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Title: Hyperinflation in the General Government: German-Occupied Poland During World War II
Author: Steve H. Hanke, Nicholas Krus & Joanna Gawlik
Published: June 2020
Pages: 115-134
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Newly discovered primary data reveals two previously undiscovered episodes of hyperinflation. They occurred in German-occupied Poland from late 1939 to early 1945. Nazi-occupied Poland, a territory then referred to as the General Government, experienced monthly inflation rates of 71.4% in January 1940 and 54.4% in August 1944. Inclusion of the 1940 and 1944 Polish cases of hyperinflation brings the total number of episodes of hyperinflation documented in the Hanke-Krus World Hyperinflation Table to 60. With these newly discovered cases, Poland has experienced more episodes of hyperinflation—four—than any other country in the world.


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