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Cagan finds that in times of hyperinflation, because the fluctuation in prices is so extreme, the rate of inflation becomes the most important determinant.
Asilis, Honohan, and McNelis (1993) provide a similar study of hyperinflation and money demand in another Latin American country, Bolivia.
This reflects the fact that real money balances fell during the hyperinflation.
This price index ratio appears a good proxy in their studies of the post--WW I German hyperinflation as well as of the 1980 hyperinflationary episodes in Israel and several Latin American countries.
For future work, it may be of interest to apply our theoretical and empirical framework to other hyperinflationary experiences, such as the post-WW I German hyperinflation and the 1980s episodes in Israel and several Latin American countries.
Tallman and Wang (1995) further contrast the post-WW I German and the post-WW II Chinese hyperinflation experiences in the impulse responses of money and prices.
The 20th century witnessed 28 hyperinflations (Bernholz 2003: 8).
Most hyperinflations (17) occurred in Eastern Europe and Central Asia, with Latin America accounting for 5 and Western Europe for 4.
TABLE 1 ZIMBABWE'S HYPERINFLATION Date Month-over-month Year-over-year inflation rate (%) inflation rate (%) March 2007 50.
In Zimbabwe, President Robert Mugabe simply looked the other way as the hyperinflation roared ahead.
The lack of foreign credit has contributed to the development of hyperinflations in the past.
Through its use as a political device, hyperinflations in the past have shown that it is generally the political opposition (and their supporters) that suffer most.