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Journal Article

The Greek Hyperinflation and Stabilization of 1943-1946

Gail E. Makinen
The Journal of Economic History
Vol. 46, No. 3 (Sep., 1986), pp. 795-805
Stable URL: http://www.jstor.org/stable/2121485
Page Count: 11
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The Greek Hyperinflation and Stabilization of 1943-1946
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Abstract

The Greek hyperinflation started during the Axis occupation and was the result of an excessive reliance by the puppet government on the inflation tax. The inflation reached a peak in November 1944 after liberation. The Greek government undertook three stabilization efforts spread over eighteen months before price level stability was achieved. The final effort involved fiscal reform and the creation of an independent supracentral bank. Controversy surrounds the origin and nature of the transition costs involved in stabilizing an economy. The Greek stabilization cannot resolve all the issues raised.

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