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Who gains and who loses from Russian credit expansion?

Layard, Richard and Richter, Ansgar (1994) Who gains and who loses from Russian credit expansion? CEP Discussion Papers, CEPDP0200. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Identification Number: CEPDP0200


This paper traces (a) the impact of credit expansion on inflation and (b) the impact of inflation on the real liquidity of households and enterprises. From April 1992 to September 1993 households paid an inflation tax equal to 13.3% of GDP and received almost no new credits. Enterprises received new credits worth 26% of GDP and "paid" an inflation tax equal to 13% of GDP - a net "gain" of 13% of GDP. Households received negligible credits and "paid" an inflation tax equal to 13% of GDP.

Item Type: Monograph (Discussion Paper)
Official URL:
Additional Information: © 1994 The Authors
Subjects: H Social Sciences > HC Economic History and Conditions
JEL classification: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply; Credit; Money Multipliers
Sets: Departments > Economics
Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Series: Working Papers > CEP Discussion Papers
Date Deposited: 12 Aug 2013 11:59
Last Modified: 12 Aug 2013 11:59

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