## The Modern Hyperinflation Cycle: Some New Empirical Regularities

_IMF Working Papers, December 7, 2018_

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## Bibliographic details
- Authors: Jose Saboin
- Published: December 7, 2018
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484385388.001

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### Summary and data scope
- Using a database of up to 62 variables for 196 countries over 57 years, a hyperinflation cycle has been characterized to propose a broader setting of stylized facts.
- Pages: 46
- Volume: 2018
- Issue: 266
- Series: Working Paper No. 2018/266
- DOI: https://doi.org/10.5089/9781484385388.001
- Stock No: WPIEA2018266
- ISBN: 9781484385388
- ISSN: 1018-5941

### Core empirical findings
- Hyperinflation cycles occur in contexts with:
  - (i) depressed economic freedoms
  - (ii) deteriorated socioeconomic conditions and rule of law
  - (iii) high levels of domestic conflictivity and government instability
- Social infrastructure factors improve during stabilization but remain substantially lower than in the representative non-hyperinflation country, suggesting an important role for them in the occurrence of modern hyperinflations.

### Role of international financial assistance in stabilization
- A clear majority of hyperinflation countries used international financial assistance.
- Use of international financial assistance was associated with:
  - (i) further improving their economic freedoms
  - (ii) greater fiscal flexibility
  - (iii) more exchange rate stability

### Thematic subjects and keywords
- Subject: Exchange rate arrangements, Exchange rates, External debt, Foreign exchange, Hyperinflation, Inflation, Prices
- Keywords: Africa, Economic Freedoms, Exchange rate arrangements, Exchange rates, Hyperinflation, hyperinflation cycle, hyperinflation dynamics, hyperinflation episode, hyperinflation literature, hyperinflation process, improvement government stability, Inflation, Institutions, Multilateral Assistance, representative country, Social Infrastructure, WP

*Source: IMF Working Paper "The Modern Hyperinflation Cycle: Some New Empirical Regularities" by Jose Saboin, December 7, 2018 (Working Paper No. 2018/266).*

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_Source: https://www.imf.org/en/publications/wp/issues/2018/12/07/the-modern-hyperinflation-cycle-some-new-empirical-regularities-46368_