Weimar on the Volga: causes and consequences of inflation in 1990s Russia compared with 1920s Germany

This article offers a comparative analysis of the inflationary experiences of Weimar, Germany and post-Soviet Russia, applying theories about money and government budget contraints in the manner of Thomas Sargent and Francois Velde. The comparison looks beyond economic policy itself to the political and social consequences of the two inflationary crises. The parallel is fairly close: close enough to suggest that Russia, despite its recent quiescence, may not have seen the end of its monetary, or political, travails.