Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/271692 
Year of Publication: 
2023
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Volume:] 103 [Issue:] 2 [Year:] 2023 [Pages:] 94-97
Publisher: 
Sciendo, Warsaw
Abstract (Translated): 
The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a de-pendent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable politi-cal atmosphere, paving the way for the rise of the Nazis, the hyperinflation is deeply etched in the German collective memory. It is this collective memory that shapes the current institutional framework of the ECB. While risk aversion and institutional imprint of the ECB'S policy makers differ, the ECB's institutional framework ensures that current inflation will not evolve into a hyperinflation.
JEL: 
E31
E42
E58
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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