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Finance and Credit

21(357) – 2009 June

Development and Formation of the Municipal Bond Market in Russia before the Revolution

Vol. 15, Iss. 21, JUNE 2009

Available online: 16 September 2009

Subject Heading: History pages

JEL Classification:

Penyugalova A.V. Candidate of Economic Sciences, Professor, Head of the Economy Study, Statistics, and Finances Department, Kuban State University

Pyshnogray A.P. Lecturer, Kuban State University ;

The article reflects the problems of municipal bonds formation as an instrument of municipal expenditure financing; the bond issue period of 1871-1917 is divided into two steps. Step classification of municipal bond development in Russia, proposed by the authors, allows a newly vision of the financial instrument formation in historical and economic aspects.

Keywords: municipal loan, municipal bonds, deficiencies, budget, return, emission, nominal value

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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