© 2017

Monetary Policy in the Soviet Union

Empirical Analyses of Monetary Aspects of Soviet Economic Development


Table of contents

  1. Front Matter
    Pages i-xvii
  2. Yasushi Nakamura
    Pages 1-11
  3. Yasushi Nakamura
    Pages 45-74
  4. Yasushi Nakamura
    Pages 75-98
  5. Yasushi Nakamura
    Pages 99-124
  6. Yasushi Nakamura
    Pages 125-150
  7. Yasushi Nakamura
    Pages 151-190
  8. Back Matter
    Pages 191-222

About this book


This book sheds light on ​the Soviet economic system, which claimed the eventual abolition of money, collapsed following a monetary turmoil. It argues that the cause of the economic collapse was embedded in the design of the economic system. The Soviet economic system restricted the market, but continued to use fiat money. Consequently, it faced the question for which no feasible answer seemed to exist: how to manage fiat money without data and information generated by the market? Using Soviet data newly available from the archives, the book evaluates the performance of the components of monetary management mechanism, discovers the continuous accumulation of open and secret government debts, and quantitatively analyzes the relationship between economic growth and the money supply to support the argument. The book concludes that the Soviet economic collapse marked the end of the long history of Soviet monetary mismanagement.


Asia economic growth economics efficiency foreign trade growth history international economics macroeconomics monetary policy money trade

Authors and affiliations

  1. 1.YokohamaJapan

About the authors

Yasushi Nakamura is a Professor at Yokohama National University, Japan.

Bibliographic information

Industry Sectors
Finance, Business & Banking