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Forced Saving and Repressed Inflation in the Soviet Union, 1986-90: Some Empirical Results

Author

Listed:
  • Carlo Cottarelli

    (International Monetary Fund)

  • Mario I. Blejer

    (International Monetary Fund)

Abstract

In countries like the former Soviet Union, where wealth is mainly stored in monetary assets, the behavior of the money-income ratio is a poor indicator of the growth of undesired monetary balances (monetary overhang). In those countries a monetary overhang is primarily a wealth overhang, which has to be analyzed by evaluating deviations of actual from desired wealth holdings; this requires an empirical analysis of consumption and saving decisions. In this paper, a consumption function for the Soviet Union is estimated, from which an evaluation of the monetary overhang existing at end-1990 is derived.

Suggested Citation

  • Carlo Cottarelli & Mario I. Blejer, 1992. "Forced Saving and Repressed Inflation in the Soviet Union, 1986-90: Some Empirical Results," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 256-286, June.
    • Handle: RePEc:pal:imfstp:v:39:y:1992:i:2:p:256-286
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    Citations

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    Cited by:

    1. Xiaoming Li, 1997. "Consumption demand, saving behaviour and rational expectations: an application of disequilibrium modelling to China 1952-92," Applied Economics, Taylor & Francis Journals, vol. 29(11), pages 1411-1424.
    2. José F. Alonso & Armando M. Lago, 1995. "A First Approximation Model of Money, Prices and Exchange Rates in Revolutionary Cuba," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 5.
    3. Filippov, Mikhail G, 2002. "Russian Voting and the Initial Economic Shock of Hyperinflation," Public Choice, Springer, vol. 111(1-2), pages 73-104, March.

    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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