ABSTRACT
The three standard studies on the economic aspects of the German inflation after the First World War, the books by Frank D. Graham (1930), Costantino Bresciani-Turroni (1931) and by K. Laursen and J. Pedersen (1964), all offer discussions of the international causes of inflationary developments, in particular the role of the reparations issue, but they have neglected to deal with the effects of Germany's post-war inflationary boom abroad. Over-production of agricultural products and raw materials in the 1920s is the main pillar in the structuralists' explanation of the world economic depression after 1929. The rise in agricultural stocks and the slippage of prices after 1925 make it clear, however, that there were structural factors at work. The abundance of credit up to the middle of 1928 helped to paper over the structural cracks while excluding the monetary explanation to that stage.
