IDEAS home Printed from https://ideas.repec.org/p/hit/rrcwps/63.html
   My bibliography  Save this paper

Long-tarm Monetary Statistics for Russia

Author

Listed:
  • Nakamura, Yasushi

Abstract

Monetary statistics in the Russian Empire, the Soviet Union, and the Russian Federation were reviewed. The result showed that it is difficult to construct some historical time series of monetary indicators consistent for the entire period of 150 years, because the financial systems in these three periods were very different from each other and that in a market economy. We need to understand the characteristics of each monetary and financial system to use the monetary and financial statistics. The financial system in the Russian Empire developed slower than that of West Europe and was characterized by strong government influence. This characteristic seemed to be carried over to the Soviet Union. The state budget was the main pillar of the Soviet financial system; bank financing merely had a minor and subsidiary role, and its main source of finance was government funds. This pattern of Soviet finance changed in the mid-1960s. Bank financing expanded rapidly using increasing household deposits as its source of finance, while the government sector became a net absorber of financial resources. This financial system was unsustainable and eventually collapsed. After the collapse of the Soviet Union, the Russian financial system returned to a standard financial system for a market economy; however, a sound financial system is still under construction.

Suggested Citation

  • Nakamura, Yasushi, 2016. "Long-tarm Monetary Statistics for Russia," RRC Working Paper Series 63, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:rrcwps:63
    as

    Download full text from publisher

    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/28273/RRC_WP_No63.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. George Garvy, 1977. "Introduction to "Money, Financial Flows, and Credit in the Soviet Union"," NBER Chapters, in: Money, Financial Flows, and Credit in the Soviet Union, pages 1-12, National Bureau of Economic Research, Inc.
    2. Garvy, George, 1972. "Banking Under the Tsars and the Soviets," The Journal of Economic History, Cambridge University Press, vol. 32(4), pages 869-893, December.
    3. Drummond, Ian M., 1976. "The Russian Gold Standard, 1897–1914," The Journal of Economic History, Cambridge University Press, vol. 36(3), pages 663-688, September.
    4. Mr. Tomás J. T. Baliño & Mr. Jakob Horder & Mr. David S. Hoelscher, 1997. "Evolution of Monetary Policy Instruments in Russia," IMF Working Papers 1997/180, International Monetary Fund.
    5. George Garvy, 1977. "Appendix to "Money, Financial Flows, and Credit in the Soviet Union"," NBER Chapters, in: Money, Financial Flows, and Credit in the Soviet Union, pages 190-218, National Bureau of Economic Research, Inc.
    6. George Garvy, 1977. "Money, Financial Flows, and Credit in the Soviet Union," NBER Books, National Bureau of Economic Research, Inc, number garv77-1, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Çağatay Bircan & Ralph De Haas, 2020. "The Limits of Lending? Banks and Technology Adoption across Russia," The Review of Financial Studies, Society for Financial Studies, vol. 33(2), pages 536-609.
    2. Adrien Faudot & Tsvetelina Marinova & Nikolay Nenovsky, 2022. "Comecon Monetary Mechanisms. A history of socialist monetary integration (1949 -1991)," Working Papers hal-04084493, HAL.
    3. Nenovsky, Nikolay, 2020. "The Theory of the Emission Economy Bolshevik roots of "Modern Monetary Theory"," MPRA Paper 113048, University Library of Munich, Germany.
    4. repec:hhs:bofitp:2012_010 is not listed on IDEAS
    5. Berkowitz, Daniel & Hoekstra, Mark & Schoors, Koen, 2014. "Bank privatization, finance, and growth," Journal of Development Economics, Elsevier, vol. 110(C), pages 93-106.
    6. Derek Bailey, 1995. "Accounting in transition in the transitional economy," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 595-623.
    7. Dastan ASEİNOV & Kamalbek KARYMSHAKOV, 2018. "Development of the Banking System in Kyrgyzstan: An Historical Review and Current Challenges," Sosyoekonomi Journal, Sosyoekonomi Society.
    8. Nakamura, Yasushi, 2013. "Soviet foreign trade and the money supply," BOFIT Discussion Papers 30/2013, Bank of Finland Institute for Emerging Economies (BOFIT).
    9. Pyle, William & Schoors, Koen & Semenova, Maria & Yudaeva, Ksenya, 2013. "Bank Depositor behavior in Russia in the Aftermath of Financial Crisis," MPRA Paper 68932, University Library of Munich, Germany.
    10. Daniel Berkowitz & Mark Hoekstra & Koen Schoors, 2012. "Does Finance Cause Growth? Evidence from the Origins of Banking in Russia," NBER Working Papers 18139, National Bureau of Economic Research, Inc.
    11. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    12. Bazot, Guillaume & Monnet, Eric & Morys, Matthias, 2019. "Taming the gobal financial cycle: Central banks and the sterilization of capital flows in the first era of globalization," IBF Paper Series 03-19, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    13. El-Shagi, Makram & Zhang, Lin, 2020. "Trade effects of silver price fluctuations in 19th-century China: A macro approach," China Economic Review, Elsevier, vol. 63(C).
    14. Michael D. Bordo & Marc Flandreau, 2003. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Chapters, in: Globalization in Historical Perspective, pages 417-472, National Bureau of Economic Research, Inc.
    15. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 2002. "Government Ownership of Banks," Journal of Finance, American Finance Association, vol. 57(1), pages 265-301, February.
    16. Astrid Ayala & Szabolcs Blazsek & Adrian Licht, 2022. "Score-driven stochastic seasonality of the Russian rouble: an application case study for the period of 1999 to 2020," Empirical Economics, Springer, vol. 62(5), pages 2179-2203, May.
    17. El-Shagi, Makram & Tochkov, Kiril, 2022. "Divisia monetary aggregates for Russia: Money demand, GDP nowcasting and the price puzzle," Economic Systems, Elsevier, vol. 46(4).
    18. repec:hal:wpspec:info:hdl:2441/622 is not listed on IDEAS
    19. Michael D. Bordo, 1989. "The Contribution of "A Monetary History of the United States, 1867-1960" to Monetary History," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 15-78, National Bureau of Economic Research, Inc.
    20. Richard E. Ericson, 1991. "The Classical Soviet-Type Economy: Nature of the System and Implications for Reform," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 11-27, Fall.
    21. Russell Cooper & Hubert Kempf, 2000. "Designing Stabilization Policy in a Monetary Union," Econometric Society World Congress 2000 Contributed Papers 0529, Econometric Society.
    22. David M. Kemme, 2000. "Russian Financial Transition: The Development of Institutions and Markets for Growth," William Davidson Institute Working Papers Series 455, William Davidson Institute at the University of Michigan.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:rrcwps:63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Resources Section, Hitotsubashi University Library (email available below). General contact details of provider: https://edirc.repec.org/data/rrhitjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.