Scarring through the 1923 German hyperinflation.

This article examines the impact of the 1923 German hyperinflation on public health by analyzing monthly data on the cost-of-living index alongside infant and cause-specific adult mortality rates across 280 German cities. The study finds that hyperinflation significantly increased mortality, particularly from infectious and communicable diseases linked to short-term economic stress—such as influenza, tuberculosis, and whooping cough—while also impairing children's nutrition as evidenced by declines in height and weight. Using panel regressions with city and month-year fixed effects, the research controls for confounding factors and employs robustness checks, including placebo tests and spatial error corrections, to support the association between rising prices and excess mortality. The findings align with historical accounts of deteriorating living conditions, collapsing welfare systems, and widespread malnutrition during the hyperinflation period, highlighting the broader social and health consequences of severe monetary crises.