The Economic Crisis of 1619 to 1623
- 3 March 1991
- journal article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 51 (1) , 149-175
- https://doi.org/10.1017/s0022050700038407
Abstract
Various states in the Holy Roman Empire prepared for the Thirty Years' War by creating new mints and debasing the subsidiary coinage. The process spread through Gresham's Law: bad money was taken by debasing states to their neighbors and exchanged for good. The neighbor typically defended itself by debasing its own coin. The resulting hyperinflation was terminated early in the war by an agreement to return to the Imperial Augsburg Ordinance of 1559. TheKipper- und Wipperzeit, as the period is called, illuminates the geographic spread of financial crises, German hypennflations of this century, and current proposals for “free banking.”Keywords
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