New Data Confirms the Basic Relationships in the Russian Economy: Ten Years of the New Economic System Revisited

March 26, 2002
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by Michael S. Bernstam and Alvin Rabushka

FIGURE 1
INDEX OF GROSS DOMESTIC PRODUCT (GDP) (1991=100) AND THE RATIO OF M2 TO RECEIVABLES (YEAR-END), RUSSIA, 1992-2001

Notes: The difference between the scales of the two axes indicates the change in the velocity of consumer spending (money velocity).
Sources: Gross Domestic Product and enterprise receivables: Russian State Committee on Statistics; the monetary aggregate M2: Central Bank of Russia