The Economic Crisis of 1619 to 1623
研究了神圣罗马帝国各邦在三十年战争前通过铸币贬值和劣币驱逐良币引发恶性通胀的过程，以及最终通过恢复1559年奥格斯堡法令结束危机，对理解金融危机传播和自由银行提议有参考价值。
Various states in the Holy Roman Empire prepared for the Thirty Years' War by creating new mints and debasing the subsidiary coinage. The process spread through Gresham's Law: bad money was taken by debasing states to their neighbors and exchanged for good. The neighbor typically defended itself by debasing its own coin. The resulting hyperinflation was terminated early in the war by an agreement to return to the Imperial Augsburg Ordinance of 1559. The Kipper- und Wipperzeit , as the period is called, illuminates the geographic spread of financial crises, German hypennflations of this century, and current proposals for “free banking.”