BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 30/2013:
Soviet foreign trade and the money supply
Yasushi Nakamura ()
Abstract: This study uses newly available data in a quantitative
examination of the relationship between Soviet special foreign trade
earnings (SFEs) and changes in the money supply. During the Soviet era,
SFEs were effectively taxes on imports and exports. They generated as much
as 7–15% of state budget revenues in the 1970s and 1980s. The results show
that changes in net foreign assets and the money supply accounted for
around 10% of SFEs. The remaining 90% of SFEs involve redistribution of
existing domestic funds within a constellation of government agencies and
state-owned enterprises. The lack of data precluded further exploration of
this redistribution.
Keywords: Soviet; foreign trade; money; state budget; flow of funds; (follow links to similar papers)
JEL-Codes: E66; N14; P33; P34; (follow links to similar papers)
34 pages, December 16, 2013
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