恶性通货膨胀

维基百科，自由的百科全书

在經濟學上，惡性通貨膨脹是一種不能控制的通貨膨脹，在物价很快地上涨的情况下，就使货币失去价值。惡性通貨膨脹沒有一個普遍公認的標準界定。一般界定為每月通貨膨脹50%或更多，但很多時在寬鬆上使用的比率會更低。多數的經濟學家認為的定義為「一個沒有任何平衡趨勢的通貨膨脹循環」。 A vicious circle is created in which more and more inflation is created with each iteration of the cycle. Although there is a great deal of debate about the root causes of hyperinflation, it becomes visible when there is an unchecked increase in the money supply or drastic debasement of coinage, and is often associated with wars (or their aftermath), economic depressions, and political or social upheavals.

[编辑] 惡性通脹定義

1956年，Philip Cagan撰寫的Monetary Dynamics of Hyperinflation，一般被視為最早研究惡性通脹的書目，他當時把每月50%以上的通脹，稱為「惡性通脹」，又或「超通脹」。現時國際會計標準29指惡性通脹具有四項特徵：

• 公眾不願持有現金，寧可把金錢投放在外國貸幣或非貸幣資產。　
• 公眾利用外國貨幣，結算自己本國貨幣的資產。
• 信貸是按借款期內的消費力損耗計算，即使該時期不長久。
• 　利率、工資、物價與物價指數掛鈎，而3年累積通脹在100%以上。　

在日常生活中，公眾輕易感受得到惡性通脹的影響。在一些知名例子中，德國20年代初的物價，曾在每49小時增加一倍；1940年代初的希臘被德國佔率時，物價每28小時上升一倍；匈牙利戰後曾每15小時增加一倍。這種極端例子一般在戰事發生，即使近數十年亦時有出現。1993年10月至1994年1月，南斯拉夫的通脹就曾每16小時增加一倍；烏克蘭、秘魯、墨西哥、阿根廷、巴西等，亦在1980或90年代面對嚴重通脹。最近期例子為津巴布韋。　

[编辑] 世界各地的恶性通货膨胀

安哥拉

安哥拉在1991年至1995年經歷了最糟的通貨膨脹。1991年早期，最高面額為50,000 kwanzas。 到了1994年，成為500,000 kwanzas。1995年幣制改革，1單位 kwanza reajustado兌換1000 kwanza。1995年最高面額為5,000,000 kwanzas reajustados。1999年幣制改革，1單位新 kwanza兌換1,000,000 kwanzas reajustado。全部惡性通貨膨脹影響：1單位新 kwanza = 1,000,000,000 舊 1991 kwanzas。

阿根廷

Argentina went through steady inflation from 1975 to 1991. At the beginning of 1975, the highest denomination was 1,000 pesos. In late 1976, the highest denomination was 5,000 pesos. In early 1979, the highest denomination was 10,000 pesos. By the end of 1981, the highest denomination was 1,000,000 pesos. In the 1983 currency reform, 1 Peso Argentino was exchanged for 10,000 pesos. In the 1985 currency reform, 1 austral was exchanged for 1,000 pesos argentino. In the 1992 currency reform, 1 new peso was exchanged for 10,000 australes. The overall impact of hyperinflation: 1 new peso = 100,000,000,000 pre-1983 pesos.

奧地利

在1921年至1922年間，奧地利的通貨膨脹達到了+134%。

白俄羅斯

Belarus went through steady inflation from 1994 to 2002. In 1993, the highest denomination was 5,000 rublei. By 1999, it was 5,000,000 rublei. In the 2000 currency reform, the ruble was replaced by the new ruble at an exchange rate of 1 new ruble = 2,000 old rublei. The highest denomination in 2002 was 50,000 rublei, equal to 100,000,000 pre-2000 rublei.

玻利維亞

Bolivia went through the worst inflation between 1984 and 1986. Before 1984, the highest denomination was 1,000 pesos bolivianos. By 1985, the highest denomination was 10 Million pesos bolivianos. In the 1987 currency reform, peso boliviano was replaced by boliviano which was pegged to U. S. dollar.

波斯尼亞黑塞哥維那

Bosnia-Hezegovina went through its worst inflation in 1993. In 1992, the highest denomination was 1,000 dinara. By 1993, the highest denomination was 100,000,000 dinara. In the Republika Srpska, the highest denomination was 10,000 dinara in 1992 and 10,000,000,000 dinara in 1993. 50,000,000,000 dinara notes were also printed in 1993 but never issued.

巴西

From 1986 to 1994, the base currency unit was shifted three times to adjust for inflation in the final years of the República Velha era. A 1960's cruzeiro was, in 1994, worth less than one trillionth of a US cent, after adjusting for multiple devaluations and note changes. A new currency called real was adopted in 1994, and hyperinflation was eventually brought under control.

中國

中國在1948年—1949年間陷入了惡性通貨膨脹。1947年發行的最高面額為50,000元（5萬元），到了1948年中已到了180,000,000元（1億8千萬），1948年政府實施貨幣政策改革，用新發行的金圓券取代原有流通的法幣，結果不到一年的時間，金圓券的發行面額就增至10,000,000元（1千萬），甚至在地區性的新疆省銀行曾在1949年發行面額達6,000,000,000元的法幣（60億）。

格但斯克

Danzig went through the worst inflation in 1923. In 1922, the highest denomination was 1,000 mark. By 1923, the highest denomination was 10,000,000,000 mark.

格魯吉亞

Georgia went through the worst inflation in 1994. In 1993, the highest denomination was 100,000 laris. By 1994, the highest denomination was 1,000,000 laris. In the 1995 currency reform, 1 new lari was exchanged for 1,000,000 laris.

德國

德國在1923年至1924年間遇到最嚴重的惡性通貨膨脹。在1922年間，最高的貨幣面值是五萬馬克幣；而在1923年間，最高的貨幣面值就是一百萬億馬克幣。在最嚴重的時候，八百億馬克幣只與一美金等值。

希臘

Greece went through its worst inflation in 1944. In 1943, the highest denomination was 25,000 drachmai. By 1944, the highest denomination was 100,000,000,000,000 drachmai. In the 1944 currency reform, 1 new drachma was exchanged for 50,000,000,000 drachmai. Another currency reform in 1953 replaced the drachma at an exchange rate of 1 new drachma = 1,000 old drachma. The overall impact of hyperinflation: 1 (1953) drachma = 50,000,000,000,000 pre 1944 drachmai. The Greek inflation rate reached 8.5 billion percent.

匈牙利

Hungary went through the worst inflation in modern history in 1945-46. Before 1945, the highest denomination was 1,000 pengo. By the end of 1945, it was 10,000,000 pengo. The highest denomination in mid-1946 was 100,000,000,000,000,000,000 pengo. Banknotes The rate of inflation was 4.19 quintillion percent. A special currency the adopengo - or tax pengo - was created for tax and postal payments [1]. The value of the adopengo was adjusted each day, by radio announcement. On January 1, 1946 one adopengo equaled one pengo. By late July, one adopengo equaled 2,000,000,000,000,000,000,000 or 2×10²¹pengo.

One source [2] states that this hyperinflation was purposely started by trained Russian Marxists in order to destroy the Hungarian middle and upper classes. The 1946 currency reform changed the currency to forint. Previously, between 1922 and 1924 inflation in Hungary reached 98%.

以色列

Inflation accelerated in the 1970s, rising steadily from 13% in 1971 to 111% in 1979.From 133% in 1980, it leaped to 191% in 1983 and then to 445% in 1984, threatening to become a four-digit figure within a year or two. In 1985 Israel froze all prices by law. In 1985, inflation fell to 185% (less than half the rate in 1984). Within a few months, the authorities began to lift the price freeze on some items; in other cases it took almost a year. In 1986, inflation was down to just 19%.

塞爾維亞克拉伊納共和國

Krajina went through the worst inflation in 1993. In 1992, the highest denomination was 50,000 dinara. By 1993, the highest denomination was 50,000,000,000 dinara. Note that this unrecognized country was reincorporated into Croatia in 1998.

馬達加斯加

The Malagasy franc had a turbulent time in 2004, losing nearly half its value and sparking rampant inflation. On 1st January 2005 the Malagasy ariary replaced the previous currency at a rate of 0.2 ariary for one Malagasy franc. In May 2005 there were riots over rising inflation, although falling prices have since calmed the situation.

尼加拉瓜

Nicaragua went through the worst inflation from 1987 to 1990. Before 1987, the highest denomination was 1,000 cordobas. By 1987, it was 500,000 cordobas. In the 1988 currency reform, 1 new cordoba was exchanged for 1,000 old cordobas. The highest denomination in 1990 was 10,000,000 new cordobas. In the mid-1990 currency reform, 1 gold cordoba was exchanged for 5,000,000 new cordobas. The overall impact of hyperinflation: 1 gold cordoba = 5,000,000,000 pre 1988 cordobas.

秘魯

Peru went through the worst inflation from 1984 to 1990. The highest denomination in 1984 was 50,000 soles de oro. By 1985, it was 500,000 soles de oro. In the 1985 currency reform, 1 intis was exchanged for 1000 soles de oro. In 1986, the highest denomination was 1,000 intis. It was 5,000,000 intis by 1990. In the 1991 currency reform, 1 nuevo sol was exchanged for 1,000,000 intis. The overall impact of hyperinflation: 1 nuevo sol = 1,000,000,000 pre 1985 soles de oro.

波蘭

Poland went through the worst inflation between 1990 and 1993. The highest denomination in 1989 was 200,000 zlotych. It was 1,000,000 zlotych in 1991 and 2,000,000 zlotych in 1992. In the 1994 currency reform, 1 new zloty was exchanged for 10,000 old zlotych. Previously between 1922 and 1924, Polish inflation reached 275%.

羅馬尼亞

Romania is still working through steady inflation. The highest denomination in 1998 was 100,000 lei. By 2000 it was 500,000 lei. In early 2005 it was 1,000,000 lei. In July 2005 the leu was replaced by the new leu at 10,000 old lei = 1 new leu. Inflation in 2005 was about 10%. In 2006 the highest denomination is 500 lei (= 5,000,000 old lei).

俄羅斯

Between 1921 and 1922, during the civil war, inflation in Russia reached 213%.

In 1992, the first year of post-Soviet economic reform, inflation was 2,520%, the major cause being the decontrol of most prices in January. In 1993 the annual rate was 840%, and in 1994, 224%. The ruble devalued from about 100 r/$ in 1991 to about 30,000 r/$ in 1999.

台灣

1945年日本戰敗後退出台灣，原有由日本政府在台灣發行使用的「台灣銀行券」在1946年改制成「台幣」，然而因為諸多的因素（如二二八事件也屬其一）使台幣在1940年代晚期造成惡性通貨膨脹，進而使台幣的發行面額增加，最高曾發行到一張一百萬元。這場惡性通貨最後是在1949年以發行新貨幣取代舊貨幣的方式才獲得控制，即是發行「新台幣」來取代原有的「台幣」（相對之下可以稱為「舊台幣」），兌換率為40,000比1，即40,000元舊台幣兌換1元新台幣。

土耳其

Throughout the 1990s Turkey dealt with severe inflation rates that finally crippled the economy into a recession in 2001. The highest denomination in 1995 was 1,000,000 lira. By 2000 it was 20,000,000 lira. Recently Turkey has achieved single digit inflation for the first time in decades, and in the 2005 currency reform, introduced the New Turkish Lira; 1 was exchanged for 1,000,000 old lira.

烏克蘭

Ukraine went through the worst inflation between 1993 and 1995. Before 1993, the highest denomination was 1,000 karbovantsiv. By 1995, it was 1,000,000 karbovantsiv.

美國

During The Revolutionary War, the Continental Congress authorized the printing of paper currency called continental currency. The easily counterfeited notes depreciated rapidly, giving rise to the expression "not worth a continental." Between January 1861 and April 1865, the Lerner Commodity Price Index of leading cities in the eastern Confederacy increased from 100 to over 9000.

雅浦島

The island of Yap in the Pacific ocean used varying sized stones as money, of which the largest weighing several tons were the most valuable. The stones had been brought by sea from the Island of Palau 210km away. The journey was very perilous given the length of the voyage and the rough seas between the islands of Palau and Yap. Many of the stones were lost at sea. The risk associated with procurement of the "money stones" initially made them highly valuable. The Yapese valued them because large stones were quite difficult to steal and were in relatively short supply. However, in 1874, an enterprising Irishman called David O’Keefe hit upon the idea of employing the Yapese to import more "money" in the form of shiploads of large stones, also from Palau. O'Keefe then traded these stones with the Yapese for other commodities such as sea cucumbers and copra. Over time, the Yapese brought thousands of new stones to the island, debasing the value of the old ones. Today they are almost worthless, except as a tourist curiosity.

南斯拉夫

Yugoslavia went through a period of hyperinflation and subsequent currency reforms from 1989 to 1994. The highest denomination in 1988 was 50,000 dinara. By 1989 it was 2,000,000 dinara. In the 1990 currency reform, 1 new dinar was exchanged for 10,000 old dinara. In the 1992 currency reform, 1 new dinar was exchanged for 10 old dinara. The highest denomination in 1992 was 50,000 dinara. By 1993, it was 10,000,000,000 dinara. In the 1993 currency reform, 1 new dinar was exchanged for 1,000,000 old dinara. But before the year was over, the highest denomination was 500,000,000,000 dinara. In the 1994 currency reform, 1 new dinar was exchanged for 1,000,000,000 old dinara. In another currency reform a month later, 1 novi dinar was exchanged for 12,000,000 dinara. The overall impact of hyperinflation: 1 novi dinar = Template:Sn pre 1990 dinara.

薩伊

Zaire went through a period of inflation between 1989 and 1996. In 1988, the highest denomination was 5,000 zaires. By 1992, it was 5,000,000 zaires. In the 1993 currency reform, 1 nouveau zaire was exchanged for 3,000,000 old zaires. The highest denomination in 1996 was 1,000,000 nouveaux zaires. In 1997, Zaire was renamed the Congo Democratic Republic and changed its currency to francs. 1 franc was exchanged for 100,000 nouveaux zaires. The overall impact of hyperinflation: 1 franc = Template:Sn pre 1989 zaires.

津巴布韋

自獨立開始津巴布韋的通貨膨脹情況
年份	物價升幅	年份	物價升幅	年份	物價升幅	年份	物價升幅	年份	物價升幅	年份	物價升幅
1980年	7%	1981年	14%	1982年	15%	1983年	19%	1984年	10%	1985年	10%
1986年	15%	1987年	10%	1988年	8%	1989年	14%	1990年	17%	1991年	48%
1992年	40%	1993年	20%	1994年	25%	1995年	28%	1996年	16%	1997年	20%
1998年	48%	1999年	58%	2000年	56%	2001年	132%	2002年	139%	2003年	385%
2004年	624%	2005年	586%	2006年	1043%

At Independence, in 1980, the Zimbabwe dollar was worth about $1.50 US. Since then, rampant inflation and the collapse of the economy have severely devalued the currency, with many organisations using the US dollar instead.

Early in the 21st century Zimbabwe started to experience hyperinflation. Inflation reached 624% in early 2004, then fell back to low triple digits before surging to a new high of 1,042.9% in April 2006. [3]

On 16 February 2006, the governor of the Reserve Bank of Zimbabwe, Dr Gideon Gono, announced that the government had printed ZWD 21 trillion in order to buy foreign currency to pay off IMF arrears.

In early May 2006, Zimbabwe's government began rolling the printing presses (once again) to produce about 60 trillion Zimbabwean dollars. The additional currency was required to finance the recent 300% increase in salaries for soldiers and policemen and 200% for other civil servants. The money was not budgeted for the current fiscal year, and the government did not say where it would come from.

[编辑] 外部連結

• San José State University: Episodes of hyperinflation
• Bank notes during hyperinflation
• A Comprehensive Gallery of Hyperinflation Banknotes