Skip to main content
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 1
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Balabkins, Nicholas 1962. REPRESSED INFLATION IN WEST GERMANY FROM 1945 TO 1948. SOME QUALITATIVE OBSERVATIONS.. Kyklos, Vol. 15, Issue. 4, p. 734.


The Consequences of the Currency Reform in Western Germany


Following military collapse both in 1918 and in 1945 Germany presented two economic phenomena indicative of the destruction of economic life. In the twenties an open inflation occurred. For a relatively short time German money lost its value and purchasing power. This period of a completely open inflation was limited by a currency reform of a particular kind. Instead of cancelling the money in circulation the volume of money was increased by introducing a new stable money, the so-called Rentenmark. At the same time, the old money in circulation had been devaluated at the rate of one billionth of its face value. This controlled monetary experiment as well as the preceding huge inflation have found a place in the history of money. On account of the undoubted success of the devaluation experiment in 1923, the opinion seems to prevail that a devaluation is the best, if not the only way to reform the currency.

Linked references
Hide All

This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Fred H. Klopstock , “Monetary Reform in Western Germany,” Journal of Political Economy, 1949, pp. 277299;

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

The Review of Politics
  • ISSN: 0034-6705
  • EISSN: 1748-6858
  • URL: /core/journals/review-of-politics
Please enter your name
Please enter a valid email address
Who would you like to send this to? *