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Havenstein played an important part in the hyperinflationary process in
Germany since he subscribed to the widespread belief then present in Germany that the inflation was caused by the fall in the external value of the mark against foreign currencies and that the role of the Reichsbank was to print
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in ascribing inflation to the excessive printing of money, Havenstein believed that money had to be printed to feed the rising demand for money within the German economy as prices were driven up by the fall in the exchange rate. It was
Havenstein's death in November 1923 that helped to bring this
113:. After graduation in 1876, Havenstein worked in the Prussian Justice service until 1887 when he began his career as a judge. In 1890 he moved to the Prussian Ministry of Finance. From 1900 to 1908, Havenstein was President of the Prussian State Bank. From 1908 to 1923, he was president of the
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sufficient money to sustain the higher price levels. The more money that was printed the higher the price level became, so the
Reichsbank then printed even more money and so on. In other words, rather than following the
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The
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and his signature appears on German
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105:. He came from a family of government officials and studied law in
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When Money Dies: The
Nightmare of Hyperinflation in Weimar Germany
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274:, pages 63, 156, 180, John Dickens Co Ltd, Northampton, 1931.
239:, Kimbler, 1975, republished 2010 by PublicAffairs, New York,
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He died in Berlin and is buried in St. Anne's
Cemetery in
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255:Lords of Finance: The Bankers Who Broke the World,
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129:Havenstein was involved in the introduction of
284:, pages 213-214, New York Times Books, 1980,
202:Bresciani-Turroni, Constantino (2013-05-13).
302:Newspaper clippings about Rudolf Havenstein
389:Members of the Prussian House of Lords
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332:President of the German central bank
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90:(German central bank) during the
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272:The Economics of Inflation
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133:at the beginning of the
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214:10.4324/9780203709634
20:Rudolf E. Havenstein
318:Government offices
270:Bresciani-Turroni,
192:Shapiro, page 214.
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353:Categories
335:1908–1923
180:References
115:Reichsbank
107:Heidelberg
88:Reichsbank
41:1857-03-10
131:war bonds
260:, 2009.
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