Soviet foreign trade and the money supply
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.
|Date of creation:||16 Dec 2013|
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- 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.
- Kuboniwa, Masaaki, 2007. "The Impact of Terms-of-Trade Effects on the Russian Economy," RRC Working Paper Series 1, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- George Garvy, 1977. "Money, Financial Flows, and Credit in the Soviet Union," NBER Books, National Bureau of Economic Research, Inc, number garv77-1, June.
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