Rudolf Havenstein
Rudolf Emil Albert Havenstein | |
|---|---|
| Born | Template:Birth date Meseritz, Province of Posen, Germany |
| Died | November 20, 1923 (aged 66) Berlin, Germany |
| Occupation(s) | Jurist, Banker |
| Years active | 1876–1923 |
| Known for | President of the Reichsbank during German hyperinflation (1921–1923) |
Rudolf Emil Albert Havenstein (10 March 1857 – 20 November 1923) was a German jurist who served as president of the Reichsbank during the period of hyperinflation from 1921 to 1923.
Originating from Meseritz in the Province of Posen, Havenstein belonged to a lineage of civil servants. He pursued legal studies at both Heidelberg and Berlin. After completing his education in 1876, he entered the Prussian judicial system, remaining there until 1887 before taking on a judicial role. In 1890, he transitioned to the Prussian Ministry of Finance. Between 1900 and 1908, Havenstein was appointed President of the Prussian State Bank. Subsequently, he led the Reichsbank from 1908 until his passing in 1923, during which time his signature appeared on all German currency notes.
Havenstein was a key figure during Germany’s hyperinflation crisis, subscribing to the widely held belief that inflation stemmed from the mark’s depreciation against international currencies. He maintained that the Reichsbank needed to issue sufficient currency to accommodate escalating price levels, thereby perpetuating a cycle where increased money supply drove prices higher, necessitating further issuance. Contrary to the Quantity Theory of Money, he regarded expanding the money supply as essential to satisfy rising demand caused by exchange rate declines. His death in November 1923 represented a pivotal moment that contributed to ending this monetary approach and resolving the hyperinflation episode.
Additionally, Havenstein participated in launching war bond programs at the onset of the First World War.
He passed away in Berlin and was interred at St. Anne's Cemetery located in Berlin-Dahlem.