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The Struggles for the Establishment of the National Bank of Moldavia In Light of the Theory of Political Entrepreneurship

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  • Tudor Gherasim Smirna
  • Mihai-Vladimir Topan

Abstract

At the middle of the XIX century, the historical provinces of Moldavia and Wallachia had simultaneous and coordinated plans to establish two national banks, one for each province, as state-sanctioned, official, central banks. While the plan for the Wallachian central bank was thwarted by the ouster of Prince Barbu Dimitrie Stirbey in 1851, the plan for the National Bank of Moldavia was finally realized by Prince Grigore Alexandru Ghica, in 1856, when the international developments weakened the grip that the Russian Empire had over Moldavia. The first Romanian National Bank was, however, a short-lived initiative. In this paper, we will look at the way it was established.

Suggested Citation

  • Tudor Gherasim Smirna & Mihai-Vladimir Topan, 2015. "The Struggles for the Establishment of the National Bank of Moldavia In Light of the Theory of Political Entrepreneurship," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 18(56), pages 167-180, June,.
    • Handle: RePEc:rej:journl:v:18:y:2015:i:56:p:167-180
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    References listed on IDEAS

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    1. Walter Block & Thomas J. DiLorenzo, 2000. "Is Voluntary Government Possible? A Critique of Constitutional Economics," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(4), pages 567-567, December.
    2. J. R. T. Hughes, 1956. "The Commercial Crisis Of 1857," Oxford Economic Papers, Oxford University Press, vol. 8(2), pages 194-222.
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    Cited by:

    1. Tudor Gherasim Smirna, 2016. "Victor Place As Early Advocate Of Fractional Reserve Central Banking In Romania," Review of Social and Economic Issues, Romanian-American University, vol. 1(3), pages 57-75, march.
    2. Tudor Gherasim SMIRNA, 2015. "The Failure Of The First Romanian Central Bank: Bad Design, Bad Luck, Or Both?," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(2a), pages 627-636, September.

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    More about this item

    Keywords

    Political Entrepreneurship; Central Banking;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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