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

Andreea Alexandra Maerean*, Maja Pedersen, Paul Sharp

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review


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.

Original languageEnglish
JournalFinancial History Review
Issue number1
Pages (from-to)100-123
Publication statusPublished - 18. Apr 2023

Bibliographical note

Funding Information:
We would like to thank the journal editor, two excellent anonymous reviewers, Philipp Ager, Alina Blejan, Carsten Burhop, Stéphanie Collet, Peter Sandholt Jensen, Markus Lampe, Eoin McLaughlin, Kris Mitchener, Matthias Morys, Stefan Nikolic, Martin Pontzen and John Turner for feedback, help and suggestions. We would also like to thank Minhua Wan at the London Stock Exchange Project, Yale School of Management for providing access to some of the data from London used in this article, and to Manuel Marx for his conscientious collection of much of the Berlin data, the latter of which was in part made possible thanks to a generous Exploratory Travel and Data Grant from the Economic History Association. Finally, thanks are also due to Frederikke Frehr Kristensen for excellent research assistance.

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


  • creditworthiness
  • emerging markets
  • Romania
  • sovereign debt


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