Establishment of joint-stock banks in the Russian Empire in 1864–1873: statistical analysis

The article is dedicated to the process of the emergence of joint-stock banks in the Russian Empire between 1864 and 1873. This period was characterized by a large-scale entrepreneurial movement, which was linked not only to a general economic upturn but also to changes in the legislative environment that allowed entrepreneurs to create new financial institutions. Of particular significance is the fact that the banks represented projects of various scales and profiles, from large commercial centers to regional initiatives, often faced with a shortage of capital and organizational difficulties. The research covers not only the banks that began functioning and proved resilient, but also the numerous projects that failed to materialize or ceased operations shortly after their establishment. Such an approach allows examining the banking system not as a result of the activities of only successful players, but as a collection of trials and errors that comprised the process of institutional development. The work employs statistical analysis of the approved charters and the subsequent fate of banks in dynamics and regional context. The scientific novelty of the research lies in the comprehensive coverage of the entire spectrum of joint-stock banking projects, which allows for a new perspective on the scale and nature of banking entrepreneurship. The findings demonstrate that the formation of the banking system was accompanied by a high degree of failure, which has previously been insufficiently addressed in historiography. The entrepreneurial boom of the early 1870s turned out to be short-lived, and its outcomes significantly shaped the crisis of subsequent years. Regionally, differences were identified between stable metropolitan banks and more risky provincial projects, especially in the south of the country. The results of the study underscore that the process of bank establishment in the examined period was complex and contradictory. The establishment of a new banking system proved not to be as favorable as suggested by the scientific literature.