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The National Bank of Romania and its Isuue of Banknotes between Necessity and Possibility, 1880 - 1914

Author

Listed:
  • George Virgil Stoenescu

    (National Bank of Romania)

  • Elisabeta Blejan

    (National Bank of Romania)

  • Brindusa Costache

    (National Bank of Romania)

  • Adriana Iarovici Aloman

    (National Bank of Romania)

Abstract

The paper looks at the National Bank of Romania’s issue of banknotes from 1880 through 1914, highlighting the developments in the notes’ cover, the channels whereby the central bank put its notes into circulation, as well as the behaviour of the issuing house during episodes of crisis. The narrative evidence reveals that the Bank had successfully managed its seignorage right and maintained a stable and trustworthy domestic currency that ensured the country’s economic development in line with the other European economies of the time.

Suggested Citation

  • George Virgil Stoenescu & Elisabeta Blejan & Brindusa Costache & Adriana Iarovici Aloman, 2008. "The National Bank of Romania and its Isuue of Banknotes between Necessity and Possibility, 1880 - 1914," Working Papers 88, Bank of Greece.
    • Handle: RePEc:bog:wpaper:88
    as

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    File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper200888.pdf
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    References listed on IDEAS

    as
    1. Frédéric Zumer & Marc Flandreau, 2004. "The making of global finance : 1880-1913," Post-Print hal-03588770, HAL.
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    Cited by:

    1. Dimitrios Sideris, 2011. "Optimum currency areas, structural changes and the endogeneity of the OCA criteria: evidence from six new EU member states," Applied Financial Economics, Taylor & Francis Journals, vol. 21(4), pages 195-206.
    2. Andreea-Alexandra Maerean & Maja Pedersen & Paul Sharp, 2021. "Sovereign Debt and Supersanctions in Emerging Markets: Evidence from Four Southeast European Countries, 1878-1913," Working Papers 0216, European Historical Economics Society (EHES).

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    More about this item

    Keywords

    Money circulation; Banknote issue; Cover stock; Mortgage notes; Gold standard;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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