• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Working paper

Peter The Great’s Monetary Reform And Money Supply In Russia In 1698–1711

Ефимов А. В.
The purpose of this paper is finding a method of calculating or at least reliably estimating the money supply in the 1710s’ Russia. The estimation is based on Gresham’s Law that states: “Bad money drive out good money.” The “good” and “bad” monies of Petrine era are identified. I argue that the “good” money was driven out by 1705 and, therefore, the emission of “bad” money in 1705–10 increased money supply. The increase is estimated to be about 40 percent. This conclusion calls for a further investigation of price dynamics of the period to determine effects of the increase.