作者：University of Houston System; University of Houston
摘要：We use the Soviet state and party archives to study the creation of the Soviet financial system. Although its framers intended to centralize all emission and monitoring of money and credit, in practice the system was characterized by informal mechanisms involving multiple players, soft budget constraints, and massive moral hazards. Enterprises issued illegal commercial credits and surrogate monies, causing liquidity growth to far outpace real economic activity. When confronted with the choice ...
作者：University System of Ohio; Ohio University
作者：University of Oxford
摘要：This article offers a comparative analysis of the inflationary experiences of Weimar Germany and post-Soviet Russia, applying theories about money and government budget constraints in the manner of Thomas Sargent and Francois Velde. The comparison looks beyond economic policy itself to the political and social consequences of the two inflationary crises. The parallel is fairly close: close enough to suggest that Russia, despite its recent quiescence, may not have seen the end of its monetary-o...
作者：State University System of Florida; Florida State University
