Financial crises of XIX century in Ukraine

Abstract

The article systematically examines the course of major financial crises of the late nineteenth century (the crises of 1848, 1857, 1873) in the financial centers of Ukraine at that time, namely Kуiv, Lviv, Odessa. The paper shows the specifics of these financial centers connected with the investments in profitable sugar industry of Kyiv; with the international trade and massive exports of grain in Odessa; with the beginning of Galician oil extraction and the creation of numerous oil companies in Lviv. After brief description of these crises in the world the author provides the numerous examples for each of the financial centers revealing their specificity inUkraine. The main emphasis is given on the impact of the crises on securities markets, particularly on the dynamics of stock prices.

Keywords

• financial crises of the late nineteenth century
• financial crises in Kyiv
• financial crises in Lviv
• financial crises in Odessa