St Petersburg Exchange: On the Road to Maturity. Industrial Stock Index, 1897–1914

Leonid I. Borodkin and Gregory Perelman

in Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries

Published in print July 2011 | ISBN: 9780199603503
Published online September 2011 | e-ISBN: 9780191729249 | DOI:
St Petersburg Exchange: On the Road to Maturity. Industrial Stock Index, 1897–1914

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The first section of the chapter describes the role of St. Petersburg as a financial centre of Russian Empire. Major “continental” style banks, presence of a stock exchange, and proximity of all-powerful Russian government provided the necessary conditions for the city to become the focal point of Russian finance. Second section describes the history of St. Petersburg Stock Exchange from its founding in the early 18th century as commodities exchange through to the early 20th century when it became the main stock exchange of the Empire. The last section of the chapter fills a gap in the study of Russian financial markets by constructing a stock index of leading industrial companies traded on the St. Petersburg Exchange in 1897–1914. One of the surprising findings is an intermediate peak, which the index reached in 1905, a period generally considered to be one of crisis and stagnation in Russia.

Keywords: St. Petersburg Exchange; financial centre of Russian Empire; industrial stock index; history of Russian finance; Russian banks; Russian economy

Chapter.  11732 words.  Illustrated.

Subjects: Business History

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