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A century of monetary reform in South-East Europe: from political autonomy to the gold standard, 1815–1910

  • Matthias Morys (a1)
Abstract

This article documents and analyses monetary reform in Bulgaria, Greece, Serbia and Romania from 1815 (Serbian autonomy within the Ottoman Empire) to 1910, when Greece became the last country in the region to join the gold standard. It explains the five key steps towards monetary reform which the four countries took in the same chronological order, and asks why national coinage and the foundation of a bank of note issue came late in the reform process. The South-East European countries tried to emulate West European prototypes, yet economic backwardness meant such institutions were often different from the outset, remained short-lived or both.

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Corresponding author
Matthias Morys, Department of Economics, University of York, York YO10 5DD , United Kingdom; email: matthias.morys@york.ac.uk.
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I am grateful to the guest editors of this special issue and two anonymous referees for their insightful comments and helpful suggestions. This article draws partly on independent research, partly on work carried out as academic advisor to the South-East European Monetary History Network (SEEMHN) between 2006 and 2014. I owe special thanks (without implicating anyone) to the following people for providing me with feedback, helping me collect the data, sharing their data and/or explaining country-specific idiosyncrasies for which knowledge of the local languages was often essential: Adriana Aloman, Roumen Avramov, Elisabeta Blejan, Olga Christodoulaki, Brandusa Costache, Kalina Dimitrova, Margarita Dritsas, Ljiljana Djurdjevic, Martin Ivanov, Clemens Jobst, Michael Kopsidis, Sofia Lazaretou, Stefan Nikolic, Michael Palairet, Thomas Scheiber and Milan Sojic.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

M. Flandreau (1996). The French crime of 1873: an essay on the emergence of the international gold standard, 1870–1880. Journal of Economic History, 56, pp. 862–97.

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Financial History Review
  • ISSN: 0968-5650
  • EISSN: 1474-0052
  • URL: /core/journals/financial-history-review
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