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Siklos, P. The Tchervonetz: An Illustration in Discriminatory Monetary Policy. Credit and Capital Markets – Kredit und Kapital, 31(4), 520-543. https://doi.org/10.3790/ccm.31.4.520
Siklos, Pierre L. "The Tchervonetz: An Illustration in Discriminatory Monetary Policy" Credit and Capital Markets – Kredit und Kapital 31.4, 1998, 520-543. https://doi.org/10.3790/ccm.31.4.520
Siklos, Pierre L. (1998): The Tchervonetz: An Illustration in Discriminatory Monetary Policy, in: Credit and Capital Markets – Kredit und Kapital, vol. 31, iss. 4, 520-543, [online] https://doi.org/10.3790/ccm.31.4.520

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The Tchervonetz: An Illustration in Discriminatory Monetary Policy

Siklos, Pierre L.

Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 4 : pp. 520–543

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Pierre L. Siklos, Waterloo/Canada and San Diego/USA

References

  1. Association Financière, Industrielle et Commerciale Russe (1922): Le Débàcle des Soviets et la Restauration Economique de la Russie (Paris).  Google Scholar
  2. Arnold, A. Z. (1937): Banks, Credit, and Money in Soviet Russia (New York: Columbia University Press).  Google Scholar
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  4. Bernholz, P. (1996): "Currency Substitution During Hyperinflation in the Soviet Union, 1922 - 1924", Journal of European Economic History, 25 (Fall): 297 - 323.  Google Scholar
  5. Bryant, J. and N. Wallace (1984): "A Price Discrimination Analysis of Monetary Policy", Review of Economic Studies, 51: 279 - 88.  Google Scholar

Abstract

This paper interprets the parallel currency experiment in the Soviet Union during the 1920s as an illustration of price discrimination in monetary policy. Using Bryant and Wallace’s (1984) framework, I argue that the introduction of high denomination notes by the Soviets was akin to imposing legal restrictions on their use as a transactions medium. Some econometric evidence is also present to support the implications of the theoretical approach followed. (JEL C22, E31, E58)