hiperinfláció

Hyperinflation is an extreme form of inflation in which the general level of prices rises very rapidly and out of control. There is no universally fixed threshold, but it is commonly defined as monthly inflation of about 50% or more for at least one month, typically sustained over several months. In hyperinflation, the value of the currency plunges, eroding its usefulness as a medium of exchange and store of value. It is usually linked to severe distortions in monetary policy and governance, though its proximate causes often include a combination of excessive money creation and loss of confidence.

Causes of hyperinflation commonly involve persistent fiscal deficits financed by expanding the monetary base, leading to a loss of credibility for the currency. Other contributing factors can include external shocks, political instability, war, collapse in productive capacity, and abrupt depreciation of the exchange rate. When expectations become unanchored, households and firms may rapidly adjust prices and wages, further fueling a wage-price spiral and a rapid increase in the money supply relative to real output.

Consequences are severe and wide-ranging. Purchasing power erodes quickly, savings are wiped out, and people seek substitutes such as bartering or foreign currencies. Financial markets deteriorate, tax collection becomes difficult, and political and social unrest can follow. Central-bank credibility and independence often collapse, and nominal variables become highly volatile.

Historical episodes include the Weimar Republic in 1923, Hungary in 1946, Zimbabwe in 2008–2009, Yugoslavia in 1993, and Venezuela in the 2010s. Stabilization typically requires credible monetary reform or currency replacement, fiscal consolidation, and stronger institutions, sometimes accompanied by currency pegs, dollarization, or international support.