'Propitious contrast': Romanian borrowing in a Balkan mirror, 1878-1913

Andreea Alexandra Maerean*, Maja Pedersen, Paul Sharp


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How was Romania able to borrow cheaply on the international capital markets before World War I? We explore this within the context of its three southeast European neighbours, Bulgaria, Greece and Serbia, using a novel dataset of monthly bond prices from the Berlin and London stock exchanges. A comparison of country characteristics and panel data analysis suggests that Romania was able to borrow under more favourable conditions due to its abundant natural resources and desirable exports.

TidsskriftFinancial History Review
Udgave nummer1
Sider (fra-til)100-123
StatusUdgivet - 18. apr. 2023

Bibliografisk note

Publisher Copyright:
Copyright © The Author(s), 2022. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History.


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