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Soviet foreign trade and the money supply

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  • Nakamura , Yasushi

    ()
    (BOFIT)

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    Abstract

    This study uses newly available data in a quantitative examination of the relationship between Soviet special foreign trade earnings (SFEs) and changes in the money supply. During the Soviet era, SFEs were effectively taxes on imports and exports. They generated as much as 7–15% of state budget revenues in the 1970s and 1980s. The results show that changes in net foreign assets and the money supply accounted for around 10% of SFEs. The remaining 90% of SFEs involve redistribution of existing domestic funds within a constellation of government agencies and state-owned enterprises. The lack of data precluded further exploration of this redistribution.

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    File URL: http://www.suomenpankki.fi/bofit/tutkimus/tutkimusjulkaisut/dp/Documents/2013/dp3013.pdf
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    Bibliographic Info

    Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 30/2013.

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    Length: 34 pages
    Date of creation: 16 Dec 2013
    Date of revision:
    Handle: RePEc:hhs:bofitp:2013_030

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    Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
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    Related research

    Keywords: Soviet; foreign trade; money; state budget; flow of funds;

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    1. Lawson, Colin, 1988. " Exchange Rates, Tax-Subsidy Schemes, and the Revenue from Foreign Trade in a Centrally Planned Economy," Economic Change and Restructuring, Springer, vol. 22(1-2), pages 72-77.
    2. George Garvy, 1977. "Money, Financial Flows, and Credit in the Soviet Union," NBER Books, National Bureau of Economic Research, Inc, number garv77-1, octubre-d.
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