Democratic prospects in Imperial Russia: The revolution of 1905 and the political stock market

Alexander Opitz

No 15-2015, Hohenheim Discussion Papers in Business, Economics and Social Sciences from University of Hohenheim, Faculty of Business, Economics and Social Sciences

Abstract: This paper assesses the attitude of investors towards Democratic change by performing an event study using Russian government bonds. The Revolution of 1905 offers an ideal occasion as, alongside the related revolutionary events, it was accompanied by two opposing constitutional changes within a short period of time. This study contributes to the debate as to whether Imperial Russia could possibly have followed other Western European states, i.e. gradually adopting a democratic rule, or whether a revolution was inevitable - as the writing of Soviet history suggests. Furthermore, the Russo-Japanese War is taken into consideration. The results are basically in line with the literature on the impact of wars on capital markets. Prices of two types of bonds on both the Saint Petersburg and the Berlin stock exchange are employed. As it turns out, investors in the East and West were largely consistent in their reactions.

Keywords: russian economic history; political stock market; Democratic change; impact war on stock markets (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-cis and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/125873/1/845974122.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:hohdps:152015

Access Statistics for this paper

More papers in Hohenheim Discussion Papers in Business, Economics and Social Sciences from University of Hohenheim, Faculty of Business, Economics and Social Sciences Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().