Calculating without money. Theories of in-kind accounting of Alexander Chayanov, Otto Neurath and the early Soviet experiences
This paper focuses on Soviet practices and debates on money during the 1918-1921 period. In the first part, we briefly present the Bolshevik policy and discussions on eliminating money as a means of payments and calculation. In the second part, we outline in details A. Chayanov's model of in-kind accounting by making some comparisons with O. Neurath's proposals for an economy in kind. The latter had a decisive influence on Soviet Russia. Finally, we conclude with some reflections on the role of these models for ecological economics, modern efficiency measuring and monetary theory.
World War I marked the final point of the continuous process of fiduciarisation of money, of the detachment from its substance, the final point of establishing « Russian type of ideal money ». Paper currency was a Russian tradition, since 1769, until the introduction of the gold standard in 1897. The war brought back the dominance of the paper currency. In this paper, I will consecutively dwell on: (i) the role of paper currency and loans during the war and the discussions among the leading Russian economists as regards the evolution of the monetary regime. I will then examine, (ii) Tugan’s business cycle (conjunctural) theory of the value of money associated with aggregate demand, and especially with the development of the model of money demand and its endogeneity, and finally (iii) on Tugan’s proposals for managed paper currency by controlling the exchange rate.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.