The Role of Mikhail Speransky in the Financial System Reform

  • Dzhenevra LUKOVSKAYA St. Petersburg State University, Russia
  • Natalya SHEVELEVA St. Petersburg State University, Russia
  • Svetlana VOLKOVA St. Petersburg State University, Russia
  • Ilya VASILYEV St. Petersburg State University, Russia
  • Andrey ILYIN St. Petersburg State University, Russia

Abstract

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 A financial fund was created for the compensation of assignations withdrawn from circulation that have fallen into the category of public debt.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.

References

[1] Beglov, A.L. 2014. The Orthodox parish of the Russian Empire as an object of the fiscal policy of the secular and church authorities in the late XIX – early XX century. Bulletin of Saint Tikhon's Orthodox University. Series 2: History, 2(57): 56-81.
[2] Belousov, V.D., and Biryukov, V.A. 2014. The appearance of government bills in Russia and the problems of their treatment. Bulletin of the Samara State Technical University, 4(14): 7-15.
[3] Bliokh, I.S. 1882. Russian Finance of the XIX century. History of Statistics. Moscow: Misl.
[4] Bochkareva, E.S. 2015. Transformation of the Zlatoust plant in state ownership at the end of the XVIII century. Bulletin of the Chelyabinsk State University, 14 (369): 109-115.
[5] Borisov, N.A. 2016. Social policy and modernization of the Russian economy. Socio-economic phenomena and processes, 11(1): 7-12.
[6] Boyko, A.N. 2016. Super-state-corporation of Russia: Present and Future. Economics and Entrepreneurship, 1(66): 356-362.
[7] Bykov, V.A., and Kopanev, A.A. (2015), Experience of M.M. Speransky tax reforms in 1810 and the present. Scientific Journal ITMO. Series: Economics and Environmental Management, 2: 126-131.
[8] Demidov, A. 2015. ‘Generic function’ of the Federal Treasury. Public service, 1 (93): 56-59.
[9] Dubrovin, N.F. 1883. Letters of the most important figures in the reign of Emperor Alexander I (1807-1829). Moscow: Progress.
[10] Ivankova, A.A. 2015. Monetary control of the Bank of Russia and its impact on the market of loan capital. Business. Education. Right. Bulletin of the Volgograd Institute of Business, 1(30): 27-30.
[11] Janova, E.A., Mikhalevsky, D.A., Sukhov, D.A., and Ufimtseva, A.Y. 2016. The effectiveness of the monetary policy of the Central Bank of the Russian Federation in 2014 and 2015. Fundamental research, 2(3): 674-678.
[12] Karavaeva, I.V. 2016. The Federal Budget – 2016: unused resources. Bulletin of the Institute of Economics of the Russian Academy of Sciences, 1: 18-28.
[13] Korf, M.A. 1861. The life of Count Speransky. 1 edition. Moscow: Nauka.
[14] Kot, E.M., and Saburova, L.V. 2016. The development of international practice of management accounting in the public and commercial sectors of the economy. Urals Agricultural Gazette, 2 (144): 76-79.
[15] Kovtun, L.R. 2015. From a centralized to a decentralized system of treasury execution of the budget. Baikal Research Journal, 6(4): 1-5.
[16] Kozyrina, A.N. 1998. At the root of the financial law. Moscow: Nauka.
[17] Manifesto of the formation of the State Council on January 1 1810. 1830. Complete Collection of Laws of the Russian Empire since 1649. T. XXI. 1810-1811. № 24064. Moscow: Arkhiv.
[18] Maximova, E.M. 2012. Formation of a unified system of financial and treasury bodies of the Russian Empire in the ministerial reform in the first quarter of the XIX century. Scientific notes of St. Petersburg n.a. V.B. Bobkov branch of the Russian Customs Academy, 2 (42): 83-89.
[19] Meliksetyan, S.N. 2016. The federal budget's role in solving the financial problems of socio-economic development of the Russian state. Science Almanac, 2(16): 231-239.
[20] Migashkina, E.S. 2016. Reforming the tax on personal property and its impact on revenues. Economy. Taxes. Right, 1(1): 135-142.
[21] Nekludov, E.G. 2015. The privatization of state-owned factories and mines in the Urals, in the context of the mining reform 1860-1870. Bulletin of the Chelyabinsk State University, 14 (369): 116-123.
[22] Pashentsev, D.A. 2011. Taxation in the financial and legal thought of the Russian Empire. Bulletin of the Moscow City Pedagogical University. Series: Legal Science, 2: 29-33.
[23] Povetkina, N.A. 2015. Concept and legal measures to ensure a balanced budget. Bulletin of the Novosibirsk State University. Series: Law, 11(3): 66-77.
[24] Pronina, L.I. 2015a. On the Federal Budget for 2015 and the planning period of 2016 and 2017: changes of 2015. Economics and Management: Problems, Solutions, 9: 210-221.
[25] Pronina, L.I. 2015b. Government priorities in the draft federal law ‘On the Federal Budget for 2015 and the planning period of 2016-2017’. National interests: priorities and security, 4: 2-12.
[26] Senchagov, V.K. 2016. Monetary circulation and credit. Bulletin of the IE RAS, 1: 7-17.
[27] Speransky, M.M. 2011. The power of the government. Russian social and political thought, first half of the XIX century. A.A. Shirinyantsa (ed.). Moscow: Reader.
[28] Surovtseva, M.A. 2016. Budget as the main tool of social sphere of regulation. Politics, economics and the social sphere: problems of interaction, 3: 94-97.
[29] Tokayeva, S.K., and Dzhioeva, G.L. 2015. The State debt of the Russian Federation: the content, significance and current realities. Economics and Entrepreneurship, 11 (64): 34-36.
[30] Tsaregradskaya, J.K. 2015. Public debt in pre-revolutionary Russia: historical and legal aspects of the formation and development. Actual problems of Russian law, 7(1): 65-70.
[31] Tsvirko, S.E. 2016. The conceptual development of public debt management. Science and modernity, 43: 236-252.
[32] Tulyev, V. 2014. History of Russian money from the tenth century to the present day. Moscow: Press.
[33] Vassel, T.A. 2015. The Treasury of Russia in the forefront of reform. Bulletin of the University of Finance, 4 (88): 83-93.
[34] Vedernikov, V.V. 2016. Transition to a new production scheme in Kolyvan-Voskresensk and Nerchinsk factories in the second half of the XVIII century. Ural Historical Journal, 1 (50): 109-118.
Published
2017-02-11
How to Cite
LUKOVSKAYA, Dzhenevra et al. The Role of Mikhail Speransky in the Financial System Reform. Journal of Advanced Research in Law and Economics, [S.l.], v. 7, n. 6, p. 1442-1449, feb. 2017. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/638>. Date accessed: 23 nov. 2024.
Citation Formats
Issue
Vol 7 No 6 (2016): Vol 7, No 6(2016): JARLE, Volume VII, Issue 6(20), Fall 2016
Section
Articles

Keywords

financial system; budgetary system; Speransky; Russia

The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.