Hyperinflation

In this paper, the monetary model of exchange rate determination is tested using structural time series analysis under the Austrian, German, Hungarian and Polish hyperinflation episodes of the 1920s. The results obtained are highly supportive of this version of the monetary model, which explicitly allows for the phenomenon of currency substitution. They also show that the property of proportionality between the domestic money supply and the exchange rate cannot be rejected for Germany, Hungary and Poland. Furthermore, highly supportive evidence is found for the validity of the PPP relationship and the quantity theory of money, both of which are constituent components of the monetary model.

This paper analyses the period of hyperinflation in Croatia from 1991-1993. First it puts hyperinflation in Croatia 1991-1993 in perspective of legendary historical inflations and more recent ones. The process of hyperinflation is then analyzed in turn. The inflation process in Croatia had several causes: inherited high persistent inflation from former Yugoslavia, fiscal expansion due to war and destruction and inflationary financing of that expansion, and structural problems in banking and real sector, to name the few. After finding some of the causes of the process of hyperinflation the process itself is analyzed and compared with well-known facts. After that, antiinflation program outline and the process of stopping hyperinflation in Croatia of 1993-1994 are examined. The process of stopping inflation is especially analyzed in the view of actions of monetary authorities of Croatia and with a special focus on monetary policy. It was found that monetary policy tightening that started shortly before the introduction of antiinflationary program helped otherwise heterodoxly designed antiinflationary program to succeed.

A short series including a distinguishing terms, i.e. ‘moral,’ ‘ethic,’ and ‘Justice.’ I shall defend using animals for human consumption, the current popular problems of big game hunting, and a possible solution to the issues giving as close to a win-win as possible throughout this work. Overall, the running theme will contend that humans are not “equal” to other species of animals, especially not under the law.

There is obviously soo much more that can be said on this topic. Hopefully, this sparks thought provoking conversation.

En lo que va de siglo XXI, Venezuela ha presentado inflaciones elevadas y reticentes a la baja, si se comparan con las del resto de las naciones y en particular de las latinoamericanas y sus principales socios comerciales. Desde el 2017 ha entrado en un franco y acelerado proceso hiperinflacionario, con las conocidas consecuencias socio-económicas del mismo.

Zimbabwe is one of the world's poorest nations with a per capita income of $500 and purchasing power parity GDP of $6.9 billion in US dollars. Zimbabwe did away with its own form of currency in 2009, the Zimbabwean dollar, as a result of out-ofcontrol inflation rates that virtually rendered the currency useless, the principal focus of this paper. Zimbabwe's unemployment rate of 95%, according to 2009 estimates, is the highest in the world, as official employment in the country is exceptionally limited.

Zimbabwe has recently experienced record hyperinflation of 80 billion percent a month. This paper uses new data from Zimbabwe to investigate money demand under hyperinflation using an autoregressive distributed-lag model for the period 1980-2008. The results produce plausible convergence rates and long-run elasticities, indicating that real money balances are cointegrated with the inflation rate signifying an equilibrium relationship between the two series. Evidence is also presented that suggests prices are being driven by increases in the money supply rather than by changes in price setting behaviour. The paper additionally uses the estimated elasticity on the inflation variable to calculate the maximum level of seigniorage revenue that could be raised in the economy. Actual seigniorage levels increased dramatically after 2000, with inflation eventually exceeding the rate required to maximize this revenue stream. This is discussed in relation to international nancing constraints and the collapse of the domestic tax base.

The extensive pauperisation of the population in Serbia in the early 1990s,
caused by the economic crisis and the UN sanctions, had a tremendous
impact on the people’s everyday diet. Many basic, locally produced foods
became unavailable as food retailers severely limited their stock to save it
from depreciation caused by hyperinflation. Following the introduction of
the UN embargo, official trade came to a halt and imported foods disappeared
from shops. Limited stock of basic foods, such as flour, sugar, cooking
oil, white bread and milk, was supplied through state-owned food retailers,
but these were rationed and difficult to obtain. However, food scarcity
in early-1990s Serbia boosted the population’s resourcefulness and
creativity on various levels, resulting in increased solidarity, support networks,
barter, smuggling and a return to cooking recipes from the period
of the Second World War. Survival during hyperinflation and the UN embargo
was predicated on transmission of knowledge from the preindustrial
period, suggesting that this was possible mainly because of the
simultaneous coexistence of the pre-industrial and industrial periods in
Yugoslavia. This article will analyse strategies and key actors in the process
of sourcing, procuring and preparing food under these socio-economic
circumstances.

A compreensão da formação de preços em uma economia é um dos principais objetivos da formulação de teorias e políticas econômicas. Como abordagem alternativa à Teoria Quantitativa da Moeda, a Teoria Fiscal do Nível de Preços alega que a autoridade monetária, ainda que extremamente responsável e comprometida, não pode controlar a formação de preços de modo absoluto, e indica a importância da autoridade fiscal para o cumprimento desta meta. A literatura internacional costuma citar a hiperinflação brasileira como um exemplo de ocorrência desta teoria. Contudo, os estudos analisados contestam a ocorrência da Teoria Fiscal do Nível de Preços no Brasil.

Palavras-chave: teoria fiscal do nível de preços; macroeconomia; inflação; hiperinflação; economia brasileira; regime ricardiano; regime não-ricardiano

In the twentieth century, many countries emerged from economic disaster and began to enjoy prolonged periods of prosperity.  Such episodes are often called "economic miracles" because the sudden switch from economic decline to rapid economic growth appears mysterious to economists who have not examined what all such miracles had in common.

This brief economic history includes the "Poincare Miracle"  of France in 1926, the "Erhard Miracle" of Germany in 1948, the Japanese miracle of 1951 to 1978, South Korea after 1980, Hong Kong, Singapore, Chile, Mauritius and many others.  All such newly miraculous economies (including Russia after 2000) had two or three features in common.

Im nicht akademischen Bereich wird in Deutschland häufig die These vertreten, die Geldmengenausweitungen der EZB müssten zwangsläufig zu einer hohen Inflation oder gar Hyperinflation führen. Dieser Aufsatz geht der Frage nach, ob und wie eine hohe Inflation oder Hyperinflation in der entwickelten Welt, speziell in der Eurozone, entstehen könnte. Dabei stützt sich die Arbeit auf theoretische Überlegungen zum Thema „Hyperinflation und Inflation“ und entwirft ein mögliches Szenario, in dem eine solche Entwicklung tatsächlich Realität werden könnte. Die Hypothese in dieser Arbeit lautet, dass die größte Gefahr in der Eurozone ein möglicher Ausstieg von Italien und/oder Spanien aus der Währungsunion darstellt. Covid-19 hat das Risiko für eine sehr unterschiedliche wirtschaftliche Entwicklung in verschiedenen Ländern der Eurozone erhöht. Italien und Spanien müssen mit dramatisch steigenden Staatsschulden, einem schwachen Wirtschaftswachstum und Schwierigkeiten auf dem Arbeitsmarkt rechnen. Das Hauptproblem wäre wohl nicht, dass die Eurozone Italien oder Spanien nicht helfen würde, sondern dass der Bevölkerung in diesen Ländern die Hilfsmaßnahmen nicht reichen könnten. Die Eurozone zu verlassen wird in Anbetracht dessen zu einer ernst zu nehmenden Option. Wenn diese Länder aus dem Euro austreten sollten, würde man sich wahrscheinlich für einen geordneten Ausstieg entscheiden. Das heißt, Italien würde nach einer einmaligen Abwertung dem EWS II beitreten und nicht aus der EU austreten. Käme es nicht zu einem geordneten Ausstieg, dann wären ungeordnete Verhältnisse die Folge. Nur in einem solchen Szenario bestünde wirklich das hohe Risiko einer Hyperinflation.

Question: Is ventilator-induced hyperinflation in sidelying more effective than sidelying alone in removing secretions and improving respiratory mechanics in ventilated patients with pulmonary infection? Design: Randomised crossover trial with concealed allocation and intention-to-treat analysis. Participants: 30 mechanically ventilated patients with pulmonary infection in an adult intensive care unit. Intervention: The experimental intervention was 30 minutes of ventilator-induced hyperinflation using pressure support ventilation in sidelying; the control intervention was 30 minutes of sidelying. Participants received both interventions on the same day, with a five-hour washout period between them. Outcome measures: Secretion clearance was measured as sputum volume retrieved during the intervention. Respiratory mechanics were measured as static compliance and total resistance of the respiratory system before and after the intervention. Results: The experimental intervention cleared 1.3 ml (95% CI 0.5 to 2.2) more secretions than the control. After ventilator-induced hyperinflation in sidelying, respiratory compliance had increased 4.7 ml/cmH 2 O (95% CI 2.6 to 6.8) more than in sidelying alone. There was no difference in total resistance of the respiratory system between the interventions (mean difference 0.3 cmH 2 O/l/s, 95% CI -0.8 to 1.3). Conclusion: The application of hyperinflation using pressure support ventilation in mechanically ventilated patients with pulmonary infection improves secretion clearance and increases static compliance of the respiratory system. [Lemes DA, Zin WA, Guimarães FS (2009) Hyperinflation using pressure support ventilation improves secretion clearance and respiratory mechanics in ventilated patients with pulmonary infection: a randomised crossover trial. Australian Journal of Physiotherapy 55: 249-254]

A decreased inspiratory capacity (IC)/total lung capacity (TLC) ratio is associated with dynamic hyperinflation and decreased exercise capacity. The present authors hypothesised that static (low IC/TLC) and dynamic hyperinflation impair cardiac function as assessed by oxygen pulse at rest and during cardiopulmonary exercise testing (CPET).

The determination of the causal pattern among inflation, money growth, and exchange rate has important implications for policymakers regarding appropriate stabilization policies in developing economies. Using Congolese data where the pace of broad money growth and hyperinflation (23,760 % annual change) reached record levels in early 1990s, we use single-equation multivariate autoregressive models with the optimal lag selected using Hsiao’s approach to Granger causality. Results indicate feedback causality between inflation and money growth on one side, and unidirectional Granger causality from money growth to the exchange rate and from the exchange rate to inflation on the other. These results suggest that the over-riding goal of disinflation needs to be accomplished initially by exchange rate stabilization, followed by a direct inflation targeting.

The first impetus to Zimbabwe’s drive to hyperinflation and official dollarization predates the disruption in production caused by the fast-track land reform programme. The initial push came from the departure from relatively disciplined fiscal policies to a string of measures aimed at pacifying restive groups threatening political power through the transfer of economic and financial resources to those groups to the detriment of the fiscus. This stance caused investors to run away from the Zimbabwean currency thus causing currency depreciation hence inducing cost-push inflation which was worsened by the decline in production that accompanied the land reform programme and the associated disturbances to production in all sectors of the economy. The liquidity expansion by the central bank to prop the ruling party embodied in the quasi-fiscal activities veiled as expansionary Keynesian economics played a major role in firmly setting the stage for hyperinflation in the latter stages of t...

EDITOR Fredy Rivera Vélez ECUADOR DEBATE Es una publicación periódica del Centro Andino de Acción Popular CAAP, que aparece tres veces al año. La información que se publica es canalizada por los miembros del Consejo Editorial. Las opiniones y comentarios expresados en nuestras páginas son de exclusiva responsabilidad de quien los suscribe y no, necesariamente, de ECUADOR DEBATE.

This paper seeks to identify what worked and what didn’t work to stop inflation in Argentina in the last seventy years. The approach is descriptive rather than theoretical and examines the relative performance of the only ten stabilization plans that, during the period 1952-2015, lasted at least 24 months. The paper also compares the performance of these plans along other dimensions, such as economic growth, unemployment and income distribution and evaluates the impact of international economic conditions. The analysis sheds light on the debates shock vs. gradualism and orthodox vs. heterodox and puts the current stabilization plan in a historical context.

EDITOR Fredy Rivera Vélez ECUADOR DEBATE Es una publicación periódica del Centro Andino de Acción Popular CAAP, que aparece tres veces al año. La información que se publica es canalizada por los miembros del Consejo Editorial. Las opiniones y comentarios expresados en nuestras páginas son de exclusiva responsabilidad de quien los suscribe y no, necesariamente, de ECUADOR DEBATE.

The determination of the causal pattern among inflation, money growth, and exchange rate has important implications for policymakers regarding appropriate stabilization policies in developing economies. Using Congolese data where the pace of broad money growth and hyperinflation (23,760 % annual change) reached record levels in early 1990s, we use single-equation multivariate autoregressive models with the optimal lag selected using Hsiao’s approach to Granger causality. Results indicate feedback causality between inflation and money growth on one side, and unidirectional Granger causality from money growth to the exchange rate and from the exchange rate to inflation on the other. These results suggest that the over-riding goal of disinflation needs to be accomplished initially by exchange rate stabilization, followed by a direct inflation targeting.

This is a new popular book by the Modern Money curator at the British Museum, Thomas Hockenhull. I didn't really write a chapter for it but helped Paramdip Khera draft a section on the Rupee which was later revised by Paramdip, Tom, and Leigh Gardner (at the LSE) to become the chapter on the Rupee.

Background: It is currently unclear whether the additive effects of a long-acting b 2-agonist (LABA) and the antimuscarinic tiotropium bromide (TIO) on resting lung function are translated into lower operating lung volumes and improved exercise tolerance in patients with chronic obstructive pulmonary disease (COPD). Methods: On a double-blind and cross-over study, 33 patients (FEV 1 Z 47.4 AE 12.9% predicted) were randomly allocated to 2-wk formoterol fumarate 12 mg twice-daily (FOR) plus TIO 18 mg once-daily or FOR plus placebo (PLA). Inspiratory capacity (IC) was obtained on constant-speed treadmill tests to the limit of tolerance (Tlim). Results: FOR-TIO was superior to FOR-PLA in increasing post-treatment FEV 1 and Tlim (1.34 AE 0.42 L vs. 1.25 AE 0.39 L and 124 AE 27% vs. 68 AE 14%, respectively; p < 0.05). FOR-TIO slowed the rate of decrement in exercise IC compared to FOR-PLA (Disotime-rest Z À0.27 AE 0.40 L vs. À0.45 AE 0.36 L, p < 0.05). In addition, end-expiratory lung volume (% total lung capacity) was further reduced with FOR-TIO (p < 0.05). Of note, patients showing greater increases in Tlim with FOR-TIO (16/26, 61.6%) had more severe airways obstruction and lower exercise capacity at baseline. Improvement in Tlim with FOR-TIO was also related to larger increases in FEV 1 (p < 0.05).

Estimating the degree of pulmonary hyperinflation in chronic obstructive pulmonary disease (COPD) is not always straight forward. Standard pulmonary function tests provide only a crude estimate of this important aspect of COPD. In addition, good patient cooperation cannot always be achieved and therefore adds to the uncertainties with regard to the extent of hyperinflation of the lung. The aim of this investigation was to characterize exhaled breath condensate nitrite in volunteers, healthy smokers, and stable COPD (GOLD-stages 0-4) and to compare this parameter with inflammatory markers in exhaled breath condensate and with lung function in order to test the hypothesis that elevated exhaled breath condensate nitrite reflects hyperinflation in COPD. We found a logarithmic correlation of exhaled breath condensate nitrite to residual volume (r ¼ 0.75, po0.0001), total lung capacity (r ¼ 0.51, po0.0001), and thoracic gas volume (r ¼ 0.71, po0.0001) but no correlation of exhaled breath condensate nitrite concentrations with levels of inflammatory cytokines in exhaled breath condensate (interleukin (IL)-8, IL-1b, IL-6, IL-10, IL-12, and tumor necrosis factor-a). Analysis of COPD subgroups revealed a logarithmic correlation of EBC nitrite to residual volume, total lung capacity, and intrathoracic gas volume exclusively for patients characterized by GOLD classes 2, and higher. Our results confirm a relation of exhaled breath condensate nitrite levels and hyperinflation measured by conventional pulmonary function tests. Investigations using isolated lung models and cells stretched in culture also provide insight into this relation.

German corporations are characterized as having been adaptable in the face of numerous traumatizing events during the twentieth century. This article explores how firms adapted their accounting information systems during the hyperinflation of the 1920s. It suggests that responses to the crisis focused on system elements identified as key to continuing operations. Initially, firms amended selling and purchasing arrangements, modified financial reporting, and shifted managerial reporting to nonmonetary information. As inflation accelerated, human resources were diverted to maintaining critical functions, especially those related to remunerating labor. While some elements of accounting systems fell into disrepair, there were also examples of innovation.

This paper investigates the impact of mobile technology on Micro and Small Enterprises (MSEs) in the developing world in the post-hyperinflation era. Data was collected from a multi-staged sample of 114 MSE owners within the capital province of Zimbabwe, Harare. The data was collected and analyzed using descriptive quantitative survey methods, which comprised of hard-copy questionnaires, structured interviews and online questionnaires. The findings suggest that mobile technology has incremental, transformational and production influence on MSEs in Zimbabwe. The findings show that mobile technology amplifies communication and relations with customers, MSE’s productivity and MSE’s revenues. Mobile technology is also spurring new and innovative offerings such as mobile money, mobile banking and mobile advertising for the MSEs. This paper also provides the evidence that mobile technology is contributing to the creation of jobs in the indirect mobile industry sector, such as mobile money...

This paper seeks to analyse the effects of hyperinflation in Zimbabwe on man-ufacturing sector output over the period 2000 - 2009. Interviews were carried out to find the challenges that hyperinflation pose on the sector. Regression approach through application of co-integration was also performed to find the relationship between hyperinflation and volume of manufacturing sector out-put. The study revealed that firms in the sector engaged various techniques to crossover the hyperinflationary turmoil. The Granger causality test is conduct-ed in the unrestricted vector autoregressive model and it shows that in the short run hyperinflation reduces manufacturing sector output since the sector is highly monetized and has depreciating assets.

The objective of this paper is to gain an insight into the Greek hyperinflation that occurred during the period 1941-1946. In doing so, a relatively novel data-set in conjunction with the bound testing approach to cointegration and error correction models developed within the autoregressive distributed lag (ARDL) framework, shed additional light on the underlying long-run relationship between money supply and inflation. Granger causality tests between money supply and prices are also conducted in the effort to ascertain the direction of causality between money supply and the (hyper)inflation rate.

This paper discusses the importance of nonlinear dynamics from a theoretical and an empirical point of view. It stresses the need for global as opposed to local analysis and develops the important concept of robustness. Using this concept, the paper argues that much modern macroeconomics can be dismissed on methodological grounds alone. The paper also deals with the empirics of hyperinflation and with the detection of chaos in financial markets.

In contrast to the decline in FEV 1 , the behavior of dynamic hyperinflation (DH) over time is unknown in patients with COPD. Metronome-paced hyperventilation (MPH) is a simple applicable surrogate for exercise to detect DH. Objective: To evaluate changes in MPH-induced DH during two years follow-up in mild-tosevere COPD patients. Additionally, influence of smoking status on DH and the relation between DH and other lung function parameters were assessed. Methods: Patients were recruited from a randomized controlled trial conducted in general practice. Measurements of lung function and DH were performed at baseline and after 12 and 24 months. DH was assessed by MPH with breathing frequency set at twice the baseline rate. Change in inspiratory capacity after MPH was used to reflect change in end-expiratory lung volume and therefore DH, presuming constant total lung capacity. Results: During follow-up, 68 patients completed all measurements. DH increased by 0.23 AE 0.06 L (p 0.001). No significant changes in FEV 1 %pred were seen. Smokers had lower FEV 1 and a more rapid decline than non-smokers. DH in smokers increased more over time compared to non-smokers. The amount of DH correlated positively with resting inspiratory capacity. Conclusion: After two years, a significant increase in MPH-induced DH in COPD patients was demonstrated, which was not accompanied by a decline in FEV 1 . It might be that DH is a sensitive measure to track consequences of changes in airflow obstruction. ª (J. Hannink). 1 These authors contributed equally to this work. a v a i l a b l e a t w w w . s c i e n c e d i r e c t . c o m j o u r n a l h o m e p a g e : w w w . e l s e v i e r . c o m / l o c a t e / r m e d Respiratory Medicine (2010) 104, 1700e1705 0954-6111/$ -see front matter ª

This paper re-examines the Cagan model of German hyperinflation during the 1920s under the twin hypotheses that the system contains variables that are I(2) and that a linear trend is required in the cointegrating relations. Using the recently developed I(2) cointegration analysis developed by Johansen (1992, 1995, 1997) extended by and we find that the linear trend hypothesis is rejected for the sample. However, we provide conclusive evidence that money supply and the price level have a common I(2) component. Then, the validity of Cagan's model is tested via a transformation of the I(2) to an I(1) model between real money balances and money growth or inflation. This transformation is not imposed on the data but it is shown to satisfy the statistical property of polynomial cointegration. Evidence is obtained in favor of cointegration between the two sets of variables which is however weakened by the sample dependence of the trace test that the application of the recursive stability tests for cointegrated VAR models show.

The research attempts to empirically study the demand for money, especially the magnitudes of the price expectation and real cash balance adjustment for Zimbabwe. Price expectation and real cash balance adjustment models are estimated. The results show that both the interest rate and the rate of change in prices are relevant variables for explaining the variations in the demand for real cash balances in Zimbabwe. Overall, the findings suggest that the Zimbabwean hyperinflation does not appear to have been a self- generating process independent of money supply.

Laveneziana P, O'Donnell DE, Ofir D, Agostoni P, Padeletti L, Ricciardi G, Palange P, Duranti R, Scano G. Effect of biventricular pacing on ventilatory and perceptual responses to exercise in patients with stable chronic heart failure. J Appl Physiol 106: Despite the growing evidence supporting the use of biventricular cardiac resynchronization therapy (CRT) in patients with chronic heart failure (CHF), the mechanisms whereby acute hemodynamic improvements lead to improved exertional dyspnea are not precisely known. We hypothesized that improved cardiac function and ventilation-perfusion relations following CRT would reduce ventilatory demand, thereby improving dynamic operating lung volumes and enhancing tidal volume expansion during exercise. This, in turn, would be expected to reduce perceived exertional dyspnea and contribute to improved exercise performance. In a randomized, double-blind, crossover study, we compared cardiovascular, metabolic, ventilatory responses (breathing pattern, operating lung volumes, pulmonary gas exchange) and exertional symptoms in seven stable CHF patients who undertook incremental cardiopulmonary cycle exercise test with CRT switched to the "on" (CRTon) or "off" (CRToff) modality. Following CRTon, peak oxygen uptake was significantly increased by 15%, and dyspnea ratings were lower for a given work rate (at work rate of 40 W, dyspnea ϭ 1 Ϯ 0.4 vs. 2.5 Ϯ 0.9 Borg units, P Ͻ 0.05) and ventilation (at ventilation of 31 l/min, dyspnea ϭ 2 Ϯ 0.7 vs. 3.3 Ϯ 1.1 Borg units, P Ͻ 0.05). CRT on was associated with improvements in ventilatory threshold, oxygen pulse, and oxygen uptake/work rate relationships (10.2 Ϯ 1 vs. 7.9 Ϯ 1.3 ml ⅐ min Ϫ1 ⅐ W Ϫ1 , P Ͻ 0.05). CRT on reduced the ventilatory requirement during exercise as well as the steepness of ventilation-CO2 production slope (35 Ϯ 4 vs. 45 Ϯ 7, P Ͻ 0.05). Changes in end-expiratory lung volume during exercise were less with CRT on than with CRToff (0.12 vs. 0.37 liter, P Ͻ 0.05), and breathing pattern was correspondingly slower and deeper. Biventricular pacing improved all noninvasive indexes of cardiac function and oxygen delivery during exercise. The decreased ventilatory demand, improved dynamic operating lung volumes, and the increased ability to expand tidal volume during exercise are potential factors in the reduction of exertional dyspnea.

Heliumeoxygen mixtures and pressure-support ventilation have been used to unload the respiratory muscles and increase exercise tolerance in COPD. Considering the different characteristics of these techniques, we hypothesized that heliumeoxygen would be more effective in reducing exercise-induced dynamic hyperinflation than pressure-support. We also hypothesized that patients would experience greater increases in respiratory rate and minute ventilation with heliumeoxygen than with pressure-support. The hypotheses were tested in ten patients with severe COPD (FEV 1 Z 28 AE 3% predicted [mean AE SE]) during constant-load cycling (80% maximal workrate) while breathing 30% oxygen-alone, heliumeoxygen, and pressure-support in randomized order. As hypothesized, heliumeoxygen had greater impact on dynamic hyperinflation than did pressure-support (end-exercise; p Z 0.03). For the most part of exercise, respiratory rate and minute ventilation were greater with heliumeoxygen than with pressure-support (p 0.008). During the initial phases of exercise, heliumeoxygen caused less rib-cage muscle recruitment than did pressure-support (p < 0.03), and after the start of exercise it caused greater reduction in inspiratory reserve volume (p 0.02). Despite these different responses, heliumeoxygen and pressure-support caused similar increases in exercise duration (oxygenalone: 6.9 AE 0.8 min; heliumeoxygen: 10.7 AE 1.4 min; pressure-support: 11.2 AE 1.6 min; p Z 0.003) and similar decreases in inspiratory effort (esophageal pressure-time product), respiratory drive, pulmonary resistance, dyspnea and leg effort (p < 0.03). In conclusion, heliumeoxygen reduced exercise-induced dynamic hyperinflation by improving the relationship between hyperinflation and minute ventilation. In contrast, pressure-support reduced hyperinflation solely as a result of lowering ventilation. Heliumeoxygen was more effective in reducing * Supported by grants from the Veterans Administration Research Service.

This research examines the success of stabilization policies to control hyperinflation in Bolivia. Money demand functions for the hyperinflation and stabilization periods were econometrically estimated and statistically tested. We conclude that the demand for money in Bolivia changed after stabilization policies were implemented, indicating that the new government&#39;s objectives were met. Stabilization policies resulted in real economic growth for Bolivia&#39;s economy, including its agricultural sector, where agricultural export shares increased tenfold as stabilization policies corrected overvalued exchange rates.