Publication details
Asignáty
| Title in English | Assignats |
|---|---|
| Authors | |
| Year of publication | 2008 |
| Type | Article in Periodical |
| Magazine / Source | Národohospodářský obzor |
| MU Faculty or unit | |
| Citation | |
| Web | http://is.muni.cz/do/1456/soubory/aktivity/obzor/6182612/7436928/Mensik.pdf |
| Field | Economy |
| Keywords | monetary theory; monetary history; assignats; French revolution; inflation; state budget deficit; wealth redistribution |
| Description | The paper concentrates on the monetary and financial aspects of the historical episode of inflationary issued paper currency of assignats. The assignats were issued in the 1790s' France as a means to handle growing state debt and state budget deficits. Historical facts of that period clearly illustrate the logic and consequences of monetary financed state budget deficit and resulting wealth redistributions as well as the principles of hyperinflation. The mechanisms of loading the burden of state expenditures on different groups of subjects, logic of inflationary development and also the consequences of different types of reserve coverage of monetary assets or of unregulated monetary environment are all not of historical interest only. The permanency of these principles makes the historical experience of assignats a desirable empirical complement to the standard monetary and financial theoretical knowledge base. |