Technical Report 帝政ロシア・ソ連・現代ロシアの金融統計の発展

中村, 靖

2016-04 , Russian Research Center, Institute of Economic Research, Hitotsubashi University
It is difficult to adjust financial statistical data to territorial changes and to compare them between Russia Empire, the Soviet Union, and Russia, mainly because the financial systems in those three periods were very different from each other and that in a market economy. There was even a period when the banking system was abolished entirely in the early 1920s, although the period lasted less than one year. The financial system in the Russian Empire developed slow in relative to that in other West-European countries and was characterized by strong influence of the government. This characteristic seemed to be carried over in to the Soviet Union until the 1960s. State budget was at the center of the Soviet financial system, while bank financing had only a minor and subsidiary role. Even in the minor bank financing, the main financial source of bank loans was government deposits. This pattern of Soviet finance changed in the mid-1960s: the weight of bank financing increased rapidly. Household deposits almost exclusively financed the increasing bank loan supply, while the government sector turned to be a net absorber of financial resources. This financial system seemed unsustainable and, indeed, it collapsed eventually. After the collapse of the Soviet Union, the Russian financial system returned to a financial system more or less ordinary to a market economy; it is, however, still in the process to establish a sound financial system. The financial data are fragmental and often incomparable, reflecting all these developments in the Russian financial system.

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