Advertisement

Money and Finance

  • Yasushi NakamuraEmail author
Chapter

Abstract

The financial system controlled by the government developed slowly relative to the West Europe in the imperial time. This characteristic seemed to be carried over into the Soviet financial system where the state budget played the main role in financing and bank financing had only a subsidiary role. This pattern of Soviet finance changed in the mid-1960s. Bank financing expanded using household deposits, while the Soviet government turned to be a net absorber of financial resources. This financial system collapsed eventually because of its low use efficiency of funds. After the collapse, the Russian financial system returned to a standard financial system of a market economy, although a sound financial system is still under construction. The monetary and financial data are fragmental and often incomparable, reflecting all these developments in the Russian financial system.

Keywords

Russia Financial system Banking system Money supply Government bonds 

References

  1. Alkhimov, V. S. (Ed.) (1981). Gosbank SSSR i ego rol’ v razvitii ekonomiki strany 1921–1981. Moscow: Finansy i statistika.Google Scholar
  2. Allakhverdian, D. A. (Ed.) (1962). Finansy SSSR. Moscow: Gosfinizdat.Google Scholar
  3. Arnold, A. (1937). Banks, Credit, and Money in Soviet Russia. New York: Columbia U.P.Google Scholar
  4. Atlas, M.S. (1967). Razvitie bankovskikh sistem stran sotsializma. Moskva: Finansy.Google Scholar
  5. Balino, T. J. T., Hoelscher, D. S., and Horder, J. (1997). Evolution of Monetary Policy Instruments in Russia, IMF Working Paper, WP/97/180. Washington, DC: International Monetary Fund.Google Scholar
  6. Balino, T. J. T. (1998). Monetary Policy in Russia. Finance and Development, 35(4), https://www.imf.org/external/pubs/ft/fandd/1998/12/balino.htm. Accessed 19 September 2018.
  7. Cameron, R. (Ed.) (1967). Banking in the Early Stages of Industrialization: A Study in Comparative Economic History. London: Oxford U.P.Google Scholar
  8. Chetverikov, P. A. (Ed.) (1972). Sberegatel’nye kassy SSSR za 50 let. Moscow: Finansy.Google Scholar
  9. Crisp, O. (1967). Russia 1860–1914. In Cameron, R. (Ed.), Banking in the Early Stages of Industrialization: A Study in Comparative Economic History (pp. 10–25). London: Oxford U.P.Google Scholar
  10. Crisp, O. (1976). Studies in the Russian Economy before 1914. London: Macmillan.Google Scholar
  11. Davies, R. W. (2001). Making Economic Policy. In Gregory, P. (Ed.), Behind the Façade of Stalin’s Command Economy: Evidence from the State and Party Archives (pp. 61–80). Stanford: Hoover Institution Press.Google Scholar
  12. Drummond, I. (1976). The Russian Gold Standard, 1897–1914. The Journal of Economic History, 36(3), 663–688.CrossRefGoogle Scholar
  13. Edwards, B. (1995). Can Yeltsin keep his nerve? Euromoney, (4), 68–76.Google Scholar
  14. Garvy, G. (1972). Banking under the Tsars and the Soviets. The Journal of Economic History, 32(4), 869–893.CrossRefGoogle Scholar
  15. Garvy, G. (1977). Money, Financial Flows, and Credit in the Soviet Union. Cambridge: Ballinger.Google Scholar
  16. Gindin, I. F. (1948). Russkie kommercheskie banki: iz istorii finansovogo kapitala v Rossii. Moscow: Gosfinizdat.Google Scholar
  17. Gindin, I. F. (1960). Gosudarstvennyi bank i ekonomicheskaia politika tsarskogo pravitel’stva, 1861–1892 gody. Moscow: Gosfinizdat.Google Scholar
  18. Gindin, I. F. (1997). Banki i ekonomicheskaia politika v Rossii (XIX–XX v.): isbrannoe: ocherki istorii i tipologii russkikh bankov. Moscow: Nauka.Google Scholar
  19. Goskomstat SSSR (Narkhoz) (1968, 1961, 1988). Narodnoe khoziaistvo SSSR v 19XX godu. Moscow: Gosudarstvennoe statisticheskoe izdatel’stvo.Google Scholar
  20. Goskomstat SSSR (Narkhoz). (1968). Narodnoe khoziaistvo SSSR v 1967 godu. Moscow: Statistika.Google Scholar
  21. Goskomstat SSSR (Narkhoz). (1981). Narodnoe khoziaistvo SSSR v 1980 godu. Moscow: Finansy i statistika.Google Scholar
  22. Goskomstat SSSR (Narkhoz). (1987). Narodnoe khoziaistvo SSSR v 1986 godu. Moscow: Finansy i statistika.Google Scholar
  23. Goskomstat SSSR (Narkhoz). (1991). Narodnoe khoziaistvo SSSR v 1990 godu. Moscow: Finansy i statistika.Google Scholar
  24. Gregory, P.R. (2004). The Political Economy of Stalinism. Cambridge: Cambridge U.P.Google Scholar
  25. Homer, S. and Sylla, R. (2005). A History of Interest Rates, 4th ed. Hoboken: John Wiley & Sons.Google Scholar
  26. International Monetary Fund (IMF) (2005). International Financial Statistical Yearbook, 2005. Washington, DC: IMF.Google Scholar
  27. International Monetary Fund (IMF) (2015). International Financial Statistical Yearbook, 2015. Washington, DC: IMF.Google Scholar
  28. Kamin, S., Turner, P., and Van’t Dack, J. (1998). The Transmission Mechanism of Monetary Policy in Emerging Market Economies. BIS Policy Papers, (3), 5–64, Basle, Bank for International Settlements.Google Scholar
  29. Kashin, Iu. I. and Mikov, V. V. (Eds.) (2010). Balansy gosudarstvennogo banka SSSR, 1922–1990 gg., Po stranitsam arkhivnykh fondov Tsentral’nogo banka Rossiiskoi Federatsii, vypusk 9. Moscow: CBR.Google Scholar
  30. Khromov, P. A. (1950). Ekonomicheskoe razvitie Rossii v XIX–XX vekakh, 1800–1917. Moscow: Gosudarstvennoe izdatel’stvo politicheskoi literatury.Google Scholar
  31. Kim, B.-Y. (2002). Causes of repressed inflation in the Soviet consumer market, 1965–1989: retail price subsidies, the siphoning effect, and the budget deficit. Economic History Review, 55(1), 105–127.CrossRefGoogle Scholar
  32. Kravtsova, G. I. (Ed.) (1983). Denezhnoe obrashchenie i kredit. Minsk: Vysheishaia shkola.Google Scholar
  33. Kulisher, I. M. (2004). Istoriia russkogo narodonogo khoziaistva. Moscow: Nauka.Google Scholar
  34. Morozan, V. V. (2004). Istoriia bankovskogo delo v Rossii: vtoraia polovina XVII pervaia – polovina XIX v. Sankt-Petersburg: Kringa.Google Scholar
  35. Nakamura, Y. (1999). Financial sector and flow of funds. In Kuboniwa, M. and Tabata, S. (Eds.), Russian Economy in Transformation: Transition to Market Economy and Statistical System (In Japanese) (pp. 105–125). Tokyo: Aoki Shyoten.Google Scholar
  36. Nakamura, Y. (2017). Monetary Policy in the Soviet Union: Empirical Analyses of Monetary Aspects of Soviet economic Development. New York: Palgrave Macmillan.Google Scholar
  37. Organisation for Economic Co-operation and Development (OECD) (1995). OECD Economic Surveys: The Russian Federation 1995. Paris: OECD Publications.Google Scholar
  38. Rudnick, D. (1994). First sort out the banks. Euromoney, (3), 157–163.Google Scholar
  39. Salomatina, S. A. (2004). Kommercheskie banki v Rossii: dinamika I struktura operatsii 1864–1917 gg. Moscow: ROSSPEN.Google Scholar
  40. Shiratori, M. (1996). Study on the Banking System in the Russian Federation: 1992–1996 (in Japanese). Tokyo: Nihon Hyoron Shya.Google Scholar
  41. Wilczynski, J. (1978). Comparative Monetary Economics. London: Macmillan.Google Scholar
  42. Zverev, A. G. (2012). Stalin i den’gi. Moscow: Algolitom.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Graduate School of International Social SciencesYokohama National UniversityYokohamaJapan

Personalised recommendations