title: Modern monetary theory: A historical retrospective
metadata.name: dc.contributor.author
metadata.value: Dubyanskiy, Alexandr N.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2023-02-07T12:12:56Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2023-02-07T12:12:56Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2022-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Dubyanskiy, A. N. (2022) ‘Modern monetary theory: A historical retrospective’, St Petersburg University Journal of Economic Studies, 38 (3), pp. 416–435. https://doi.org/10.21638/spbu05.2022.304 (In Russian)
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2022.304
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/38992
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: This article examines applied aspects of Modern Monetary Theory (MMT). Currently, this
  theory has gained popularity in wide academic circles and is the subject of wide discourse
  among both theoretical economists and practical economists. Scholars evaluate this theory
  ambiguously, and many researchers believe its main provisions are divorced from economic
  realities, contradictory and, therefore, not acceptable as instruments of macroeconomic
  policy. The author believes that the use of retrospective analysis could be productive for the
  verification of certain provisions of the MMT. The use of the historical experience of monetary
  circulation, in which similar principles were used, certainly has significant research potential. The article discusses the fundamental provisions of the MMT related to the peculiarities of
  the functioning of fiat money systems in a historical context. Knapp, creating his state theory
  of money, also relied on the Russian experience of paper-money circulation. In the presented
  work, using examples taken from Russian economic history, it is shown how monetary policy
  instruments similar to those proposed by MMT were used in the real economy. In particular,
  the history of the first Russian paper money-banknotes is considered. The Russian experience
  of paper-money circulation can be considered quite successful, because thanks to them, the
  financial situation of the country was quite stable, the national economy was actively developing.
  An important circumstance was that the models of monetary administration in Russia
  were applied creatively, and not dogmatically scrupulously. This is the way to approach the use
  of MMT in the modern Russian economy, which is under unprecedented sanctions.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 38; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: assignats
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: modern monetary theory
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: banknotes
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: sovereign money
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: paper money
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Modern monetary theory: A historical retrospective
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 04.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/38992/1/04.pdf
resources.format: Adobe PDF
resources.size: 673,88 kB