Book contents
- Frontmatter
- Contents
- List of tables and figures
- Preface
- Chapter 1 Introduction
- Chapter 2 Problems of measurement of real national income: tsarist Russia
- Chapter 3 Summary results: national income of tsarist Russia, 1885–1913
- Chapter 4 An overview of the component accounts
- Chapter 5 National income, USSR territory, 1913 and 1928
- Chapter 6 Tsarist economic growth and structural change
- Chapter 7 A comparative appraisal: Russian growth before World War I
- Chapter 8 Comparisons with the Soviet period
- Chapter 9 Conclusions
- Appendix A Personal consumption expenditures in retail outlets
- Appendix B Consumer expenditures on housing rents (urban and rural areas)
- Appendix C Household service expenditures (transportation, communication, utilities, personal medical care, and domestic service)
- Appendix D Estimation of marketing and farm consumption in kind
- Appendix E Military subsistence
- Appendix F Expenditures of the imperial government
- Appendix G Expenditures of local government
- Appendix H Investment and capital stock in livestock
- Appendix I Investment in agricultural and industrial equipment
- Appendix J Net capital stock and net investment in industrial, agricultural, and residential urban structures
- Appendix K Inventory stocks and investment
- Appendix L Net capital stock and net investment in railroads, transportation and communication, and government
- Appendix M Net foreign investment
- Biblography
- Index
Appendix L - Net capital stock and net investment in railroads, transportation and communication, and government
Published online by Cambridge University Press: 31 October 2009
- Frontmatter
- Contents
- List of tables and figures
- Preface
- Chapter 1 Introduction
- Chapter 2 Problems of measurement of real national income: tsarist Russia
- Chapter 3 Summary results: national income of tsarist Russia, 1885–1913
- Chapter 4 An overview of the component accounts
- Chapter 5 National income, USSR territory, 1913 and 1928
- Chapter 6 Tsarist economic growth and structural change
- Chapter 7 A comparative appraisal: Russian growth before World War I
- Chapter 8 Comparisons with the Soviet period
- Chapter 9 Conclusions
- Appendix A Personal consumption expenditures in retail outlets
- Appendix B Consumer expenditures on housing rents (urban and rural areas)
- Appendix C Household service expenditures (transportation, communication, utilities, personal medical care, and domestic service)
- Appendix D Estimation of marketing and farm consumption in kind
- Appendix E Military subsistence
- Appendix F Expenditures of the imperial government
- Appendix G Expenditures of local government
- Appendix H Investment and capital stock in livestock
- Appendix I Investment in agricultural and industrial equipment
- Appendix J Net capital stock and net investment in industrial, agricultural, and residential urban structures
- Appendix K Inventory stocks and investment
- Appendix L Net capital stock and net investment in railroads, transportation and communication, and government
- Appendix M Net foreign investment
- Biblography
- Index
Summary
NET CAPITAL STOCK AND NET INVESTMENT: RUSSIAN RAILROADS
My figures on net capital stock and net investment in Russian railroads are based upon data published by the Ministry of Transportation in its annual yearbook Statisticheski sbornik Ministerstva putei soobshcheniia, section “expenditures of capital on the construction of the rail network” (zatrata kapitalov na ustroivstvo seti zh. dorog). S. G. Strumilin has published gross and net capital stock series using the Ministry of Transportation data, but the widely cited Strumilin figures are not suitable for compiling series on net investment and net capital stock. Prior to 1897, loans for railroad construction and equipment acquisition were floated both in gold (primarily abroad) and in credit rubles. The Ministry of Transportation reported two series for this early period, one for capital expenditures in metallic rubles and the other for expenditures in credit rubles. The exchange rate between the two currencies fluctuated, at times quite widely, but a par value of 1 metallic ruble equal to 1.5 credit rubles was employed to combine the two series. Upon conversion to the gold standard in 1897, the new gold ruble was introduced at a rate 33% below the old metallic ruble, and a stable rate of 1:1 was then maintained between the gold and credit ruble.
To estimate a consistent net capital and net investment series in credit rubles, I had to adjust the official capital expenditure series (with flotation costs netted out) for annual fluctuations in the credit ruble-metallic ruble exchange rate prior to 1897.
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- Russian National Income, 1885–1913 , pp. 307 - 312Publisher: Cambridge University PressPrint publication year: 1983