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Money Demand and Quantity Constraints: Evidence from the Soviet Interview Project

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  • Asgary, Nader
  • Gregory, Paul R
  • Mokhtari, Manouchehr

Abstract

This paper examines the effects of shortages on the demand for money of Soviet citizens. It is the first to examine the demand for money in a centrally planned economy using cross-section data in which alternatives to income and interest rates are used to explain money demand. The authors find demand for broad money and liquid assets depends on income, illiquid wealth, participation in the underground economy, and the severity of quantity constraints as well as demographic factors. Their findings show that quantity constraints decrease demand for the national currency and increase demand for convertible currencies and barter transactions. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Asgary, Nader & Gregory, Paul R & Mokhtari, Manouchehr, 1997. "Money Demand and Quantity Constraints: Evidence from the Soviet Interview Project," Economic Inquiry, Western Economic Association International, vol. 35(2), pages 365-377, April.
    • Handle: RePEc:oup:ecinqu:v:35:y:1997:i:2:p:365-77
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    Cited by:

    1. Kim, Byung-Yeon, 2000. "Causes of repressed inflation in the Soviet consumer market: Retail price subsidies, the sihponing effect and the budget deficit," BOFIT Discussion Papers 9/2000, Bank of Finland Institute for Emerging Economies (BOFIT).
    2. Kim, Byung Yeon & Shida, Yoshisada, 2014. "Shortages and the Informal Economy in the Soviet Republics: 1965-1989," RRC Working Paper Series 43, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    3. Kim, Byung-Yeon, 1999. "The Income, Savings, and Monetary Overhang of Soviet Households," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 644-668, December.
    4. Manouchehr Mokhtari & Nader Asgary, 2009. "Effects of Consumer Goods Shortages on Fertility in Post-Soviet Economy," Journal of Family and Economic Issues, Springer, vol. 30(2), pages 160-170, June.
    5. Byung‐Yeon Kim & Yoshisada Shida, 2017. "Shortages and the informal economy in the Soviet republics, 1965–89," Economic History Review, Economic History Society, vol. 70(4), pages 1346-1374, November.
    6. Shida, Yoshisada, 2015. "Forced Savings in the Soviet Republics: Re-examination," RRC Working Paper Series 54, Russian Research Center, Institute of Economic Research, Hitotsubashi University.

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