Place of Russia in the history of financial innovations

The article analyzes the most important financial innovations in history from the point of view of the theory of real money. The author focuses on macro level innovations. He concludes that the interconnection of the introduction of financial innovations and the growth of power of the Russian state at different historical stages. It proposes a scheme for using public debt as a stabilizer of the financial system and the basis for the growth of the Russian economy in the coming years.