{
  "title": "Modern Hyper- and High Inflations",
  "publication": "IMF Working Papers, November 1, 2002",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115",
  "overlayPath": "/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/index.md",
  "summary": "Since 1947, hyperinflations (by Cagan’s definition) in market economies have been rare. Much more common have been longer inflationary processes with inflation rates above 100 percent per annum.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Since 1947, hyperinflations (by Cagan’s definition) in market economies have been rare; longer inflationary processes with inflation rates above 100 percent per annum have been much more common.\n- The paper uses a sample of 133 countries and adopts the 100 percent threshold as the basis for a definition of very high inflation episodes.\n- The analysis examines the main characteristics of very high inflation episodes."
    },
    {
      "heading": "Key findings",
      "content": "- Close to 20 percent of countries have experienced inflation above 100 percent per annum.\n- Higher inflation tends to be more unstable.\n- In high-inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and long run’s.\n- Inflation inertia decreases as average inflation rises.\n- High-inflation is associated with poor macroeconomic performance.\n- Stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary."
    },
    {
      "heading": "Empirical scope and technical approach",
      "content": "- Sample size: 133 countries.\n- Threshold for very high inflation episodes: 100 percent per annum.\n- Time reference for rarity of hyperinflations: since 1947."
    },
    {
      "heading": "Subjects and thematic focus",
      "content": "- Subjects: Consumption, Fiscal policy, Fiscal stance, Government debt management, Hyperinflation, Inflation, National accounts, Prices, Public financial management (PFM).\n- Keywords include: Africa, Caribbean, Consumption, durable goods, Europe, Fiscal deficit, Fiscal stance, Government debt management, growth, Hyperinflation, Inflation, inflation country, inflationary dynamics, Laffer curve, money growth, money-inflation link, nominal exchange rate, rate of inflation, South America, stabilization, WP.\n\nSource: Modern Hyper- and High Inflations, Stanley Fischer; Ratna Sahay; Carlos A. Végh Gramont, IMF Working Papers, November 1, 2002.\n\n---\n\n Content in this bundle\n\n- Modern Hyper- and High Inflations - WP/02/197, CORRECTED\n  - Modern Hyper- and High Inflations - WP/02/197, CORRECTED (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Modern Hyper- and High Inflations - WP/02/197, CORRECTED (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/bundle-manifest.json)",
    "Authors: Stanley Fischer, Ratna Sahay, Carlos A. Végh Gramont",
    "Published: November 1, 2002",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451860023.001",
    "Since 1947, hyperinflations (by Cagan’s definition) in market economies have been rare; longer inflationary processes with inflation rates above 100 percent per annum have been much more common.",
    "The paper uses a sample of 133 countries and adopts the 100 percent threshold as the basis for a definition of very high inflation episodes.",
    "The analysis examines the main characteristics of very high inflation episodes.",
    "Close to 20 percent of countries have experienced inflation above 100 percent per annum.",
    "Higher inflation tends to be more unstable.",
    "In high-inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and long run’s.",
    "Inflation inertia decreases as average inflation rises.",
    "High-inflation is associated with poor macroeconomic performance.",
    "Stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary.",
    "Sample size: 133 countries.",
    "Threshold for very high inflation episodes: 100 percent per annum.",
    "Time reference for rarity of hyperinflations: since 1947.",
    "Subjects: Consumption, Fiscal policy, Fiscal stance, Government debt management, Hyperinflation, Inflation, National accounts, Prices, Public financial management (PFM).",
    "Keywords include: Africa, Caribbean, Consumption, durable goods, Europe, Fiscal deficit, Fiscal stance, Government debt management, growth, Hyperinflation, Inflation, inflation country, inflationary dynamics, Laffer curve, money growth, money-inflation link, nominal exchange rate, rate of inflation, South America, stabilization, WP.",
    "**Modern Hyper- and High Inflations - WP/02/197, CORRECTED**"
  ],
  "related": [
    {
      "title": "Modern Hyper- and High Inflations - WP/02/197, CORRECTED",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2002/_wp02197.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2002/_wp02197.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2002/_wp02197.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/index.md",
    "json": "/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/30/modern-hyper-and-high-inflations-16115/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T07:00:24.568Z"
}