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Did the Soviet Command Economy Command Money? A Quantitative Analysis

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  • Yasushi Nakamura

Abstract

Motivated by recent studies reviewing Soviet money and enlarging the availability of monetary data, this study empirically investigates the Soviet monetary management mechanism: the division of cash and non-cash, and the income and outlay balance. An analysis of correlation between cash and non-cash shows that the division was largely effective, while a calculation of unexpected cash issues indicates that the income and outlay balance was useless. The results suggest that the Soviet monetary management did not work as intended because wages and output were not equilibrated from the beginning, and information and operational instruments to correct monetary imbalances did not exist.

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  • Yasushi Nakamura, 2011. "Did the Soviet Command Economy Command Money? A Quantitative Analysis," Europe-Asia Studies, Taylor & Francis Journals, vol. 63(7), pages 1133-1156.
    • Handle: RePEc:taf:ceasxx:v:63:y:2011:i:7:p:1133-1156
    DOI: 10.1080/09668136.2011.592264
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    Cited by:

    1. Ekaterina Zhuravskaya & Sergei Guriev & Andrei Markevich, 2024. "New Russian Economic History," Journal of Economic Literature, American Economic Association, vol. 62(1), pages 47-114, March.

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