Issue 4

Year 2018 Number 4(61)
Pages 120-127 Type scientific article
UDC 94(470+460)“18” BBK 63.3(2+4Èñï)52
Authors Salomatina Sofya A.
Summary This article deals with the forming of an integrated banking market in the Russian Empire. The average annual lending rates of joint-stock commercial banks, calculated based on bank reporting, are used as indicators. New data on bank units by regions for 1874, 1897 and 1913 were collected for this research project. Then the degree of integration was statistically evaluated and the results were visualized on electronic maps. The article proves that Russia made significant progress in banking market integration for 50 years, although full integration was still not possible, because differences between regions, industries and client groups remained, as evidenced by cases from other countries in the late 19th and early 20th centuries. The average lending rates declined in Russia under market conditions (9,3 % in 1874, 7,8 % in 1897, 7,6 % in 1913) and became substantially more homogeneous in parallel with a remarkable increase in the number of new customers from 1897 to 1913; however, the rates were lower in large multi-branch banks and at top financial centres.
Keywords joint-stock commercial banks, lending rates, interest rates, financial market integration, bank lending market, the Russian Empire

Davis L. E. The Investment Market, 1870–1914: The Evolution of a National Market. The Journal of Economic History, 1965, vol. 25, no. 3, pp. 355–399. (in English).

Gindin I. F. Russkiye kommercheskiye banki [Russian commercial banks]. Moscow: Gosfinizdat Publ., 1948, 454 p. (in Russ.).

Good D. Financial Integration in Late-Nineteenth-Century Austria. The Journal of Economic History, 1977, vol. 37, no. 4, pp. 890–910. (in English).

Homer S., Sylla R. A History of Interest Rates. 4th ed. New York: Wiley, 2005, 736 p. (in English).

Mitchener K. J., Ohnuki M. Capital Market Integration in Japan. Monetary and Economic Studies, 2007, vol. 25, no. 2, pp. 136. (in English).

Mitchener K. J., Ohnuki M. Institutions, Competition, and Capital Market Integration in Japan. The Journal of Economic History, 2009, vol. 69, no. 1, pp. 138–171. (in English).

Salomatina S. A. [Banking market integration in the Russian Empire in the late 19th century: a statistical analysis]. Elektronnyy nauchno-obrazovatel’nyy zhurnal “Istoriya” [Electronic journal of education and science “Istoriya”], 2015, vol. 6, iss. 8 (41). DOI: 10.18254/S0001233-5-1. (in Russ.).

Salomatina S. A. [Data reconstruction in historical statistics: commercial bank’s branches of the Russian Empire in 1897]. Vestnik Permskogo universiteta. Seriya “Istoriya” [Perm University Herald. History], 2014, vol. 26, no. 3, pp. 87–98. (in Russ.).

Salomatina S. A., Frenkel O. I. [Regional development of the Russian joint-stock commercial banks in the second half of the 19th century: statistics and GIS-technologies]. Elektronnyy nauchno-obrazovatel’nyy zhurnal “Istoriya” [Electronic Journal of Education and Science “Istoriya”], 2016, vol. 7, iss. 7 (51). DOI: 10.18254/S0001650-4-1. (in Russ.).

Sylla R. Federal Policy, Banking Market Structure, and Capital Mobilization in the United States, 1863–1913. The Journal of Economic History, 1969, vol. 29, no. 4, pp. 657–686. (in English).

Download in PDF