Peter the Great’s Monetary Reform and Money Supply in Russia in 1698–1711

18 Pages Posted: 18 Mar 2019 Last revised: 19 Mar 2019

See all articles by Artem Efimov

Artem Efimov

National Research University Higher School of Economics (Moscow)

Date Written: March 18, 2019

Abstract

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.

Keywords: Peter the Great’s reforms, monetary reform, money supply

JEL Classification: N1

Suggested Citation

Efimov, Artem, Peter the Great’s Monetary Reform and Money Supply in Russia in 1698–1711 (March 18, 2019). Higher School of Economics Research Paper No. WP BRP 175/HUM/2019, Available at SSRN: https://ssrn.com/abstract=3354464 or http://dx.doi.org/10.2139/ssrn.3354464

Artem Efimov (Contact Author)

National Research University Higher School of Economics (Moscow) ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

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