Historie inflace. II. část - druhá polovina 20. století

Abstract

This part of paper continues in the history of inflation. It deals with the process of inflation in the second half of the 20th century. Whereas the 19th century went through periods of moderate inflation and deflation, the second half of 20the century was a period of general continual inflation with some periods worse than others. In 1973 the OPEC Oil Crisis hit, producing an inflation-inducing supply shock that lasted for the rest of the decade. The second oil shock hit in 1979. Inflation in developed countries reached double-digits, and inflation in developing countries often achieved triple digits. Among transition countries, almost all experienced a sharp burst of inflation in the early 1990s, reflecting price liberalization, the existence of the monetary overhang and fiscal pressures caused by the collapse of central planning. Most of these inflations were reduced in the 1990s.