ABSTRACT

Who pays for financial crises? This paper examines the period between the major Russian financial crisis of 1899–1902 and the Russian Revolution of 1905. Using newly constructed 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, while employees’ wages and wealth fell behind.

中文翻译：

---

金融危机的分配效应：俄罗斯 1899-1905

摘要

谁为金融危机买单？本文考察了 1899-1902 年俄罗斯主要金融危机和 1905 年俄国革命之间的时期。利用新构建的总体数据和叙事证据，本文发现，为应对危机，俄罗斯政府和工业转移了收入以及从普通工人到实业家和投资者的财富。受援方渡过危机，在复苏中获利，而员工工资和财富则落后。