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Money in the Soviet Administrative Command Economy: A Quantitative Analysis

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  • Yasushi Nakamura

Abstract

This paper quantitatively examined the relation between money and real economy in the Soviet economy. The institutional and historical analysis of the Soviet monetary management yielded the tasks of quantitative analysis. The quantitative analysis showed that the institutional division of cash and non-cash was effective, demand for cash was not predictable, and there was no significant relation between money and real production. This result suggested that the Soviet monetary management relying on some vague money supply target could not function well and only the control on wage which was supported by the division of cash and non-cash could weakly ceil money supply. A fundamental problem of the Soviet economy seemed that a mechanism to bridge between money and real economy was lacked, while money was used. It is, therefore, difficult to regard the Soviet economic system as an complete economic system equivalent to the market economy.

Suggested Citation

  • Yasushi Nakamura, 2010. "Money in the Soviet Administrative Command Economy: A Quantitative Analysis," Global COE Hi-Stat Discussion Paper Series gd09-111, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hst:ghsdps:gd09-111
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    File URL: http://gcoe.ier.hit-u.ac.jp/research/discussion/2008/pdf/gd09-111.pdf
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Managing money in a centrally planned economy is hard
      by Economic Logician in Economic Logic on 2010-04-05 19:36:00

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