Long-tarm Monetary Statistics for Russia

Yasushi Nakamura

No 63, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

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.

Pages: 24 pages
Date: 2016-11
New Economics Papers: this item is included in nep-cis, nep-his, nep-mac and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:63

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