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Victor Place As Early Advocate Of Fractional Reserve Central Banking In Romania

Author

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  • Tudor Gherasim Smirna

    (Bucharest University of Economic Studies)

Abstract

This article discusses two early documents on the theory and policy of money and banking in Romania. They are authored by Victor Place, a French diplomat and Consul in the Principality of Moldavia, whose role in the institutional transformation of the country cannot be underestimated. The two documents analyze the design and the problems of banking in the Principalities. The author’s attempt to offer a systematic treatment gives me the opportunity to show his errors and contradictions in light of modern theory. In order to understand what were the other available policy alternatives for the emerging Romanian state, I will also put his analysis in contemporaneous Western perspective.

Suggested Citation

  • Tudor Gherasim Smirna, 2016. "Victor Place As Early Advocate Of Fractional Reserve Central Banking In Romania," Review of Social and Economic Issues, Romanian-American University, vol. 1(3), pages 57-75, march.
    • Handle: RePEc:rau:rseijr:v:1:y:2016:i:3:p:57-75
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    File URL: http://www.rebe.rau.ro/RePEc/rau/rseijr/SP16/RSEI-SP16-A2.pdf
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    References listed on IDEAS

    as
    1. Tudor Gherasim SMIRNA, 2015. "The Failure Of The First Romanian Central Bank: Bad Design, Bad Luck, Or Both?," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(2a), pages 627-636, September.
    2. Tudor Gherasim Smirna & Mihai-Vladimir Topan, 2015. "The Struggles for the Establishment of the National Bank of Moldavia In Light of the Theory of Political Entrepreneurship," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 18(56), pages 167-180, June,.
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    1. Tudor Gherasim SMIRNA, 2015. "The Failure Of The First Romanian Central Bank: Bad Design, Bad Luck, Or Both?," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(2a), pages 627-636, September.

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