Macro Musings with David Beckworth cover image

Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France

Macro Musings with David Beckworth

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The Origins of the ASEAN Land Sales

"The issue was paying for the creditors. So they gave people ASEAN, yes," he says. "They were not redeeming bull for land at a fixed rate." If there is more ASEAN than there is national assets, then that's when the ASEAN starts to depreciate,. In a way, it's very akin to what is now known as the fiscal theory of the price level", writes David Frum.

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