Editing Hyperinflation (section)

===Hungary===
{{Main|Hungarian pengő hyperinflation}}
[[File:HUP 100MB 1946 obverse.jpg|right|thumb|The 100&nbsp;million&nbsp;b.-P note was the highest denomination of banknote ever issued, worth 10<sup>20</sup>P, or 100 quintillion [[Hungarian pengő|pengoes]] (1946). ''B.-pengő'' was short for "billió pengő", equal to 1 trillion pengő (10<sup>12</sup>P).]]
The [[Treaty of Trianon]] and political instability between 1919 and 1924 led to a major inflation of Hungary's currency. In 1921, in an attempt to stop this inflation, the national assembly of Hungary passed the [[Lóránt Hegedüs|Hegedüs]] reforms, including a 20% levy on bank deposits, but this precipitated a mistrust of banks by the public, especially the peasants, and resulted in a reduction in savings, and thus an increase in the amount of currency in circulation.<ref>{{cite book|author=Adam Fergusson |year=2010|title=When Money Dies&nbsp;– The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany|page=101 |publisher=Perseus |isbn=978-1-58648-994-6}}</ref> Due to the reduced tax base, the government resorted to printing money, and in 1923 inflation in Hungary reached 98% per month.

Between the end of 1945 and July 1946, Hungary went through the highest inflation ever recorded. In 1944, the highest banknote value was 1,000&nbsp;[[Hungarian pengő|P]]. By the end of 1945, it was 10,000,000&nbsp;P, and the highest value in mid-1946 was 100,000,000,000,000,000,000&nbsp;P (10<sup>20</sup> pengő). A special currency, the adópengő (or ''tax pengő'') was created for tax and postal payments.<ref>{{Cite web |url=http://heindorffhus.motivsamler.dk/shoebox/frame-HungaryInflation02.htm |title=Hungary: Postal history – Hyperinflation (part 2) |access-date=29 January 2011 |archive-url=https://web.archive.org/web/20110417063102/http://heindorffhus.motivsamler.dk/shoebox/frame-HungaryInflation02.htm |archive-date=17 April 2011 |url-status=dead }}</ref> The inflation was such that the value of the adópengő was adjusted each day by radio announcement. On 1 January 1946, one adópengő equaled one pengő, but by late July, one adópengő equaled 2,000,000,000,000,000,000,000&nbsp;P or 2×10<sup>21</sup>&nbsp;P (2 [[sextillion]] pengő).

When the pengő was replaced in August 1946 by the [[forint]], the total value of all Hungarian banknotes in circulation amounted to {{frac|1,000}} of one US cent.<ref>{{cite book |title=Postwar: A History of Europe Since 1945 |last=Judt |first=Tony |publisher=Penguin |year=2006 |isbn=0-14-303775-7 |page=87}}</ref> Inflation had peaked at {{val|1.3|e=16}}% per month (i.e. prices doubled every 15.6 hours).<ref name="zwdinf">[http://www.zimbabwesituation.com/nov14_2008.html#Z2 "Zimbabwe hyperinflation 'will set world record within six weeks{{'"}}]. {{Webarchive|url=https://web.archive.org/web/20081114195509/http://www.zimbabwesituation.com/nov14_2008.html#Z2 |date=14 November 2008 }}. ''Zimbabwe Situation''. 14 November 2008.</ref> On 18 August 1946, 400,000,000,000,000,000,000,000,000,000&nbsp;P (4{{e|29}} pengő, or four hundred [[octillion]] on [[short scale]]) became 1&nbsp;[[Hungarian forint|Ft]].
* Start and end date: August 1945 – July 1946
* Peak month and rate of inflation: July 1946, {{val|41.9|e=15}}%<ref>Nogaro, B. (1948) "Hungary's Recent Monetary Crisis and Its Theoretical Meaning", ''American Economic Review'', 38 (4): 526–542.</ref>