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Dependent monetary regimes in the Balkans

Author

Listed:
  • Eric Magnin

    (University Paris Cite, France)

  • Nikolay Nenovsky

    (University of Picardie Jules Verne, France)

Abstract

In this article, we look at the main stages of the monetary systems in the Balkans, representing a cyclical alternation of dependent models, each of them effectively serving the relationship of the Balkan peripheral economies with their dominant military, geopolitical and economic centre. This centre of attraction is the anchor against which the monetary regime of the periphery is adjusted. We consider four periods: (i) the building of a national monetary system after long years of Ottoman domination, and especially the accession to the Latin Monetary Union, (ii) the adoption of the rules of the League of Nations and monetary stabilizations based on the gold exchange standard, (iii) the inclusion in the German Lebensraum and the system of currency control and clearings, and finally (iv) the Soviet zone and the COMECON, the mechanism of passive money and the transferable ruble. In the last period we present the Yugoslav monetary regime, which was attached to the West.

Suggested Citation

  • Eric Magnin & Nikolay Nenovsky, 2022. "Dependent monetary regimes in the Balkans," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 171-200, June.
    • Handle: RePEc:nwe:eajour:y:2022:i:2:p:171-200
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    Keywords

    exchange control; Balkan economies; Balkan monetary history; dependent monetary regime; bimetallism; monetary stabilisation; gold exchange standard; clearing; transferable ruble;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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