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The Russian Gold Standard, 1897–1914

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  • Drummond, Ian M.

Abstract

This paper examines the workings of the Imperial Russian gold standard, presents annual estimates on money supply under three definitions, and compares changes in money with changes in gold reserves, finding no relation. The Russian monetary system was insulated from gold movements in at least seven ways, of which three were accidental and four were deliberate. The article concludes on a note of speculative skepticism about the macro-economic significance of the rate of monetary growth, and of the gold standard itself, during the period.

Suggested Citation

  • 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.
    • Handle: RePEc:cup:jechis:v:36:y:1976:i:03:p:663-688_09
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    Cited by:

    1. Vanteeva, Nadia, 2016. "In the absence of private property rights: Political control and state corporatism during Putin's first tenure," Russian Journal of Economics, Elsevier, vol. 2(1), pages 41-55.
    2. repec:spo:wpmain:info:hdl:2441/622 is not listed on IDEAS
    3. 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.
    4. 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.
    5. Nakamura, Yasushi, 2016. "Long-tarm Monetary Statistics for Russia," RRC Working Paper Series 63, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    6. 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.
    7. 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).
    8. repec:hal:wpspec:info:hdl:2441/622 is not listed on IDEAS
    9. repec:spo:wpecon:info:hdl:2441/622 is not listed on IDEAS
    10. Monnet, Eric & bazot, guillaume & Morys, Matthias, 2019. "Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891," CEPR Discussion Papers 13895, C.E.P.R. Discussion Papers.
    11. 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.
    12. repec:hal:spmain:info:hdl:2441/622 is not listed on IDEAS

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