EUROPEAN CAPITAL MARKETS AND THE EXTERNAL DEBT OF RUSSIA IN THE EARLY 20TH CENTURY

Abstract

The paper is devoted to financial cooperation of the Government of the Russian Empire with European capital markets in the early 20th century. This was one of the periods of the global crisis when Russian-European financial cooperation underwent a certain transformation. On the basis of archives analysis the author traces Russia‘s external debt dynamics (including the new loan, acquittals, changes in terms of loan), brings to light the causes of the process, makes a conclusion that it was not only economics but the foreign policy as well that conditioned the external debt of Russia. The results of this research can be used in teaching Russian History of the 20th century in secondary and higher educational institutions, as well as in external debt service of contemporary Russia.

Keywords

• europe, russia, external debt, global economic crisis, witte