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THE NATIONAL BANK OF ROMANIA AND ITS ISSUE OF BANKNOTES BETWEEN NECESSITY AND POSSIBILITY, 1880-1914

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.

Keywords: Money circulation; Banknote issue; Cover stock; Mortgage notes; Gold standard

JEL classification: N13; N23; E42; E52; G21

Acknowledgements: George Virgil Stoenescu is the coordinator of this research project. The paper presents the views of the authors, without involving or engaging the National Bank of Romania.

Correspondence:

Professor George Virgil Stoenescu
National Bank of Romania
Member of the Managing Board
25 Lipscani Street, Sector 3, 030031
Bucharest, Romania
e-mail: Virgiliu.Stoenescu@bnro.ro


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