Теорія кредиту у науковій спадщині М. Бунге: практичний аспект

Abstract

The article analyzes scientific and practical activities of M. Bunge in the sphere of credit relations. «Theory of Credit» (1852) – one of the first fundamental scientific works of M. Bunge, where he reveals the essence of the loan, its main features and the economic purpose. Credit is a way of exchange where the value of a good or service that will be paid in the future is the object of exchange. The transfer of value is based on the confidence that a reward will be received in the future. Credit is viewed in terms of morality and economic guarantees. In 1868, M. Bunge founded Kyiv Mutual Credit Association and was its chairman until 1871. The Association became one of the most efficient credit institutions in Kyiv and existed until 1918. Private credit was considered by M. Bunge as basis of the development of market economy. The association had to solve the problem of the lack of cheap financing for small businesses. Mortgage loan for urban real estate was used widely. The article analyzes The Statute of the Kyiv Mutual Credit Association and made conclusions about the peculiar features of activity, loan conditions and development of economic operations of the Association. In addition, special attention was paid to the role of the Association in reforming certain provisions of the Statute for all mutual credit associations in the Russian Empire. The Kyiv Mutual Credit Association was one of the first in the Russian Empire who used the Institution of Authorized Representatives instead of a General Meeting for operational activity and control.