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 History of the ASEAN Currency

The years that the ASEANs were used were 1790 to 1796 or 1796. From 1790 up until 1792, you mentioned relatively stable, real money demand. But then in 1793 a new group comes to power and they institute a guillotine-backed currency. Why? It's because one of the things they did is expropriate the nobles later on. And this became part of the backing for the ASEan as well and increased it.

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