Expert board:

• Scientific Council of RAS on economic history;
• Research and Educational Center «The economic history of Central Russia and the Middle Volga region» of Ogarev Mordovia State University;
• Center of Economic History of  Lomonosov Moscow State University

ISSN 2409-630X (Print), ISSN 2618-916X (Online)

DOI: 10.24412/2409-630X.071.021.202504.339-351

Anastasia G. Muravyova

Lomonosov Moscow State University (Moscow, Russia),

e-mail: Asia7088@yandex.ru

 

Event Analysis of Political and Economic Factors Affecting Bill Rate Dynamics at the St. Petersburg Stock Exchange n the first third of the 19th century

 

Abstract

Introduction. The article provides an empirical assessment of the impact of significant military-political and economic events and processes on the bill rate. For this purpose, the direction and strength of the rate changes with a time lag of up to three months were analyzed. The aim of the work is to analyze the factors of bill rate dynamics in Russia from 1800 to 1839, the degree of influence of state financial policy, and events and processes of a political and economic nature on them.

Materials and Methods. The research is based on the principles of objectivity, historicism, scientific rigor, and systematic approach. The article employs the following methods: historical-comparative analysis and a complex of computer-based statistical data processing methods.

Results. The study found that bill rates were more volatile compared to the assignment rate. This is likely due to the fact that the assignment rate was less influenced by speculative factors and was more closely aligned with the internal fundamental factors of the Russian economy in its pricing.

Analysis of bill rate data for the specified period reveals a closer connection between political and military events and the state of the financial market. These factors significantly influence currency rate fluctuations, their rise or fall. Additionally, foreign trade and the country’s budget also impact bill rates.

Discussion and Conclusion. Analysis of bill rate data for the specified period confirms the close connection between political and military events and the state of the financial market. It is observed that bill rates exhibit higher volatility during wars in the western territories of the country (the war of 1812, the Polish uprising) compared to those in the southern regions.

Keywords: Bill, Russian ruble, paper money, The Russian Empire, inflation, issue, government loan, monetary policy, economic history, bill rate, exchange dynamics, first third of the 19th century, financial history.

For citation: Muravyova A. G. Event Analysis of Political and Economic Factors Affecting Bill Rate Dynamics at the St. Petersburg Stock Exchange in the first third of the 19th century. Ekonomicheskaya istoriya = Russian Journal of Economic History. 2025; 21(4): 339–351. (In Russ.). DOI: 10.24412/2409-630X.071.021.202504.339-351.

 

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