中、德两国恶性通货膨胀之比较研究

第一次世界大战后的德国与1945～1949年的中国所爆发的恶性通货膨胀,是人类有史以来两例最经典的恶性通货膨胀。检索国内外文献,发现尚未有学者对此展开比较研究。比较两国的恶性通货膨胀可知:虽然两国恶性通货膨胀具有诸多共同特性,但也存在显著的差异性,主要体现在两国货币发行量与物价涨幅有别和通货膨胀恶性程度不同两方面。通过对纸币发行量、物价上涨幅度、汇价贬值程度等几方面数据分析可知,中国恶性通货膨胀较德国更有过之而无不及。

A Comparative Research of the Hyperinflation between China and Germany

The hyperinflation which occurred in Germany after the First World War, and the one which broke out in China between 1945 and 1949, are the two most classic examples of hyperinflation in human history. According to the research papers from China and other nations, there's still no research into these two examples up to now. Why did hyperinflation occur to Germany after the First World War and to China after the Second World War? Are there any similarities and differences between these two cases? Based on delicate comparison, the topic of this paper is that: although there are some similarities between them, they are distinctively different. The currency circulation amount and price volatility in two nations are different, so are the degrees of hyperinflation in these nations. After the data in paper currency circulation amount, price volatility, exchange devaluation is analyzed, the conclusion is drawn that compared with the hyperinflation in Germany, the one in China is more serious.