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

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

DOI: 10.15507/2409-630X.049.016.202002.140-155

Yuri Yu. Gvozdkov

Ulyanovsk State Pedagogical University named after I. N. Ulyanov (Ulyanovsk, Russia),

e-mail: iskatel68@yandex.ru

 

Reasons for Adopting Coupons of Government Interest Securities into Money Circulation in the Course of Aggravation of the Monetary Crisis of 1917–1918 in the Simbirsk and Kazan Provinces

 

Introduction. The study focuses on issues of money circulation in the Simbirsk and Kazan provinces during the period of the monetary crisis, the aggravation of which occurred in 1917–1918. These provinces simultaneously underwent all the negative consequences of the collapse of the financial system of Russia, including monetary circulation, and then almost equally resolved the issues of lack of circulation of banknotes. To overcome the crisis situation caused by the lack of cash, regional and central authorities have applied various ways to resolve it, one of which was the widespread use of coupons of government interest securities as cash equivalents. Subject. Against the background of the analysis of the general economic situation in Russia, the presented material reveals the circumstances of the resolution of the monetary crisis in the Simbirsk and Kazan provinces by using coupons of government interest securities in money circulation. Objectives of Study. The objectives of the study and the subsequent analysis were: to identify the reasons why the central authorities of Russia, as well as the regional authorities of the Simbirsk and Kazan provinces, decided to use funds coupons in money circulation. Materials and Methods. The study relies on archival materials that contain information about the use of coupons of government interest securities in money circulation. In the course of studying these materials, the information reflected in them was systematized and analyzed. A systematic approach, a comparative analysis and a logical generalization of the results were used. The results of the study. In the course of the study, the reasons for the use of coupons of government interest securities in money circulation were identified, the actions of regional and central authorities that allowed the use of coupons as cash equivalents were analyzed. In addition, new historical facts have been established related to the history of the Simbirsk and Kazan provinces. Discussion and Conclusion. The results of the study indicate that the decisions of government authorities, both central and regional, on the use of government interest securities coupons in money circulation were due to the need to find a way to resolve quickly the monetary crisis caused by a shortage of cash.

Keywords: a coupon, government interest securities, a cash equivalent, monetary crisis, inflationary processes, the Simbirsk and Kazan provinces.

For citation: Gvozdkov Yu.Yu. Reasons for adopting coupons of government interest securities into money circulation in the course of aggravation of the monetary crisis of 1917–1918 in the Simbirsk and Kazan provinces. Ekonomicheskaya istoriya = Russian Journal of Economic History. 2020; 16(2): 140–155. (In Russ.). DOI: 10.15507/2409-630X.049.016.202002.140-155.

 

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