Salomatina_S.A._Investment_banking_in_Ru

Salomatina_S.A._Investment_banking_in_Ru - Salomatina S.A...

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1 Salomatina S.A. Investment banking in Russia, 1890-1917. From Pioneering Finance to Universal Banking // Investment Banking History: National and Comparative Issues (19th-21st centuries) / Ed. by Hubert Bonin and Carlo Brambilla. (Euroclio Etudes et Documents/Studies and Documents: Vol. 78 ) Bruxelles, Bern, Berlin, Frankfurt am Main, New York, Oxford, Wien: Peter Lang, 2014. P. 347-380. Investment Banking in Russia, 1890-1917: From Pioneering Finance to Universal Banking Sofya Salomatina Moscow Lomonosov State University The chapter analyses investment banking in pre-revolutionary Russia. In the focus of its attention there are banking services on initial public offering for private companies’ securities. This activity became a mass phenomenon in the 1890s for the first time. This research is an attempt to investigate making and evolution of Russian investment banking in the aspect of banking models’ development. It proves that investment banking for private companies appeared throughout traditional activity of several commercial banks in St. Petersburg, dealing with services to public and mortgage bond market and intensive currency speculation caused by fiduciary standard. However, private companies’ demand for investment banking appeared persistently in the peak of pre-revolutionary economic growth by 1895, and the Petersburg banks switched over to private stock as a new subject for exchange transactions. In the beginning of the 20th century the crisis revealed weak points of the 1890s investment banking, and they were overcame by universal banking development by the 1910s. This chapter analyses investment banking in pre-revolutionary Russia. In the focus of its attention there are banking services on initial public offering for private companies’ sec urities. This activity became a mass phenomenon in the 1890s for the first time. Our study reveals prerequisites of this trend stemming into the 1860s the 1880s, peculiarities of Russian investment banking in the 1890s, this banking model’s hardships in the crisis and depression period in 1899-1908, as well as integration of Russian investment banking into universal banking in the 1910s. This research is an attempt to investigate making and evolution of Russian investment banking in the aspect of banking models’ development. It proves that investment banking for private companies appeared throughout traditional activity of several commercial banks in St. Petersburg, dealing with services to public and mortgage bond market and intensive currency speculation caused by fiduciary standard. However, private companies’ demand for investment banking appeared persistently in the peak of pre-revolutionary economic growth by 1895, and the Petersburg banks switched over to private stock as a new subject for exchange transactions.
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