Banking Crisis of the 1880s in the Russian Empire: New Quantitative Data and Estimates

The study deals with the most significant crisis in history of Russian banking, which occurred when 49 municipal banks and 13 mutual credit societies went bankrupt from 1882–1889. Historians have explained causes various ways; however, these explanations are not fully verifiable due to lack consolidated quantitative data on operations for societies. Therefore, a new set institutions was composed this study. Comparison dynamics joint-stock commercial banks, 1875–1895 revealed that decline particularly sharp deep, it did correlate other banking institutions. This paper proves caused by accumulation bad loans, poor financial stability, proper control councils Ministry Finance. Overcoming problems launched phase regulation supervision Empire, has been underestimated historiography. “pushing out” risky necessary protect interests self-government associated banks. However, also had pronounced regional perspective because bankruptcies Central Black Earth Region, therefore contraction agricultural exports falling prices, combined local crop failures first half 1880s.