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The Banking Crises In The Kingdom Of Serbia In 1908 And 1912


  • Biljana Stojanoviæ

    () (Faculty for International Economy, Belgrade Megatrend University, Belgrad, Serbia)


The aim of this paper is to analyse the first two systemic banking crises in Serbia occurred in 1908 and 1912 – their causes, mechanics and consequences. The analysis shows that the crises were caused by decreased confidence in banks in times of political turmoils and wars but were not long and deep. Also, they did not result in neither, massive bankruptcies of the banks, nor in recessions, in-creased public debt and currency crises. It could be said that both crises were successfully managed, although in a very complex political and economic circumstances, by the concerted actions of the Na-tional Bank and the Serbian state. These actions mainly followed the so called Bagehot’s rule – to lend freely to all banks on the basis of sound collateral but on a penalty rate.

Suggested Citation

  • Biljana Stojanoviæ, 2010. "The Banking Crises In The Kingdom Of Serbia In 1908 And 1912," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 57, pages 275-288, november.
  • Handle: RePEc:aic:journl:y:2010:v:57:p:275-288

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    References listed on IDEAS

    1. José Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 71-96.
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    More about this item


    banking crisis; savings deposits; National bank; credits; cover; crisis containment measures.;

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N2 - Economic History - - Financial Markets and Institutions


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