scholarly journals Public finance during the reign of Catherine the Great

2021 ◽  
Vol 26 (4) ◽  
pp. 434-444
Author(s):  
Lyudmila V. GUDAKOVA ◽  
Elena D. GREBENNIKOVA
Keyword(s):  
Public Finance ◽  
Economic History ◽  
Capital Accumulation ◽  
Banking System ◽  
State Regulation ◽  
Economic Research ◽  
Monetary Reform ◽  
New Instrument ◽  
The Creation

Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.

Public finance during the reign of Catherine the Great

2020 ◽  
Vol 26 (9) ◽  
pp. 2138-2150
Author(s):  
L.V. Gudakova ◽  
E.D. Grebennikova
Keyword(s):  
Public Finance ◽  
Economic History ◽  
Capital Accumulation ◽  
Banking System ◽  
State Regulation ◽  
Economic Research ◽  
Monetary Reform ◽  
New Instrument ◽  
The Creation

Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.

From Relevant to in Demand?

2018 ◽  
Vol 2018 (3) ◽  
pp. 3-22
Author(s):  
Andrey Shastitko
Keyword(s):  
Economic Theory ◽  
Economic History ◽  
Capital Accumulation ◽  
Karl Marx ◽  
Subsequent Development ◽  
Fundamental Question ◽  
Economic Research ◽  
Institutional Economic ◽  
Production Relations ◽  
Key Aspects

The article offers a survey of some of the ideas of Karl Marx in the context of the subsequent development of the new institutional economic theory in the 20th - early 21st centuries. It discusses various aspects of the unity of the historical and the logical in Marx’s Capital in the light of various ways of combining the historical and the theoretical in economic research, including a new economic history. The article considers the issues of the linkages between the problems of import and transplantation of institutes and the export of production relations, as well as the interaction of institutes and technologies, but in the context of the contradiction between productive forces and production relations, and possible parallels between the initial ideas of transaction costs and costs of circulation in the second volume of Marx’s Capital. It discusses the fundamental question of the absolute law of capital accumulation in the context of two key aspects of institutes - coordination and distribution.

scholarly journals The Role of Banks in Shaping the Community of Firms (Theories and Russian History)

2021 ◽  
Vol 22 (1) ◽  
pp. 7-36
Author(s):  
Andrei Yudanov
Keyword(s):  
Economic History ◽  
Decisive Role ◽  
Negative Influence ◽  
State Regulation ◽  
Russian History ◽  
National Community ◽  
The Past ◽  
The Russian Empire ◽  
Industry Relations

The paper is devoted to industrialization, which was the turning point of Russia's economic history, and to the resulting formation of the modern type national community of companies. From the perspective of the economic theory, the role of banks in the formation of a community of firms in the Russian Empire is considered in the article. The synthesis of two classical concepts is proposed: the decisive role of banks in public approval of innovation (Joseph Alois Schumpeter) and «the mission of banks» in the industrialization of backward states (Alexander Gerschenkron). It is concluded that not only German (as Gerschenkron believed), but also Russian banks fulfilled the historical mission of creating the large industry. On the other hand, under the direct influence of banks in Tsarist Russia a disharmonious community of firms was formed. It was characterized by hypertrophied large industry, underdeveloped small and medium-sized businesses as well as by the lack of an innovative sector. The responsibility of the banks is also enormous for syndicating Russian industry, which prevented the transformation of large Russian enterprises into efficient mass producers. In general, it is obvious that there is a strong and, at the same time, ambivalent (both positive and negative) influence of banks on the formation of the national community of firms. It seems that the past experience points to the need for state regulation of institutional bank-industry relations in our time.

ՆՈՐԱՐԱՐՈՒԹՅՈՒՆՆԵՐԻ ԴԵՐԸ ԲՐԵՆԴԻ ԿԱՌԱՎԱՐՄԱՆ ԳՈՐԾԸՆԹԱՑՈՒՄ ՀՀ ԲԱՆԿԱՅԻՆ ՀԱՄԱԿԱՐԳՈՒՄ

2021 ◽  
pp. 158-174
Author(s):  
David Harutyunyan ◽  
Karen Eghiazaryan
Keyword(s):  
Commercial Banks ◽  
Brand Management ◽  
New Technologies ◽  
Banking System ◽  
New Product ◽  
Management Process ◽  
The Creation ◽  
Loyal Customers

THE ROLE OF INNOVATIONS IN BRAND MANAGEMENT PROCESS IN THE BANKING SYSTEM OF RA The implementation of new technologies plays an important role in the brand management process. The purpose of this article is to identify the existing relationship between brand management and the implementation of new technologies in to the banking system of Armenia, as well as their impacton the process of attracting customers. To achieve this goal, we conducted ananonymous sociological survey among representatives of all 17 commercial banks in Armenia. As a result we found that banks introducing new technologies and innovative services devote significant amounts of money to the brand management process, and the irclientele is dominated loyal customers. Banks that have provided a full or partial rebranding process usually attract new customers. Another factor influencing the sustainable attraction of new customers is the creation of a new product that is not represented by any of the competitors.

Capital, Income Growth, in American Economic History

2018 ◽  
pp. 374-400
Author(s):  
Paul W. Rhode
Keyword(s):  
Economic History ◽  
Capital Accumulation ◽  
Income Growth ◽  
Standard View ◽  
Long Run ◽  
Great Debate ◽  
Return On Capital ◽  
Output Ratio ◽  
The Interest Rate

The role of capital accumulation in the process of long-run income growth has been the subject of great debate. The classical and early neoclassical economists viewed capital accumulation as the fundamental driver of growth. Economists informed by the Solow growth model (and its successors) and by twentieth-century growth accounting exercises assign capital accumulation a much more marginal role. This now standard view takes certain constancies for granted: the rate of capital formation (i.e., the saving rate), the capital-output ratio, capital’s share of income, and the rate of return on capital (i.e., the interest rate). This chapter documents the historical evolution of capital in the American economy and challenges the conventional thinking. It shows that the role of capital accumulation in economic growth is dynamic and has changed dramatically over the past three centuries.

Shipbuilding and the State in Japan since the 1850s

1977 ◽  
Vol 11 (4) ◽  
pp. 601-613 ◽  
Author(s):  
Seymour Broadbridge
Keyword(s):  
Economic Development ◽  
Significant Role ◽  
Economic History ◽  
Private Enterprise ◽  
Banking System ◽  
The State ◽  
The Past ◽  
Role Of The State ◽  
The Government

In the past decade or so there have been several critical revisions of the long-accepted view of the important role of the state in Japan's economic development and programme of modernization generally. Professor Harry Oshima has attempted to demolish the argument that the Meiji governments' policies were at all economically beneficial. On the contrary, he has said, those policies retarded growth, particularly through their neglect of agriculture. Professor Hugh Patrick has cautioned us against giving the Meiji governments too much credit for the development of the banking system. Private enterprise, he has insisted, was also important. Most recently, Professor Kozo Yamamura has delivered yet another broadside against what he considers the myths of Japanese economic history. This time he criticizes the view that the government, by intervening and pioneering model plants, played a significant role in Meiji Japan's industrial dcvelopment.

scholarly journals TRUST ASSET MANAGEMENT: ESSENCE AND FEATURES

2020 ◽  
Vol 5 (2) ◽  
pp. 13-19
Author(s):  
Stanislav Perminov ◽  
Valentina Djakona
Keyword(s):  
Control System ◽  
Asset Management ◽  
Trust Management ◽  
Banking System ◽  
State Regulation ◽  
Financial Instruments ◽  
Economic Interpretation ◽  
The Common

The article examines the essence of the concept of "trust asset management" in the banking system. The article examines the essence of the concept of "trust management" in the banking system. Various approaches to defining the essence of trust management in scientific and business literature are systematized, various nuances of its legal and economic interpretation are presented. The subjects and objects of trust management, the system of relationships between the main subjects are named and disclosed. The regulatory framework for the practice of trust management has its own characteristics at the national and international levels. The common couples and differences of different models of organization of trust activity are highlighted. The main approaches to the classification of trusts, the main types of trusts are revealed and their features are determined. The forms of trust management are very diverse and can differ in the purposes of creating trusts, methods of creation, depending on the role of the owner and trustee, depending on the financial instruments used. The purposes of the use of trust management, as well as certain risks of using the control system (legal uncertainty, presence of risk, imperfection of state regulation, etc.) are characterized. In world practice, this service is constantly developing and is increasingly becoming an important integral part of banking in different countries and regions.

scholarly journals Reparations revisited: the role of economic advisers in reforming German central banking and public finance

2019 ◽  
Vol 27 (1) ◽  
pp. 45-72
Author(s):  
Robert Yee
Keyword(s):  
Public Finance ◽  
Gold Standard ◽  
Banking System ◽  
Central Banking ◽  
Military Occupation ◽  
Banking Reforms

The economic advisers of the 1924 Dawes Committee enacted currency and banking reforms as a means of resolving financial and geopolitical problems. Although the committee members stated that they had no plans to resolve the Ruhr occupation, evidence from the technical advisers demonstrated the opposite. Economists Edwin Kemmerer, Joseph Davis and Arthur Young sought to appease Franco-Belgian demands for a resolution to the reparations debate by balancing the German budget and reorganising the banking system, thereby also addressing the question of military occupation. This research delves into the advisers’ reports on public finance, currency stabilisation and the gold standard, arguing that their attempts to assuage reparation-related concerns rested on major reforms to German central banking.

Perceived voluntary code legitimacy: Towards a theoretical framework and research agenda

2014 ◽  
Vol 20 (3) ◽  
pp. 287-312 ◽  
Author(s):  
Wesley Helms ◽  
Kernaghan Webb
Keyword(s):  
Theoretical Model ◽  
Environmental Factors ◽  
Research Agenda ◽  
Development Process ◽  
Environmental Issues ◽  
Theoretical Framework ◽  
Economic Research ◽  
The Creation

AbstractIncreasingly within industries voluntary codes (standards) are being developed and subsequently used by firms to address social and environmental issues. On any particular issue multiple competing codes may be available for adoption by firms. Given a choice of codes, which ones will firms adopt? Building on existing institutional and economic research pertaining to voluntary codes this paper proposes a theoretical model as to why some codes are perceived as legitimate by firms and hence are widely adopted while others are not. This model proposes that, in addition to the role of the code's content, the characteristics of the adopting firm, and environmental factors, the origins of a voluntary code, including the characteristics of the developer creating it, the development process, and the opportunity for firms to engage in formalized ‘normative conversations’ regarding the code subsequent to its adoption, will influence whether potential firm adopters perceive the code as legitimating and hence decide to adopt it. Rather than code adoption simply reflecting institutional mimicry or a rational transaction by adopting firms this model suggests that both the creation and the maintenance processes surrounding codes play important roles in the perceptions of legitimacy and subsequent adoption of codes by firms.

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