Discussion on Paper Currency among Russian Economists during the Great War (1914–1917) with Special Emphasis on Tugan-Baranovsky’s Contributions

Discussion sur la monnaie de papier chez les économistes russes pendant la Grande Guerre (1914-1917) avec un intérêt particulier pour les contributions de Tugan-Baranovsky

Abstract: 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.

Keywords: World War I; Russian Monetary History; Paper Money; Russian Economic Thought; Tugan Baranovsky; Bernatzky; Première Guerre mondiale; histoire monétaire russe; papier monnaie; pensée économique russe (search for similar items in EconPapers)
Date: 2020-12-24
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Published in Revue d'histoire de la pensée économique, 2020, Revue d’histoire de la pensée économique 2020 – 2, n° 10, 2020 – 2 (n° 10), pp.103-139. ⟨10.15122/isbn.978-2-406-11064-4.p.0103⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03087703

DOI: 10.15122/isbn.978-2-406-11064-4.p.0103

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