LEGAL CONDITIONS OF ACTIVITY OF CREDIT INSTITUTIONS OF SOUTHERN UKRAINE IN THE FIRST HALF OF THE 19TH CENTURY
Abstract
Purpose: the purpose of this article was to analyze the legal conditions of activity of credit and banking institutions in Southern Ukraine in the first half of the 19th century, how they differed from general imperial trends, and how this affected the economic development of the region. Could we say that the all-imperial credit legislation helped in the development of the South of Ukraine, or was it mainly the merit of local private initiative and local leader ship.
Methods: general research methods are used – analysis, synthesis, as well as historical and comparative.
Results: Opinion about the absence of organized private credit in Ukraine in the first half of the 19th century. does not correspond to historical reality. The centers are Odesa and Berdychiv.
Conclusions: The credit operations of foreign bankers in the South of Ukraine, primarily in Odesa, were opposed to the unsatisfactory state of organization of the credit policy of the Russian government in relation to Ukraine. The credit operations of Odessa bankers were of a commercial nature and were closely connected with the activities of the Odessa port, and this was precisely the great importance of Odessa private credit, since trade credit was the weakest point throughout the territory of the empire. State credit institutions in the Russian Empire at the beginning of the 19th century. continued to serve most ly landowners. A small network of state-owned banks was a practical monopoly on the money market. Relatively high profits and full security of deposits at tracted not only Russian but also foreign depositors to Russian banks. Thus, in a country characterized by an extremely poor money market, state banks diverted funds from industrial and commercial use. The country’s legislation did not improve the situation.
In Odesa, banking actually originated at the end of the 18th century, and was concentrated mainly in the hands of Greek and Italian merchants. Gradually, they were forced to give way to credit in favor of local trade and loan capital
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