(TIỂU LUẬN) MID TERM ASSIGNMENT SUBJECT MACROECONOMICS 2 TOPIC HYPERINFLATION IN VENEZUELA

FOREIGN TRADE UNIVERSITY HO CHI MINH CITY CAMPUS MID-TERM ASSIGNMENT SUBJECT: MACROECONOMICS TOPIC: HYPERINFLATION IN VENEZUELA Group – ML57: Lecturer: Ho Chi Minh City, March 5th, 2022 WORK ASSIGNMENT OF GROUP Name Trần Anh Thư (Leader) Student Code 2011156099 Task Prepare content for 3.1, 2011155544 Powerpoint slide Prepare content for 1.2, 2011156094 1.3, 3.1 Prepare content for 2.2, Đặng Thế Trường 2011155650 presentation Prepare content for 3.3, Phan Quang Thịnh 2011155571 presentation Prepare content for 4.1, Nguyễn Khánh Nguyên 2011156098 4.2, 4.3 Prepare content for 3.1, Thảo Nguyễn Mai Trâm 2011156106 Powerpoint slide Prepare content for 3.1, 2011156107 Powerpoint slide Prepare content for 1.1, 2011156102 2.1, presentation Prepare content for 1.4, Hoàng Lê Phương Thảo Phạm Đăng Thái Huỳnh Ngọc Bảo Trân Dương Ngọc Minh Thư 1.5, 1.6, 3.2 TABLE OF CONTENT TABLE OF CONTENT .i LIST OF FIGURES iii Chapter INTRODUCTION .1 1.1 Rationale of the research 1.2 Aims and objectives 1.2.1 Aims 1.2.2 Objectives 1.3 Scope of the research .2 1.4 Research question 1.5 Research methods 1.6 Structure of research .3 Chapter 2.1 OVERVIEW OF HYPERINFLATION IN VENEZUELA Definition of inflation and hyperinflation 2.1.1 What is inflation? 2.1.2 Types of inflation .4 2.1.3 What is hyperinflation? .6 2.2 The situation of hyperinflation in Venezuela Chapter 3.1 ANALYSIS OF HYPERINFLATION IN VENEZUELA .12 The cause of hyperinflation in Venezuela 12 3.1.1 Phase 1: The presidency of Hugo Chavez (1999 – 2013) 12 3.1.1.1 Overdependence on oil price 12 3.1.1.2 Bolivarian missions 13 3.1.1.3 The exchange control 14 i 3.1.2 3.2 Phase 2: The presidency of Nicolas Maduro (from 2013) .15 The effect of hyperinflation in Venezuela 16 3.2.1 Economic crisis .16 3.2.2 The humanitarian crisis 17 3.3 The solutions of Venezuela’s government to address the hyperinflation 19 3.3.1 Currency redenomination 19 3.3.2 Informal dollarization .19 3.3.3 Fiscal control 20 Chapter CONCLUSION 22 4.1 Sum up about the hyperinflation in Venezuela 22 4.2 The situation of inflation in Vietnam 23 4.3 Implications for Vietnam 25 REFERENCES 26 ii LIST OF FIGURES Figure 2-1: Demand-pull inflation graph Figure 2-2: Cost-push inflation graph Figure 2-3: Hyperinflation due to printing money Figure 2-4: Inflation rate in Venezuela (2010 - 2021) Figure 2-5: Price of a cup of coffee in Bolivars Figure 2-6: Oil production in Venezuela 10 Figure 3-1: Price of crude oil per barrel (West Texas Intermediate) .12 Figure 3-2: GDP of Venezuela 16 Figure 4-1: Inflation rate of Vietnam (1980 - 2020) .21 iii Chapter INTRODUCTION Rationale of the research 1.1 Inflation is an unavoidable part of any market economy It is a sign of growth However, it turns out to be a bad sign when the level of inflation goes too high because the amount of galloping escalation will take an entire economy down Hyperinflation is to blame for the majority of global economic crises, including Venezuela's Hyperinflation in this country has far-reaching effects, including political, social, and humanitarian difficulties Venezuela has been in a severe recession for more than ten years, dating back to President Hugo Chavez's presidency in 2010 and continuing under Nicolas Maduro's government This is the country's worst crisis in its history This country has fallen into an economic abyss; hyperinflation has reduced its currency to the worth of “a toilet paper roll” Everyone is a "billionaire" because they have too much money; yet, those notes are priceless; and they are obliged to leave their home, their country GDP plunges year by year, unemployment is rampant, wages are falling, and social benefits deteriorate Venezuela's economic situation will be severely impacted by the Covid-19 pandemic in 2021, and it is expected to plunge more when the oil price is brought to the bottom by Covid-19 in 2019-2020 Although the government has taken significant attempts to promote and restore the economy of the richest city in Latin America, it has been futile as long as hyperinflation persists Therefore, the inflation situation of Venezuela and the government's solution needs to be synthesized, observed, and generalized Then, we will have a greater understanding of the devastating effects of inflation on the economy 1.2 Aims and objectives Aims 1.2.1 This study was first conducted to give a more detailed view of Venezuela’s hyperinflation, which tries to figure out this issue’s causes, effects and government's solutions Thereby, through this research paper, our team will have a deeper understanding of what has been happening in Venezuela In addition, thanks to having a clear insight into the hyperinflation in Venezuela, this research suggests some lessons for Vietnam to avoid this serious issue in future Objectives 1.2.2 To achieve the above research goals, we aim to establish the theoretical basis with detailed data evidence so that readers can have a thorough understanding of the situation in Venezuela The following are the precise objectives of the research: - Understanding what is inflation, hyperinflation and the root of these problems - Analyzing factors contributing to hyperinflation in Venezuela and its government’s solutions - Suggesting possible lessons for Vietnam to maintain a reasonable inflation rate 1.3 Scope of the research - In terms of scape: Venezuela - In terms of time: from 1999 to 2021 In detail, we split this period into phases: 1999 - 2013 (Charvez Hugo presidency) and 2013 - 2021 (Nicholas Maduro presidency) - 1.4 In terms of content: Hyperinflation in Venezuela and lessons for Vietnam Research question The research provides answers to those questions: What are inflation and hyperinflation? How has hyperinflation affected Venezuela? What are the causes of hyperinflation in Venezuela? What measures have Venezuela’s Government taken to tackle this hyperinflation? How has been the inflation situation in Vietnam and what lessons can be conducted from the hyperinflation in Venezuela? 1.5 Research methods We approached the study using quantitative techniques For analyzing hyperinflation in Venezuela, the article will be researched and analyzed based on the observed indicators and data of the economy such as GDP analysis, foreign debt index, Moreover, the thesis will also include data collected and analyzed on the inflation situation of Venezuela to present a comprehensive picture of this country's inflation, as well as its impacts In terms of the government's approach, we also provide indicators to clarify the effectiveness of these policies 1.6 Structure of research Apart from the preface and references, the research will comprise chapters as follow: Chapter 1: Introduction Chapter 2: Overview about hyperinflation in Venezuela Chapter 3: Analysis on hyperinflation in Venezuela Chapter 4: Conclusion Chapter OVERVIEW OF HYPERINFLATION IN VENEZUELA 2.1 Definition of inflation and hyperinflation 2.1.1 What is inflation? Inflation is defined as an increase in the price of goods and services With the overall price level rising, each unit of currency can only buy less products and services compared to the previous period As a result, inflation leads to a decline in the real purchasing power of a given currency 2.1.2 Types of inflation  Demand-pull inflation When aggregate demand grows at an unsustainable rate, it puts increased pressure on limited resources Because of the extra demand, producers can raise prices to increase their profit margins One of the main reasons leading to demand-pull inflation is money stimulus to the economy, which is the increase in money supply According to the theory of liquidity preference, the growth of money supply will cause interest rates to fall Lower interest rates will encourage spending, which will increase the aggregate demand and shift the AD curve to the right As a result, the overall price level will increase, as can be seen from the graph below Figure 2-1: Demand-pull inflation graph  Cost-push inflation Cost-push inflation happens when firms raise prices to maintain their profit margins from rising input costs Increases in component costs and labor costs, increased indirect taxes, and inflation expectations can be considered the leading causes for this inflation For instance, Figure 2-2 illustrates that if individuals expect higher future inflation, they will demand a higher salary in order to protect their living standards Therefore, the labor costs (input costs) will rise, which will decrease the aggregate supply and shift the SRAS curve to the left As a result, the overall price level will increase 1999 to 2001, the unemployment rate decreased from 14.5% to 7.8%, the poverty rate dropped from 50% to 31.9%, while extreme poverty dropped from 19.9% to 8.6% About healthcare, the program drew praise from the World Health Organization and UNICEF The infant mortality rate also went down 5.9% between 1999 and 2013 However, the Bolivarian mission was considered as a double-edged sword as Chavez spent more money on these social programs than his country could really afford Up to 2012, the public spending had accounted for more than 50% of this country's GDP, forcing the government to borrow from other countries to pay for these expenditures At that time, it was not a big problem because the revenue gained from oil was significantly high However, President Chavez did not create a stabilization fund because he expected oil prices to rise instead of falling Because Charvez failed to save money for economic crises, this made a huge consequence that will be mentioned later in the next phase 3.1.1.3 The exchange control In February 2003, under the Charvez period, Venezuela implemented a restriction on free currency convertibility, which prohibited the selling and purchase of foreign currency by private individuals The government fixed the Venezuelan Bolivar to the U.S Dollar at Bs.1,600/US$1 to buy and Bs.1,596/US$1 to sell and imposed a set of requirements for the right of exchanging dollars Therefore, only those with a valid reason to buy dollars, such as authorities and companies importing necessary goods, are permitted to exchange Bolivar at a fixed rate set by the government The purpose of this system in the first place is to ensure that the government has enough foreign reserves to invest and import necessities such as food or medicine However, currency control with the fixed exchange rate has a negative impact as with many Venezuelans unable to freely buy and sell dollars, the black market thrived Therefore, this ban created corruption in the Venezuelan government when a large number of authorities, who can have access to foreign currency, smuggled foreign currency into the black market to make a profit That is, they buy the U.S dollar at a lower price 14 (official exchange rate) and then sell it in the black market for private individuals at a higher price (unofficial exchange rate), making the Bolivar depreciate over the period This after that led to a tremendous impact on the economy under the control of Nicolas Maduro 3.1.2 Phase 2: The presidency of Nicolas Maduro (from 2013) Nicolas Maduro became President of Venezuela in March 2013 after Hugo Chávez named him to be his successor In 2014-2019, oil prices witnessed a dramatic decrease, tremendously affecting exportation The price of oil dropped from $100 in 2013 to $70 a barrel in 2014, then kept plummeting to $33 in 2016, leading to the fact that the government did not have any funds to deal with the foreign debt due to overspending on Bolivarian missions The only solution is printing more money to pay off the debt, which is easy to predict the later occurrence of hyperinflation In fact, this solution could be beneficial to an economy that is struggling with shortterm price shock However, the opposite was the case for Venezuela, where oil prices decreased gradually over time Inflation became more and more severe as the government continued to print more money and raise the basic wage Especially with international creditors no longer daring to risk lending money to Venezuela, printing money seems like a last resort to finance government spending Additionally, because the country depended too much on the oil industry, they didn’t have enough ability to produce other products and enough reserves to import them in the context of oil price decrease and a large amount of foreign debt Therefore, the actual outputs in the economy couldn’t meet the citizens’ needs As a result, there was too much money in circulation to chase for very few items, pushing the overall price to increase uncontrollably Moreover, having awareness that the currency was showing signs of inflation, the government still decided to maintain Charvez’s exchange control with a fixed exchange rate policy with the hope to stabilize the Bolivar currency With this policy, illicit market transactions continued to surge, more individuals tried to find ways to convert Bolivar 15 into USD, making the supply curve of the Bolivar currency shift to the right and therefore the exchange rate decreased significantly Lacking foreign currency in the government’s reserve, importers have had trouble buying dollars through the government at an official rate, so they turned to an illicit market with an unofficial rate to have USD to import necessities This led to higher importation costs, and the prices in the domestic market rose excessively, contributing to a surge in the inflation rate With all the reasons above, Venezuela’s economy transferred into hyperinflation at the end of 2017 The situation mentioned derives a formula for hyperinflation: Foreign debt + Continuous Mismanagement of Government + Money printing = Hyperinflation In conclusion, when the decade-long oil price boom ended in 2014, Venezuela not only lost income from its oil fields but it also lost access to credit markets abroad, pushing the country to an end of printing more and more money, in addition to the thriving black market and so, hyperinflation happened 3.2 The effect of hyperinflation in Venezuela 3.2.1 Economic crisis With the causes analyzed above, inflation in Venezuela occurred and the currency in this country depreciated rapidly From an economic point of view, inflation has increased tremendously in Venezuela, causing the country's economy to face great challenges The first effect that can easily be pointed out is the fluctuations in the GDP of Venezuela 16 Figure 3-8: GDP of Venezuela (Source: Statista) As we can see from the chart, Venezuela's GDP has fluctuated dramatically Specifically, from 1985 to 2021, GDP peaked in 2011 with 352.54 billion US dollars However, it suddenly dropped to 2015 with a GDP of 203.82 billion US dollars The peak of this decrease was when the explosive inflation in 2017 caused GDP in this country to slide very quickly and there is no sign of stopping when in 2021, GDP is recorded at 47.26 billion US dollars The most obvious cause that can be seen in this situation is the sudden drop in the price of oil from $100 to $50/barrel in just six months (2015), GDP started to decrease With inflation rising rapidly, according to a report by the International Monetary Fund (IMF), within five years, more than 50% of Venezuela's GDP has gone up in smoke, businesses run out of capital and cannot operate 17 3.2.2 The humanitarian crisis Not only in economic terms, but the terrible inflation in Venezuela has also made the Bolivar currency depreciate sharply, causing commodity prices to rise and wages gradually become worthless That has made the people in this country fall into a very miserable situation and severe shortage It can be seen from the famine With President Chávez's price control policy, food shortages were widespread After that, under the control of the next president, Mr Maduro, the situation was still not better At the beginning of 2016, the scarcity rate of staples was estimated to range from 50 to 80 percent Many essential food items such as milk, meat, coffee, rice, etc have become very scarce and Venezuelans are always in a situation where they have nothing to eat or have to wait in vain queues at the stores and supermarkets The poorer class of citizens has to eat wild fruits on the road or even eat garbage to survive Not only the food crisis, according to a report from the Finance Committee of the National Assembly of Venezuela, basic living services such as transportation, electricity, and water have also collapsed Moreover, the housing shortage in Venezuela was also remarkable In 2012, building materials became scarce, making it difficult to build a house By the end of President Chavez's term in 2013, the number of housing shortages had increased to million, causing many people to live in slums Perhaps because of these difficulties and shortages, the majority of the population decided to leave their country to immigrate to another country, especially to neighboring countries like Colombia, making it the biggest migration crisis in history with more than million people Severe deprivation also makes people's lives insecure Along with that is the unemployment rate, the crime rate has increased According to a report by the Venezuelan Violence Observatory, in every 100,000 people, there will be about 90 murderers (2015), which was a very alarming number By early 2020, out of 10 Venezuelans lived in poverty, infant mortality rates had increased by more than 40% since 2008, one-third of 18 the population was classified as food-insecure by the World Food Program, and nearly three-quarters of the population had lost weight due to lack of food 3.3 The solutions of Venezuela’s government to address the hyperinflation 3.3.1 Currency redenomination The Maduro administration introduced a new currency called bolivar soberano (Bs.S) to substitute for bolivar fuerte (Bs.F) on August 20, 2018, with Bs.S equivalent to 100,000 Bs.F New banknotes in denominations of 2, 5, 10, 20, 50, 100, 200, and 500 Bs.S, as well as new coins in values of 50 céntimos and Bs.S, were issued The new currency has appreciated by nearly 95% relative to the previous bolivar fuerte under the country's official fixed exchange rate to the US dollar During the transition phase, the bolivar soberano was supposed to operate alongside the bolivar fuerte This helps to prevent large amounts of old currency (bolivar soberano) from circulating in the market, making transactions more difficult However, the attempt at currency reform seemed to have no effect because it couldn't solve the root of the existing economic problems in this South American country The reason is that the new currency must be trustworthy with the public, but Maduro announced a new one that didn’t prove the stability, which reduced the trustworthiness of its citizens This made people still try to convert the currency into US dollars Therefore, the new currency kept depreciating and it became more costly for companies to import goods Venezuela’s government needed to find other ways to mitigate hyperinflation instead of “cutting down some in the currency” 3.3.2 Informal dollarization Dollarization in Venezuela had a noticeable impact on the emergence of Venezuela’s economy Although this dollarization process is not from an official policy of Venezuela’s government, the country implicitly allowed its citizens to trade with the USD, making a 19 dual monetary system by liberalizing the exchange control that existed for 15 years in August 2018 Therefore, banks in Venezuela are allowed to sell and buy foreign currencies at their own rates, not just the Central Bank of Venezuela At the end of 2021, more than 60% of total transactions took place in USD This extensive usage of USD has stemmed purely from the society through personal savings, remittances, private jobs and USD salary from many companies due to the accelerated depreciation of bolivar's value Even though bolivar is still in the system according to Nickolas Maduro, more and more citizens make use of the foreign currency as a way of survival and breaking from financial challenges This not only has created great dynamism in people’s daily transactions but also cut down on the use of bolivar significantly as mentioned by Đáđez, Minister for Communication and Information “The dollar is replacing the bolivar because there is no possibility of having the required amounts in local currency,” Ultimately, the printing of bolivar slowed down contributing to the decline of hyperinflation 3.3.3 Fiscal control Together with less bolivar consumption from the increasing trend of dollarization and the occurring rise in oil price in 2021, the government is finally able to cut down on its spending as the fiscal deficit decreased to only 10% of GDP compared to the previous 30% in 2018 This decrease in spending paced down the printing of bolivar and its slight appreciating in value making this one of the most effective attempts of putting down the inflation rate from Venezuela government since the root cause of its hyperinflation is the overflowing bolivar currency While we cannot yet safely say that Venezuela has exited from the hyperinflation but there are signs of recovery Venezuela’s annual inflation rate in 2021 is 686.4%, reduced 20 dramatically from 2,959.8% of last year with monthly inflation rates throughout the year below 50% Venezuela finally witnessed an increase of 4% in its economic growth in 2021 as President Nicolas Maduro announced “Venezuela, after five years of economic warfare, has returned to the path of economic growth” 21 Chapter CONCLUSION 4.1 Sum up about the hyperinflation in Venezuela In general, hyperinflation in Venezuela is an inevitable consequence of the government's weak macroeconomic regulation The government of this nation has expected people to have a better life by passing the Bolivarian missions However, they did not know how to balance spending, which led to foreign debt beyond their ability to pay In addition, hyperinflation also comes from the fact that Venezuela's economy is too dependent on oil (oil accounts for 95% of exports), which led to a serious decrease in national revenue when oil prices are low It was for these reasons that the Venezuelan government decided to print more money and the result was the worst hyperinflation in recent years Its exchange control also set the expansion of illegal exchange of currency in the black market, which contributed to the surge of the inflation rate During the period of hyperinflation, a series of social unrest occurred in Venezuela The currency in this South American country seriously depreciated and the national GDP fluctuated greatly In addition, when the currency depreciated too quickly, people could not buy food, leading to hunger raging everywhere The price of basic necessities has also dramatically rocketed so that nobody can afford to buy them Unemployment increased because wages were not enough to pay for daily living, a large number of people have committed crimes and looted in search of food to survive In other words, Venezuelan society in this period was more turbulent than ever Therefore, many people migrated abroad to avoid shortages and difficulties To sum up, hyperinflation in Venezuela is presented by below formula: Foreign debt + Mismanagement of Government + Money printing = Hyperinflation Facing hyperinflation, the government of this country has printed a new sovereign Bolivar currency However, this currency is not trustworthy by the public, which led to terrible dollarization This country then implicitly allowed people to convert Bolivars into USD by liberalizing the exchange control, creating a dual monetary system By this way, 22 the use of Bolivar currency has been cut down, together with the decrease in spending of the government, contributing to the slow down of the leading factor of hyperinflation printing money To conclude, despite the inflation still being high, it can be said that Venezuela is making efforts to recover from hyperinflation 4.2 The situation of inflation in Vietnam Figure 4-9: Inflation rate of Vietnam (1980 - 2020) Source: vneconomy.com As can be seen from the chart, during the last 41 years, inflation in Vietnam has only decreased in year (2000 and 2001), increased by digit in 22 years, increased by digits in 14 years, and increased by digits in years In the period 1980-1985, the consumer price index (CPI) increased very rapidly The main reason is due to slow economic growth, reduced in some years, imbalance of supply and demand (shortage of supply) and more money than goods In the period 1986-1991, inflation galloped, especially 1986-1988 increased up to 402.1%/year The main reason is due to the economic crisis, low growth, which made the market short of supply, more money than goods An important reason is that the 23 implementation of the market price roadmap for most of the goods subsidized in kind by quantitative stamps in the previous period created a much higher new general price level In the 1992-1995 period, inflation was still high, but fortunately, it was much lower than in previous periods The main reason is due to increased supply (economic growth from 1991 to 1995 reached 8.2%/year, especially food exceeding domestic demand, there was a large volume of exports The period 1996-2003 is considered as deflation, when the CPI increased very low (although in 1998 it increased by 9.2% due to the impact of the 1997 Asian financial crisis, with the exchange rate increasing by 14.2% in 1997, increasing by 9.6% in 1998 and food prices increased by 8.6% The main reason is due to the remarkable decline in price of food and other agricultural products in the international market Since the year 2004, thanks to increasingly improved macroeconomic policies, inflation in Vietnam has dropped below digits (except years 2008 and 2011 because of the financial crisis and the increase in money is too high compared to the increase in goods) Economy of Vietnam is also a bright spot in the South East Asia region, promising to develop more explosively in the near future In general, Vietnam has also experienced a period of almost hyperinflation like Venezuela (in the years 1986-1988 when the inflation rate was at digits) The cause of this problem is the subsidized bureaucracy and the implementation of the command economy, which caused a shortage of goods supply and made prices higher In recent years, Vietnam has opened up and integrated into the international economy The government has been able to balance domestic supply and demand, leading to stable inflation at single digits It was a great success in economic regulation in Vietnam 24 4.3 Implications for Vietnam Looking at hyperinflation in Venezuela, there are some lessons that can be conducted for Vietnam in order to not repeat the same mistakes First of all, Vietnam should not depend too much on certain industries because when a country’s economy relies heavily on certain products, it puts itself at the mercy of international market prices Thus, when prices go down, employment, exports and government revenue suffer Instead, Vietnam ought to diversify the export commodity so that the price of one industry cannot affect the whole economy On the other hand, it is extremely important for our country to have savings for government expenditure in the future By the way, Vietnam must not let foreign debt exceed our ability to pay because this situation can lead to a terrible economic crisis as in Venezuela In addition, from what happened when Venezuela control the exchange rate that was mentioned above, Vietnam should also strictly control the presence of illicit markets, penalize and eliminate the illegal exchange activities that raise the price of the currency 25 REFERENCES Nguyen Cong Huan and Nguyen Van Sam, Tiểu Luận lạm Phát Tại venezuela - môn kinh Tế Học StuDocu (n.d.) 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Cấm Vận Của MỸ - Nguyên Nhân đằng Sau Khủng Hoảng venezuela Bnews.vn Retrieved from https://bnews.vn/cam-van-cua-mynguyen-nhan-dang-sau-khung-hoang-venezuela/113292.html Quỳnh Như, 2019, August 6, MỸ Cấm Vận Kinh tế toàn diện đối Với Venezuela PLO Retrieved from https://plo.vn/quoc-te/su-kien/my-cam-van-kinh-te-toan-diendoi-voi-venezuela-850305.html Thanh Hảo, 2019, August 8, Lý Lệnh cấm vận MỸ 'vô Nghĩa' Với Venezuela VietNamNet Retrieved from https://vietnamnet.vn/vn/the-gioi/binh-luan-quoc-te/lydo-lenh-cam-van-cua-my-vo-nghia-voi-venezuela-557027.html 27 Phạm Nguyên Trường, T 2020, January 18, Vụ Tự Sát Của venezuela: Những Bài Học Từ quốc Gia Thất Bại Trí Thức VN Retrieved from https://trithucvn.org/the-gioi/vu-tu-sat-cua-venezuela-nhung-bai-hoc-tu-mot-quocgia-that-bai.html Soha, 2016 August 4, Sai Lầm Nào "đẩy" venezuela Tới Khủng Hoảng? Canhco.net Retrieved from https://canhco.net/sai-lam-nao-dang-day-venezuela-toikhung-hoang-p102629.html 28 ... Chapter 2. 1 OVERVIEW OF HYPERINFLATION IN VENEZUELA Definition of inflation and hyperinflation 2. 1.1 What is inflation? 2. 1 .2 Types of inflation .4 2. 1.3 What is hyperinflation? ... https://repositories.lib.utexas.edu/bitstream/handle /21 52/ 81586/Reilly%2C %20 Sean %20 - %20 THESIS.pdf?sequence =2 Minh Đức, 20 18, August 22 , Hành Trình dẫn đến Khủng Hoảng Tại venezuela TapChiTaiChinh Retrieved March 20 22, from https://tapchitaichinh.vn/tai-chinhquoc-te/hanh-trinh-dan-den-khung-hoang-tai -venezuela- 143019.html... Demand-pull inflation graph Figure 2- 2: Cost-push inflation graph Figure 2- 3: Hyperinflation due to printing money Figure 2- 4: Inflation rate in Venezuela (20 10 - 20 21)