Jim: > Perhaps it would best to think about counterexamples. A few years ago, > Israel had what many called "hyperinflation." Was it due to an effort > (conscious or unconscious) to get out of debts denominated in > non-Israeli currency? how about Nationalist China after WW2?
I am not among that "many" who called what Israel had in the 1970s and 1980s "hyperinflation". It had been an inflation rate of around 80-90% or some such thing, if recall correctly. High inflation? Yes. Hyperinflation? I don't think so. In the 1980s and 1990s Turkey also had inflation rates to the north of 100%. Clearly, what we had was high inflation. Was that hyperinflation? I don't think so. Was non-domestic currency denominated foreign debt involved in that high inflation in Turkey? Yes, I know it well. I had lived through that period. I don't know what happened to the Nationalist China after the WWII. Most likely, they were financing the civil war by borrowing from the imperialists, but I don't know what exactly was going on there and then. Then again, if hyperinflation is defined as "very high" inflation, then we are in trouble: what is "very high" for me might not be "very high" for you and vice versa. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
