North Korea’s legacy of hyperinflation

Steve Hanke (Johns Hopkins University) posted some information on the Cato Institute blog about the DPRKs legacy of hyperinflation:

North Korea’s communist economic legacy—in addition to starvation—is hyperinflation. North Korea is one of only 40 countries in the world that have experienced hyperinflation. In our recent Cato Working Paper, Nicholas Krus and I concluded that a North Korean episode of hyperinflation occurred from December 2009 to mid-January 2011, with an estimated peak monthly inflation rate of 496 percent, in March 2010. At this rate, prices were doubling every 14.1 days. Alas, the horrors of hyperinflation will linger, generation after generation. What a legacy.

The blog post links to Hanke’s working paper, “World Hyperinflations”. A PDF table can be seen here.


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