This paper presents a theoretical framework that allows a taxonomy of hyperinflation, namely: (i) bubble, (ii) weak and (iii) strong hyperinflation. The inflation tax revenue curve is used to characterize each type of hyperinflation and we use this curve to test them. The bubble and strong...

This paper revisits the widely known and used concept of soft budget constraints in party-states introduced by Kornai (1980), from the point of view of a comparative analytical model (Csanádi, 2003). It embeds budget constraints in the structure of power relations described by the model as the...