Abstract
At the end of the preceding chapter the preliminary results of the examination of the budget revenues were tallied, but nothing was said about one additional source—the emission of cash into circulation. As far as I know, in Western literature emission has not been examined precisely as a source of revenues of the Soviet budget. It seems to me that this may be due to the complexity of the question, to the peculiarity of the Soviet financial system as compared to the Western systems, and primarily to the fact that this problem, like the entire problem of Soviet finances in general, has been studied less than it deserves.
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Notes
This question has been described in detail in the literature, and there are differing points of view on its many aspects. See, for example, Rybin and Shrayber, “Nekotoryye,” 1977.
The withdrawal of money from circulation takes place when there is an exchange of currency—the most typical example is the exchange of money in Germany in the 1920s.
A Soviet author in a work on the monetary savings of the population, in characterizing his calculations, writes: “The indicators for savings for 1960, 1961 and 1962 have been excluded. This is connected with the fact that the conditions of the implementation of the 1961 monetary reform had a substantial influence on their amount” (Ivensen, “Voprosy,” 1973 p. 58).
Zverev, Natsional’nyy, 1970, p. 148.
Gusakov, Planirovaniye, 1974, pp. 208–209, 233–34.
A. Birman, Ocherki, 1968, p. 119.
Voluyskiy, Svodnyy, 1970, p. 52.
Z. Atlas, Denezhnoye, 1957, pp. 168–69.
Yampol’skiy, Resursy, 1974, p. 126.
For example, Schroeder and Severin, “Soviet,” 1976.
Gusakov, Planirovaniye,1974, pp. 221–22.
Gusakov, Planirovaniye,1974, p. 182.
See, for example, Mayer, “Aktual’nyye,” 1977, p. 49.
Gusakov and Dymshits, Denezhnoye,1951, p. 190.
Gusakov, Planirovaniye,1974, p. 177. However, according to M. Atlas, Razvitiye,1958, p. 173, in 1936 there were only 8.25 turnovers.
M. Atlas, Razvitiye, 1958, p. 130.
Batyrev, Denezhnoye,1959, p. 312.
Z. Atlas, Denezhnoye,1957, p. 178. E. Domar pointed out to me that “this is not a Western concept of velocity of circulation.” This is not quite so, but let me emphasize that here, as in other cases concerning the Soviet economy and the Soviet statistics, we should use Soviet definitions.
In particular, it would be possible to take into account the increasing receipt of wages by the population directly through savings banks. These amounts were 6.5 billion rubles in 1973, 8.5 billion rubles in 1974, and 10 billion rubles in 1975 (Zakharov, “Rabota,” 1976, p. 23).
Certainly, the same number of turnovers for 1960–75 is an additional simplification.
See, for example, Gosplan, Metodicheskiye, 1974, p. 453.
Barkovskiy, Organizatsiya, 1973, p. 57.
Ikonnikov, Denezhnoye,1962, p. 41.
Kosyachenko,.50 let,1967, p. 159.
Ikonnikov, Denezhenoye,1962, p. 219.
Batyrev, Denezhnoye,1959, p. 209.
Melkov, Kreditnyye,1969, p. 101.
Chetverikov, Sberegatel’nyye,1972, pp. 24–25.
Zlobin, Finansy, 1967, p. 251.
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Birman, I. (1981). Emission of Cash. In: Secret Incomes of the Soviet State Budget. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-9427-3_6
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