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Budget deficits, Stability, and the Monetary Dynamics of Hyperinflation
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Budget deficits, Stability, and the Monetary Dynamics of Hyperinflation
Kiguel, 1989.
Large budget deficits financed by money creation are widely believed to be the primary force sustaining prolonged high inflation processes. The relationship appears to be closer for hyperinflationary episodes, which are usually associated with the presence of massive budget deficits. Hyperinflation, understood in this paper as a process of accelerating inflation, in fact occurs because governments have unsustainably large budget deficits.
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