Did the Soviet Command Economy Command Money? A Quantitative Analysis

Yasushi Nakamura

Europe-Asia Studies, 2011, vol. 63, issue 7, 1133-1156

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.

Date: 2011
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DOI: 10.1080/09668136.2011.592264

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