2008, esp. pages 39-50		* [http://www.scribd.com/doc/6456165/A-Panoramic-View-of-Eight-Centuries-of-Financial-Crises This time is different: A Panoramic View of Eight Centuries of Financial Crises] ([http://latrobefinancialmanagement.com/Research/Market_History/This%20Time%20is%20Different%20A%20Panoramic%20View%20of%20Eight%20Centuries%20of%20Financial%20Crisis.pdf pdf]) by Carmen M. Reinhart and Kenneth S. Rogoff, March 2008, esp. pages 39-50

Pestergaines: /* Austria 1792-1815 */ Wording amended.

2011-03-23T09:21:29Z

Austria 1792-1815: Wording amended.

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	All that did not help. The debt grew from 399 millions in 1791 to 680 in 1802; the state income did not rise in this period and actually decreased slightly. The volume of the Bankozettel grew from 26.7 million in 1793 to 91.86 in 1798. 1 and 2 gulden Bankozettel were introduced to make up for the vanishing silver money. In 1800 their exchange rate rose to 118 3/8 % against silver (100).		All that did not help. The debt grew from 399 millions in 1791 to 680 in 1802; the state income did not rise in this period and actually decreased slightly. The volume of the Bankozettel grew from 26.7 million in 1793 to 91.86 in 1798. 1 and 2 gulden Bankozettel were introduced to make up for the vanishing silver money. In 1800 their exchange rate rose to 118 3/8 % against silver (100).

	More devaluations of coinage followed, more issues of Bankozettel and more taxes. The outcome of war in 1805 cost Austria dearly, with Venetia, Tyrol and other lands lost. The increasing emissions inspired ~~fakes~~ and mistrust among the population. In a 1806 patent~~, it was~~ declared~~, that it was purely~~ a war measure. But the funds collected to lower their amount had to be used against another war threat. In 1807 were the Bankozettel in circulation at almost half a billion, the budget deficit 23 million. Several attempts to loan more money from the population have failed. More emissions and the loss of land with war damages due to the [[Treaty of Schönbrunn]] led to a fall in the exchange rate in 1809 - 100 silver gulden cost about 221 in Bankozettel in January, and 404 in December.		More devaluations of coinage followed, more issues of Bankozettel and more taxes. The outcome of war in 1805 cost Austria dearly, with Venetia, Tyrol and other lands lost. The increasing emissions inspired counterfeiting and mistrust among the population. In a 1806 patent were the emissions declared for nothing but a war measure. But the funds collected to pay them back and lower their amount had to be used against another war threat. In 1807 were the Bankozettel in circulation at almost half a billion, the budget deficit 23 million. Several attempts to loan more money from the population have failed. More emissions and the loss of land with war damages due to the [[Treaty of Schönbrunn]] led to a fall in the exchange rate in 1809 - 100 silver gulden cost about 221 in Bankozettel in January, and 404 in December.

	It took the count Joseph Wallis, the president of the Hofkammer, to resolve the issue. He planned a devaluation in utter secrecy. The Bankozettel were falling ever deeper, and the budget for 1811 planned a large deficit. On the 15th March, 1811, were everywhere at the same hour opened the envelopes with the "Bankrottpatent". The over 1 billion Bankozettel were exchanged in a ratio of 1:5 for "Einlösungsscheine", as well as all taxes and other payments. The copper coins were likewise devalued. The rates on state debt should be halved.<ref name="Gaettens_Napoleonic">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Inflationen im Gefolge der Napoleonischen Kriege'' (Inflations following the Napoleonic Wars) p. 199-212. ISBN: ISBN 3-87045-211-0. Referenced 2010-11-09.</ref>		It took the count Joseph Wallis, the president of the Hofkammer, to resolve the issue. He planned a devaluation in utter secrecy. The Bankozettel were falling ever deeper, and the budget for 1811 planned a large deficit. On the 15th March, 1811, were everywhere at the same hour opened the envelopes with the "Bankrottpatent". The over 1 billion Bankozettel were exchanged in a ratio of 1:5 for "Einlösungsscheine", as well as all taxes and other payments. The copper coins were likewise devalued. The rates on state debt should be halved.<ref name="Gaettens_Napoleonic">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Inflationen im Gefolge der Napoleonischen Kriege'' (Inflations following the Napoleonic Wars) p. 199-212. ISBN: ISBN 3-87045-211-0. Referenced 2010-11-09.</ref>

Pestergaines: /* Austria 1792-1815 */ Typo.

2011-03-23T09:12:57Z

Austria 1792-1815: Typo.

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	All that did not help. The debt grew from 399 millions in 1791 to 680 in 1802; the state income did not rise in this period and actually decreased slightly. The volume of the Bankozettel grew from 26.7 million in 1793 to 91.86 in 1798. 1 and 2 gulden Bankozettel were introduced to make up for the vanishing silver money. In 1800 their exchange rate rose to 118 3/8 % against silver (100).		All that did not help. The debt grew from 399 millions in 1791 to 680 in 1802; the state income did not rise in this period and actually decreased slightly. The volume of the Bankozettel grew from 26.7 million in 1793 to 91.86 in 1798. 1 and 2 gulden Bankozettel were introduced to make up for the vanishing silver money. In 1800 their exchange rate rose to 118 3/8 % against silver (100).

	More devaluations of coinage followed, more issues of Bankozettel and more taxes. The outcome of war in 1805 cost Austria dearly, with Venetia, ~~Tirol~~ and other lands lost. The increasing emissions inspired fakes and mistrust among the population. In a 1806 patent, it was declared, that it was purely a war measure. But the funds collected to lower their amount had to be used against another war threat. In 1807 were the Bankozettel in circulation at almost half a billion, the budget deficit 23 million. Several attempts to loan more money from the population have failed. More emissions and the loss of land with war damages due to the [[Treaty of Schönbrunn]] led to a fall in the exchange rate in 1809 - 100 silver gulden cost about 221 in Bankozettel in January, and 404 in December.		More devaluations of coinage followed, more issues of Bankozettel and more taxes. The outcome of war in 1805 cost Austria dearly, with Venetia, Tyrol and other lands lost. The increasing emissions inspired fakes and mistrust among the population. In a 1806 patent, it was declared, that it was purely a war measure. But the funds collected to lower their amount had to be used against another war threat. In 1807 were the Bankozettel in circulation at almost half a billion, the budget deficit 23 million. Several attempts to loan more money from the population have failed. More emissions and the loss of land with war damages due to the [[Treaty of Schönbrunn]] led to a fall in the exchange rate in 1809 - 100 silver gulden cost about 221 in Bankozettel in January, and 404 in December.

	It took the count Joseph Wallis, the president of the Hofkammer, to resolve the issue. He planned a devaluation in utter secrecy. The Bankozettel were falling ever deeper, and the budget for 1811 planned a large deficit. On the 15th March, 1811, were everywhere at the same hour opened the envelopes with the "Bankrottpatent". The over 1 billion Bankozettel were exchanged in a ratio of 1:5 for "Einlösungsscheine", as well as all taxes and other payments. The copper coins were likewise devalued. The rates on state debt should be halved.<ref name="Gaettens_Napoleonic">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Inflationen im Gefolge der Napoleonischen Kriege'' (Inflations following the Napoleonic Wars) p. 199-212. ISBN: ISBN 3-87045-211-0. Referenced 2010-11-09.</ref>		It took the count Joseph Wallis, the president of the Hofkammer, to resolve the issue. He planned a devaluation in utter secrecy. The Bankozettel were falling ever deeper, and the budget for 1811 planned a large deficit. On the 15th March, 1811, were everywhere at the same hour opened the envelopes with the "Bankrottpatent". The over 1 billion Bankozettel were exchanged in a ratio of 1:5 for "Einlösungsscheine", as well as all taxes and other payments. The copper coins were likewise devalued. The rates on state debt should be halved.<ref name="Gaettens_Napoleonic">Richard Gaettens. ''Geschichte der Inflationen Von Altertum bis zum Gegenwart'' (German: History of Inflations from Old Ages to the Present), ''Inflationen im Gefolge der Napoleonischen Kriege'' (Inflations following the Napoleonic Wars) p. 199-212. ISBN: ISBN 3-87045-211-0. Referenced 2010-11-09.</ref>

Pestergaines: Added a general resource on historical inflations.

2011-01-08T18:15:04Z

Added a general resource on historical inflations.

← Older revision		Revision as of 18:15, 8 January 2011
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	[[Category:Inflations]]		[[Category:Inflations]]

			==Links==
			* [http://www.scribd.com/doc/6456165/A-Panoramic-View-of-Eight-Centuries-of-Financial-Crises This time is different: A Panoramic View of Eight Centuries of Financial Crises] ([http://latrobefinancialmanagement.com/Research/Market_History/This%20Time%20is%20Different%20A%20Panoramic%20View%20of%20Eight%20Centuries%20of%20Financial%20Crisis.pdf pdf]) by Carmen M. Reinhart and Kenneth S. Rogoff, March 2008, esp. pages 39-50

Pestergaines: Added link to a new inflation.

2010-11-28T16:06:22Z

Added link to a new inflation.

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	{{Main\|Inflation in the Weimar Republic}}		{{Main\|Inflation in the Weimar Republic}}
	One of the most extreme hyperinflations in world's history, this episode took part in [[Germany]] between 1921 and 1923.		One of the most extreme hyperinflations in world's history, this episode took part in [[Germany]] between 1921 and 1923.

			==Inflation in Nazi Germany==
			{{Main\|Inflation in Nazi Germany}}
			This inflation was remarkable for the success in suppressing increasing prices, but its effects were not less severe.

	==References==		==References==