About the Department
The Department of Financial Markets and Banks was formed as per the Academic Council Resolution (Minutes No. 44 of 26 May 2016)
Department Operational Regulations
The following teaching Departments are part of the Department of Financial Markets and Banks:
- Department of Banks and Bank Management
- Department of Monetary Relations and Monetary Policy
- Department of Financial Markets and Financial Engineering
- Center for Monetary Policy
The Department's key goal is to observe and respect the academic traditions developed within the theory of money, credit and banking and to use the practice-oriented approach while operating as a higher education institution department. Today, the Department of Financial Markets and Banks trains experts in banking. It established solid partner relations with the Bank of Russia, leading business companies, banking professionals' associations, development banks, investment companies, stock exchanges, professional securities market players, bank consulting agencies and audit companies long ago. The partners jointly implement educational projects, develop course curricula, conduct research conferences and organize practical trainings for the bachelor and master degree students. The Department's researchers and teaching staff have published dozens of manuals and textbooks recently. The well-known textbooks titled Money, Credit, Banks and Banking edited by Professor Oleg Lavrushin are in the list of works by the Department teaching staff. Many Russian universities use the manuals. The history of the Department is closely connected with the history of the Financial University.
The Financial University under the Government of the Russian Federation was called the Moscow Institute of Finance in the recent past. It was formed in September 1946 as a result of the merger of two higher education institutions, the Moscow Institute of Finance and Economics and the Moscow Institute of Lending and Economics. The course of Money, Credit, Banks has been one of the key courses offered by the Moscow Institute of Finance and Economics since 1919 when the Institute was formed. K. K. Lupandin taught the course. At first, divisions were organized instead of teaching departments. One of the divisions that taught a course in Banking and Finance was formed in July 1930. The Department of Money and Credit and the Department of the Credit System and Credit Planning were formed at the Moscow Institute of Finance and Economics in early 1931. The Moscow Institute of Lending and Economics was established in the mid-30s.
The Department of Money Circulation and Credit System of the Capitalist Countries and the Department of Money Circulation and Credit System of the USSR were formed. They were headed by Professor Z. V. Atlas and Professor V. V. Ikonnikov. The Department of Money Circulation and Credit System of the Capitalist Countries was liquidated in 1937 and the Department of Money Circulation and Credit System of the Capitalist Countries and the USSR was formed. Professor Yu. E. Shenger worked at the Department at that time. Later, the Department of Credit System and Crediting Techniques was formed at the Moscow Institute of Lending and Economics. Professor M. M. Usoskin became Head of the Department in 1941. In 1946, the Department of Credit System and Crediting Techniques was liquidated as a result of the merger of the Moscow Institute of Finance and Economics and the Moscow Institute of Lending and Economics and the Department of Crediting Business became its successor at the Moscow Institute of Finance. M. M. Usoskin became Head of the Department. The Department of Money Circulation and Credit System of the USSR was formed at the Moscow Institute of Finance and Economics during the same period. Professor Z. V. Atlas became Head of the Department in April 1944.
The Department of Money Circulation and Credit System of the USSR was liquidated in 1946 and the Department of Money Circulation and Credit System of the USSR and Foreign Countries was formed at the Moscow Institute of Finance. The Department was headed by Professor Z. V. Atlas. In the early 50s, there were few teaching staff members at the Department of Money Circulation and Credit System of the USSR and Foreign Countries. Professor Z. V. Atlas headed the Department. There were Professor G. A. Shvarts, Associate Professor B. K. Shchurov, Professor L. I. Kolychev and two more instructors at the Department. This is what L. N. Zaitseva, lecturer at the Department of Monetary Relations and Banks recalls. Then Professor L. N. Krasavina and Associate Professor L. N. Zaitseva became staff members of the Department. Professor V. S. Gerashchenko has been Head of the Department of Money Circulation and Credit since 1962. The Department of Money Circulation and Credit and the Department of Crediting Business merged in May 1964. The Department of Money Circulation and Credit was formed. It was headed by Professor V. S. Gerashchenko.
Professor O. I. Lavrushin has headed the Department of Money Circulation and Credit since 1975. It has been called the Department of Banks and Bank Management since 2009. In July 2016, some teaching departments merged and the Department of Financial Markets and Banks was formed. Oleg Lavrushin became Head of the Department. The Department of Financial Markets and Financial Engineering (opened in 1993) plays a significant part in the establishment of the Department of Financial Markets and Banks.
At that time, the Department was called the Department of Securities and Stock Exchange Industry. It was the first Department of Securities and Stock Exchange Industry in Russia. The Department developed the curricula for the higher education programs in securities and derivatives market. Professor Yakov Mirkin was the Department founder. He is a well-known scholar whose specialism is securities and financial markets.
