Hyperinflation
One recent case of hyperinflation was in Zimbabwe. This hit the country in 2009, and ended in 2015 when the country's currency was phased out in favor of the USD, at a valuation of $1 quadrillion to $ USD. According to reports, people with accounts up to 175 quadrillion will be paid out $5 USD. The Zimbabwe dollar was essentially abandoned in 2009 because of the hyperinflation, but people there were using USD and ZAR long before that. Those two were the official currencies of the country for many years, with new currencies such as the yuan, AUD, yen and Indian rupee (for some reason) joining the list of currencies that were accepted in the country in 2014 (RT, 2015).
Hyperinflation, of course, is the rapid increase in the money supply. This is usually a response to supply shocks, and often a rapid depreciation of the currency will have already been underway before the hyperinflation sets in. Hyperinflation reflects a situation where the market does not have any particular faith in the government that issues the currency to honor its value -- the hyperinflation is the risk premium that is attached to that currency. There is no set definition for hyperinflation, but a lot of zeroes are usually involved, because there are substantial increase in the money supply that are unrelated to broader economic factors (Investopedia, 2016).
The genesis of hyperinflation in Zimbabwe was the country's land reform program. After gaining independence, Zimbabwe was...
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