‘Propitious contrast’: Romanian borrowing in a Balkan mirror, 1878–1913

Andreea-Alexandra Maerean, Maja Pedersen and Paul Sharp

Financial History Review, 2023, vol. 30, issue 1, 100-123

Abstract: 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.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cup:fihrev:v:30:y:2023:i:1:p:100-123_5

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