  We present a novel analysis extending the recent work of Mizuno et al. [2002]
on the hyperinflations of Germany (1920/1/1-1923/11/1), Hungary
(1945/4/30-1946/7/15), Brazil (1969-1994), Israel (1969-1985), Nicaragua
(1969-1991), Peru (1969-1990) and Bolivia (1969-1985). On the basis of a
generalization of Cagan's model of inflation based on the mechanism of
``inflationary expectation'' or positive feedbacks between realized growth rate
and people's expected growth rate, we find that hyperinflations can be
characterized by a power law singularity culminating at a critical time $t_c$.
Mizuno et al.'s double-exponential function can be seen as a discrete time-step
approximation of our more general nonlinear ODE formulation of the price
dynamics which exhibits a finite-time singular behavior. This extension of
Cagan's model, which makes natural the appearance of a critical time $t_c$, has
the advantage of providing a well-defined end of the clearly unsustainable
hyperinflation regime. We find an excellent and reliable agreement between
theory and data for Germany, Hungary, Peru and Bolivia. For Brazil, Israel and
Nicaragua, the super-exponential growth seems to be already contaminated
significantly by the existence of a cross-over to a stationary regime.
