EXCHANGE,
PRICES, AND PRODUCTION IN HYPER-INFLATION:
GERMANY, 1920-1923

BY

FRANK D. GRAHAM

Professor of Economics
in Princeton University

NEW YORK

Russell Russell

COPYRIGHT, 1930, PRINCETON UNIVERSITY PRESS
REISSUED, I967, BY RUSSELL & RUSSELL
A DIVISION OF ATHENEUM HOUSE, INC.
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FOREWORD

THIS study is the first of a series to be published under the auspices of the International Finance Section of the Department of Economics and Social Institutions in Princeton University. This section was established as a memorial to the late James Theodore Walker, Princeton 1927, with funds largely provided by members of Mr. Walker’s family. The function of the Section is research, advanced teaching and public service in the field of international finance.

PREFACE

LIST OF TABLES

LIST OF CHARTS

PART I

HISTORICAL BACKGROUND

CHAPTER I

INTRODUCTION

§ SCOPE AND CHARACTER OF GERMAN INFLATION

CHAPTER II

FACTORS IN INFLATION

§ OUTLINE

CHAPTER III

BUSINESS REGULATION UNDER INFLATION

§ INTRODUCTORY

THE stresses developed under inflation evoked a series of governmental measures, and a private code of business practice, markedly different from that prevailing under stable monetary conditions. The present chapter will briefly describe such measures and practice.

I. GOVERNMENTAL REGULATION OF BUSINESS