Origin of interest rates and their evolution: comparison with previous credit schemes and impact on the availability of redemption for farmers

Анотація

This article analyzes the origin and evolution of interest rates in the tsarist decrees of 1864 in the context of peasant reform in Ukraine. Based on primary sources (a collection of decrees from 1862–1864, the “Index” of March 23, 1864) and secondary literature, the article examines credit schemes prior to 1864, the emergence of fixed rates (5% for loans, 6% for redemption payments), their comparison with previous models (inventories of 1847, reform of 1861), and their impact on the affordability of redemption for peasants. It was found that the rates were derived from European models, but in the imperial context led to overpayments of up to 2.5 times, limiting accessibility due to small land holdings (30–59% of farms with <4 dessiatines) and debts. The analysis is based on the historical-economic method, with an emphasis on the regional characteristics of Right-Bank Ukraine. Key findings: the reforms stimulated the land market but increased social tensions, leading to unrest (e.g., Chyhyryn 1868–1875 ).

Ключові слова: interest rates; redemption payments; peasant reform of 1861; credit schemes of 1864; affordability of redemption; small landholdings; Dnieper Ukraine

Як цитувати

@article{internauka11667,
  author   = {Муляр, Анатолій Миколайович},
  title    = {Origin of interest rates and their evolution: comparison with previous credit schemes and impact on the availability of redemption for farmers},
  journal  = {Міжнародний науковий журнал «Інтернаука»},
  year     = {2025},
  number   = {12},
  doi      = {10.25313/2520-2057-2025-12-11667},
  url      = {https://www.inter-nauka.com/issues/2025/12/11667}
}

TY  - JOUR
AU  - Муляр, Анатолій Миколайович
TI  - Origin of interest rates and their evolution: comparison with previous credit schemes and impact on the availability of redemption for farmers
JO  - Міжнародний науковий журнал «Інтернаука»
PY  - 2025
IS  - 12
SN  - 2520-2057
DO  - 10.25313/2520-2057-2025-12-11667
UR  - https://www.inter-nauka.com/issues/2025/12/11667
LA  - en
ER  -