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To Nicholas II's deposits held with the English banks

Vol. 26, Iss. 10, OCTOBER 2020

Received: 27 August 2020

Received in revised form: 10 September 2020

Accepted: 24 September 2020

Available online: 29 October 2020

Subject Heading: FINANCIAL CAPITAL

JEL Classification: B17, D14, E51, E52, F34

Pages: 2215–2229

https://doi.org/10.24891/fc.26.10.2215

Fetisov V.D. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
Fetisovvd@mail.ru

https://orcid.org/0000-0002-3981-3303

Subject. The article focuses on unknown aspects of foreign financial and credit operations of the Russian Empire.
Objectives. The article attempts to unfold the mechanism and role of foreign loans taken by the imperial family from perspectives of modern Russia. What distinguished the economic policy of Nicholas II? Why did relatives, clergy, noblemen and military elite of Russia turn their backs to the Emperor? I try to bridge the gap between the traditional perception and real situation with respect to loans of the last Emperor of Russia.
Methods. I relied upon proceedings of the Russian and foreign scholars, archives, memoirs of contemporaries and those who were close to the Romanovs. What makes the study complicated is the secrecy of materials and information on the imperial family’s financial position. The article involves the analytical, systems, historical and statistical methods of research.
Results. I set forth my own concept of key deposits made by Nicholas II with the English banks, reveals reasons and mechanisms for placing them, and describe the consequences and the significance for Russia in the current circumstances of the globalized economy. I also suggest how modern credit relations should be transformed.
Conclusions and Relevance. The article provides my conclusions about causes of the ineffective financial and credit policy of the Romanovs, its negative effect on Russia's socio-economic development. As a conclusion, I suggest considering the financial and credit policy of the Russian tzars and Nicholas II from contemporary perspectives. The article justifies the hypothesis that the Turkish contribution as a result of the 1878–1879 Russo-Turkish War became the basis for making secret deposits of the Russian emperors with the English banks. I also make some guess about their use.

Keywords: Russia, Nicholas II, Alexander II, foreign deposits

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