TY - JOUR

T1 - The role of Mikhail Speransky in the financial system reform

AU - Lukovskaya, Dzhenevra

AU - Sheveleva, Natalya

AU - Volkova, Svetlana

AU - Vasilyev, Ilya

AU - Ilyin, Andrey

N1 - Publisher Copyright: © 2016. ASERS Publishing.

PY - 2016

Y1 - 2016

N2 - The article is devoted to the reform of the financial system in Russia (1810 - 1812), prepared by Prime Minister Mikhail Speransky. The reform program included the issuance of credit securities (bank notes), the establishment of a fixed exchange rate of the ruble, and the exchange of assignations on banknotes in accordance with the exchange rate. Assignations issued earlier in treatment, were declared as duty of the state; it was declared the cease further production of assignations and of the decision to pay off the national debt by entering into a domestic loan. As a result, the funding of the state apparatus has reduced. A financial fund was created for the compensation of assignations withdrawn from circulation that have fallen into the category of public debt. Free credit relations between enterprises were allowed. The national monetary system strengthened. The implementation of 1810 - 1812 financial reforms were interrupted by the invasion of Napoleon in Russia, but it marked the shift of attitude of the supreme power in relation to the financial functions of the state. The financial system reform laid the foundation for the modern Russian budgetary system.

AB - The article is devoted to the reform of the financial system in Russia (1810 - 1812), prepared by Prime Minister Mikhail Speransky. The reform program included the issuance of credit securities (bank notes), the establishment of a fixed exchange rate of the ruble, and the exchange of assignations on banknotes in accordance with the exchange rate. Assignations issued earlier in treatment, were declared as duty of the state; it was declared the cease further production of assignations and of the decision to pay off the national debt by entering into a domestic loan. As a result, the funding of the state apparatus has reduced. A financial fund was created for the compensation of assignations withdrawn from circulation that have fallen into the category of public debt. Free credit relations between enterprises were allowed. The national monetary system strengthened. The implementation of 1810 - 1812 financial reforms were interrupted by the invasion of Napoleon in Russia, but it marked the shift of attitude of the supreme power in relation to the financial functions of the state. The financial system reform laid the foundation for the modern Russian budgetary system.

KW - Budgetary system

KW - Financial system

KW - Russia

KW - Speransky

UR - http://www.scopus.com/inward/record.url?scp=85032697982&partnerID=8YFLogxK

U2 - 10.14505/jarle.v7.6(20).23

DO - 10.14505/jarle.v7.6(20).23

M3 - Article

VL - 7

SP - 1436

EP - 1443

JO - Journal of Advanced Research in Law and Economics

JF - Journal of Advanced Research in Law and Economics

SN - 2068-696X

IS - 6

ER -