Nikita Lychakov

      Mr Nikita Lychakov

      Postgraduate research student

      For media contact email
      or call +44(0)2890 973091.

      View graph of relations

      Research Statement



      • I am an aspiring economic and financial historian. I am working on a dissertation titled Industrialization, Politics, and Banking Instability in Late Imperial Russia.


      Work in Progress

      • ♣ ‘Government-made bank distress: industrialization policies and the 1899-1902 Russian financial crisis’
      • Can industrial policies lead to bank distress? In the 1890s, the Russian Empire was undergoing rapid state-led industrialization. Growth was propelled by foreign capital inflow into national debt and by state procurement of private sector industrial output. Concurrently, state policies incentivized, although not compelled, commercial banks to finance industry. In 1899, the inflow of foreign capital fell sharply, initiating a financial crisis. Based on new historical data, I find that the banks that experienced greater distress in the crisis had more personal connections to government officials who were close to the epicenter of policymaking. Additionally, the banks that suffered greater distress had more personal ties to companies that had been highly stimulated by state policies to expand production. Taken together, these two findings point to a destabilizing impact of national development policies on bank performance.
      • ♣ ‘'All possible methods': saving the Russian financial system in the 1899-1902 crisis’

      • Faced with a systemic financial crisis in 1899, the Russian State Bank went beyond the classical lender of last resort policy and implemented a multifaceted approach to crisis containment. Based on financial statement data and archival records on policy decisions, this paper analyzes the rescue operations and their effect. I find that the multifaceted approach was successful in maintaining price, employment, and financial stability. The evidence also suggests that the State Bank’s crisis response was identical to the types of policies employed by the Federal Reserve during the 2007-09 financial crisis.

      • ♣ ‘From financial crisis to revolution: Russia 1899-1905’

      • Through what channels can financial crises lead to social unrest? This chapter examines the period between a major financial crisis that began in Russia in 1899 and the Russian Revolution of 1905. Based on new aggregate-level data and narrative evidence, this paper finds that in response to the crisis, the Russian government and industry transferred income and wealth from ordinary workers to industrialists and investors. The recipients of transfers weathered the crisis well and profited during the recovery, whereas workers’ wages and wealth stagnated. The evidence also suggests that industry forced the labour force to either work longer hours or more intensively. Ultimately, the distributional effect of the response to the crisis appears to have contributed to the occurrence of labour strikes.



      Guiding Quotes

      • "That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach." - Aldous Huxley
      • "As protection against financial illusion or insanity, memory is far better than law." - John Kenneth Galbraith
      • "A page of history is worth a volume of logic." - Justice Oliver Wendell Holmes Jr.
      • "Those who cannot remember the past are condemned to repeat it." - George Santayana



      Center for Economic History


      Contribution to conference papers, events and activities

      ID: 11186142