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Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Short waves in Hungary, 1923 and 1946 : persistence, chaos, and (lack of) control
Authors: Hartwell, Christopher A.
et. al: No
DOI: 10.1016/j.jebo.2019.05.003
Published in: Journal of Economic Behavior & Organization
Volume(Issue): 163
Page(s): 532
Pages to: 550
Issue Date: 2019
Publisher / Ed. Institution: Elsevier
ISSN: 0167-2681
Language: English
Subjects: Chaos; Complex adaptive system; Hungary; Hyperinflation
Subject (DDC): 332: Financial economics
Abstract: Monetary policies follow a complex and chaotic process, one that is enhanced when monetary growth is taken to the extreme, as in hyperinflation. While we have a basic understanding of the complex dynamics of hyperinflation, a less-explored phenomenon accompanying hyperinflationary episodes is the effect that they have on institutional development. Building on recent advances in economic history examining monetary policy and institutions, this analysis uses more explicit recourse to complexity theory and in particular complex adaptive systems to examine two separate hyperinflationary episodes in Hungary, 1923 and 1946. Delving into the institutional and cultural roots of the inflationary policies of the Hungarian government and detailing the institutional effects which succeeded hyperinflation, this paper shows that the twin experiences of Hungary were both chaotic and created a chaotic and complex aftermath, the results of which are still being felt. Indeed, Hungary's 1923 and especially its 1946 hyperinflation shows that some economic chaos cannot be restrained by political institutions and in fact the institutions themselves were changed. When staring into the abyss, Hungary also found that the abyss stared back.
Fulltext version: Accepted version
License (according to publishing contract): CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Restricted until: 2022-05-31
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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