Hiperinfliacija

Hiperinfliacija, or hyperinflation, is a situation in which the price level increases extremely rapidly and uncontrollably, eroding the real value of money. A commonly cited threshold, from the work of economist Phillip Cagan, is a monthly inflation rate of 50 percent or more for at least one month. In practice, hyperinflation is characterized by accelerating price increases, a collapse in confidence in the currency, and a substantial loss of monetary usefulness for transactions and accounting.

Causes of hyperinflation typically involve a chronic and large fiscal deficit financed by money creation, a loss of credibility in monetary and fiscal policy, and a breakdown in the currency’s function as a store of value. External shocks, political instability, and a collapse in production can compound these dynamics. As prices rise, wages and contracts are revalued, and a wage-price spiral can form, further accelerating price growth and driving people to spend quickly to avoid holding devalued money.

Consequences are widespread: savers lose purchasing power, fixed incomes erode, and ordinary transactions become costly and time-consuming. Businesses face uncertainty, contracts may be redenominated in foreign currencies, and social or political unrest can follow.

Historical examples include post-World War I Germany (1923), Hungary (1946), Zimbabwe (2008–09), and, in recent decades, episodes in Yugoslavia and Argentina. Policy responses focus on monetary reform, fiscal consolidation, restoring central-bank credibility, and, in some cases, currency reform or substitution to stabilize prices and restore confidence.