The political economy of the German reparations question and the hyperinflation / Markus Owen.
The purpose of this study was to determine how the German reparation payments had real effects on the German budget leading to the monetization of debt, and resulting in hyperinflation. The method to accomplish this was to first do an overview of the period, covering the political, social and monetary conditions in Germany during and after the war. Next, the question of how the war had reduced German national wealth, productive capacity and international trade was covered. Then the Allied debt problems are discussed. In the third chapter, German national finances are discussed. The fourth chapter covers expectations and the inflation that eventually destroyed the mark. The study found that given Germany's weakened economy, reparations proved to be beyond Germany's capacity to pay. Reparations and other Versaille Treaty questions had a real impact on price expectations, and never really allowed German budgetary reforms to take their full effect.
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