The Russian Gold Standard, 1897–1914

Ian M. Drummond

The Journal of Economic History, 1976, vol. 36, issue 3, 663-688

Abstract: This paper examines the workings of the Imperial Russian gold standard, presents annual estimates on money supply under three definitions, and compares changes in money with changes in gold reserves, finding no relation. The Russian monetary system was insulated from gold movements in at least seven ways, of which three were accidental and four were deliberate. The article concludes on a note of speculative skepticism about the macro-economic significance of the rate of monetary growth, and of the gold standard itself, during the period.

Date: 1976
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