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Forced Savings and Repressed Inflation in the Soviet Union: Some Empirical Results

Author

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  • Mr. Mario I. Bléjer
  • Mr. Carlo Cottarelli

Abstract

In countries such as the Soviet Union, where wealth is mainly stored in monetary assets, the behavior of the money to 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, we present estimates of a consumption function for the Soviet Union, from which an evaluation of the monetary overhang existing at the end of 1990 is derived.

Suggested Citation

  • Mr. Mario I. Bléjer & Mr. Carlo Cottarelli, 1991. "Forced Savings and Repressed Inflation in the Soviet Union: Some Empirical Results," IMF Working Papers 1991/055, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1991/055
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    Citations

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    Cited by:

    1. Kim, Byung Yeon, 1997. "Soviet Household Saving Function," Economic Change and Restructuring, Springer, vol. 30(2-3), pages 181-203.
    2. Filippov, Mikhail G, 2002. "Russian Voting and the Initial Economic Shock of Hyperinflation," Public Choice, Springer, vol. 111(1-2), pages 73-104, March.
    3. Michael Alexeev, 1992. "Saving Behavior And Soviet Reform," Contemporary Economic Policy, Western Economic Association International, vol. 10(3), pages 39-48, July.
    4. 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.
    5. Rafal Antczak & Marek Dabrowski, 1995. "Economic Transition in Russia, the Ukraine and Belarus in Comparative Perspective," CASE Network Studies and Analyses 0050, CASE-Center for Social and Economic Research.
    6. Jocelyn Horne, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(4), pages 379-392, December.

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