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Cover IMF Working Papers
Zaïre’s Hyperinflation, 1990-96
Mr. Philippe Beaugrand
This paper reviews Zaïre’s experience with hyperinflation during 1990-96 and develops an illustrative model based on a money demand function that includes government revenue as a determinant. Government revenue is itself subject to the “Tanzi effect,” in which inflation tends to lower revenue collections. The model is estimated over the 1990-96 period, and simulations are also presented. The paper concludes with a number of observations and policy recommendations for stopping hyperinflation in Zaïre.
Keywords:
WP; government spending; money stock; foreign exchange; exchange rate; Zaïrian authorities; inflation rate; velocity of circulation; government operation; Inflation; Currencies; Hyperinflation; Monetary base; Europe