Financial Innovaton and Russian Government Debt Before 1918

60 Pages Posted: 25 Jun 2003

Date Written: May 5, 2003


In this paper I describe debt instruments issued by the Russian Imperial Government. At the beginning of the 20th century, the Russian government was the largest borrower in the world. Russian government bonds were traded in all major financial centers, including London, Paris, Amsterdam, and New York. Russia was integrated into the world financial system. In 1913 foreign investors held 49.7% of Russian government debt. Innovative financial instruments were developed to attract foreign and domestic investors.

Keywords: Financial History, Financial Innovation, Government Debt, Russia

Suggested Citation

Ukhov, Andrey, Financial Innovaton and Russian Government Debt Before 1918 (May 5, 2003). Available at SSRN:

Andrey Ukhov (Contact Author)

Cornell University ( email )

Ithaca, NY 14853
United States

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