Deflation is different -- basically everyone gets scared and stops spending money. As a result, the "velocity" of money slows down and prices drop in a race to the bottom. (The best example of this was the car market in 2009. If you had cash, you could get unbelievable deals on cars.)

With inflation, there is plenty of money out there, but evaluating risk gets difficult. High inflation tends to have a snowball effect, so you don't want people owing you money -- think of it as compounding interest in reverse. So you end up with informal contracts... "Give me a car today, and you get 15 goats or hunks of aluminum in July."

A creditor wants informal contracts, because like in the US, paper money is "Legal Tender for All Debts, Public and Private." But to have informal contracts, you need a personal/trust connection... and that encourages corruption and nepotism.