Weimar Republic Deleveraging 1920s

This document provides a timeline of Germany's Weimar Republic during the years from 1914 through 1924. Both German industrial production and the German stock market peaked around the start of World War I in 1914. It wasn't until 1927 that the economy reached its 1914 level and not until around 1960 that real stock market prices returned to their 1914 peak.255 Within this long period of inflationary deleveraging is one of the most acute periods of inflationary deleveraging ever, which occurred in 1922-1923. This is a period of special interest and focus to us because of the perspective it provides. As with other cases, I want to convey market movements as well as notable historical developments, especially the very large market whipsaws that accompanied the near total destruction of financial wealth during this time.

本文件提供了德国魏玛共和国在1914年至1924年间的时间表。德国工业生产和德国股市在1914年第一次世界大战开始时达到顶峰。直到1927年，经济达到了1914年的水平直到1960年左右，真正的股市回到1914年高点。255在这个长期通胀的去杠杆化的时期是通胀不断去杠杆化的最严重的时期，发生在1922-1923之一。这是一个特别兴趣和焦点的时期，因为它提供的观点。与其他情况一样，我想传达市场运动以及显着的历史发展，特别是在这段时间内伴随着金融财富近乎全面破坏的极大的市场动荡。

The timeline is divided into four periods. These periods were selected to represent distinct phases in the depreciation of the mark. When possible, events are arranged chronologically within each of the phases.

时间表分为四个时期。这些期间被选为代表商标折旧的不同阶段。在可能的情况下，每个阶段按照时间顺序排列事件。

• Overview

• World War I Period: 1914 - Nov 1918 第一次世界大战时期：1914年 - 1918年11月

• Post-War Period: Nov 1918 - Dec 1921 战后时期：1918年11月 - 1921年12月

  • 1918

  • 1919-1920

  • 1921

• Hyperinflation: Jan 1922 - Nov 1923

  • First Half of 1922: The Transition to Hyperinflation 1922年上半年：过渡到恶性通货膨胀1922年下半年

  • Second half of 1922

  • 1923: The Occupation of the Ruhr & Final Stages of the Inflation 1923年：通货膨胀的鲁尔和最后阶段的占领

• Stabilization: From Late 1923 Onward 稳定：从1923年年底开始

This timeline uses information from the following sources: 此时间表使用以下来源的信息：