The USSR State budget under late stalinism (1945–55): Capital formation,government borrowing and monetary growth

This paper examines the contribution of government finance to the macroeconomic balance of the Soviet economy in the years of postwar reconstruction, late Stalinism and the immediate aftermath of Stalin's death. Different concepts of budget balance are considered. Various balances of the USSR State budget are estimated, including the unreported contributions of revenues from foreign trade and of monetary expansion. The influences of the budget upon monetary expansion, macroeconomic equilibrium and capital formation are analysed.