An Economic Historiography of Germany, 1918-1931: How Inflation and Foreign Capital Inflows Allowed the Weimar Republic to Survive

Foreword
Acknowledgments
Contents
List of Figures
List of Tables
Chapter 1: Introduction: The Main Political Economy Features of the Weimar Republic
	References
Chapter 2: The Inflation of the Early Years of the Weimar Republic
	2.1 Introduction
	2.2 The Economic Implications of the November 1918 Revolution and the Weimar Constitution
	2.3 The Effects of the Treaty of Versailles and Reparations on German Politics and Economy
		2.3.1 The Treaty of Versailles and the Myth of Germany Being ``Stabbed in the Back´´
		2.3.2 The Treaty as a Carthaginian Peace
	2.4 Criticism of The Economic Consequences and the Actual Burden of Reparations
	2.5 The Origin of the Early Twenties´ Inflation
	2.6 Failure to Consolidate the Relative Stabilization of 1920
	2.7 Conclusions
	References
Chapter 3: The Inertial Inflation of the Early Twenties
	3.1 Introduction
	3.2 The Inflation Goals of the Most Influential Interest Groups
		3.2.1 The Way Fiscal Policy Was Accommodative
		3.2.2 The Accommodative Policy of the Reichsbank
	3.3 The Inflation of the Early Twenties: The Role of Wage Adjustment
	3.4 Wage Indexation and Inflation Persistence
	3.5 The Persistence of the German Inflation
	3.6 Conclusions
	References
Chapter 4: Was There a Sudden Stop at the Root of German Hyperinflation?
	4.1 Introduction
	4.2 The Unfolding of Hyperinflation
	4.3 Prevailing Explanations for German Hyperinflation
		4.3.1 The Explanations of the Period
		4.3.2 Recent Versions of the Monetarist Hypothesis
	4.4 The Structural View of German Inflation
	4.5 Was There a Sudden Stop at the Root of German Hyperinflation?
	4.6 The Empirical Evidence of the Sudden Stop
	4.7 When Did the Initial Sudden Stop Occur?
	4.8 How and Why the Inflation Induced by the Sudden Stop Became Hyperinflation
	4.9 The Modest Revaluation of Rentiers´ Claims
	4.10 Conclusions
	Appendix 1 Unit Root Tests
	Appendix 2 VAR Granger Causality/Block Exogeneity Wald Test in the Case of Sargent´s Monetary-Fiscal View
	Appendix 3 Impulse Response of Exchange Rate to Political News in a VAR Model
	Appendix 4 Tax Bands by Income Groups
	References
Chapter 5: The End of Inflation
	5.1 Introduction
	5.2 Why So Much Delay in German Economy Stabilization?
	5.3 The 1923 Monetary Reform and Other Adjustment Measures
	5.4 Explanations for the Success of Monetary Stabilization
	5.5 The Costs of Stabilization
	5.6 The Dawes Plan
	5.7 The Stabilization Programs of the League of Nations in Austria and Hungary
	5.8 The Dawes Plan and the League of Nations´ Programs: A Comparison
	5.9 Conclusions
	References
Chapter 6: Foreign Capital Inflows and Economic Stagnation in Weimar Germany
	6.1 Introduction
	6.2 Stabilization and Stagnation in the Weimar Republic
	6.3 The German Economy´s Overborrowing After the Dawes Plan
	6.4 Foreign Debt and High Domestic Absorption
	6.5 Overborrowing and the Dutch Disease
		6.5.1 The Spending Effect
		6.5.2 The Resource Movement Effect
	6.6 Conclusions
	Appendix Statistical Tables
	References
Chapter 7: The Crisis of 1931 and the Collapse of the Weimar Republic
	7.1 Introduction
	7.2 The Young Plan Negotiations and the Currency Crisis of 1929
	7.3 The Currency Crisis of 1930
	7.4 The Crisis of 1931
	7.5 The Main Interpretations of the Currency and Banking Crisis of 1931
		7.5.1 The Banking Crisis Hypothesis
		7.5.2 The Currency Crisis Hypothesis
		7.5.3 The Twin-Crises Hypothesis
	7.6 The Effects of the Banking Crisis and Fiscal Austerity on the German Economy
	7.7 Political and Economic Causes in the Main Explanations for the Collapse of the Weimar Republic
	7.8 The Escalation of Distributive Conflict and the End of German Democracy
	7.9 Conclusions
	References
Chapter 8: Conclusions
	References
Index of Authors
Index of Subjects