What is Hyperinflation? | A COMPLETE GUIDE TO HYPERINFLATION 2023
What is Hyperinflation
The world has generally enjoyed low inflation over the past 30 years or so. Only a few developing countries, notably Venezuela, Argentina and Zimbabwe, have experienced hyperinflation — an economic situation so destructive that some economists have called it "when money dies." In most countries, inflation-targeting central banks have kept inflation under control, helped by globalization and floating foreign currency exchange rates that serve to tame external price pressures. But since the COVID-19 pandemic and the start of the Ukraine war, high and accelerating inflation has reappeared in developed economies for the first time since the 1970s. Could Western countries such as the U.S. also experience hyperinflation?
Hyperinflation is a devastating and often permanent collapse of the value of money — so much so that a major book about Germany's famous bout of hyperinflation in 1922-23 was entitled, "When Money Dies." Hyperinflation is characterized by extremely rapid price increases in all goods and services. In the worst-known cases of hyperinflation, prices doubled in days or even hours. When prices rise this fast, people rush to spend their money as soon as they get it. As a result, the velocity at which money circulates in the economy rises exponentially, feeding the price rises. Hyperinflation is thus also known as "hypervelocity."
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