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Foreign long term government loans of Serbia 1862-1914

  • Dragana Gnjatović

    (Faculty of Geo-Economy, Megatrend University)

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    The paper gives an overview of foreign government loans to Serbia from 1862 to 1914. It considers the reasons for borrowing abroad and the conditions under which foreign banks placed Serbian government bonds on the European capital markets. Special attention is paid to the phenomenon of foreign government loans issued below par. Also, an analysis is made of the relationship between the stability of government finances and effective interest rates.

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    File URL: http://www.nbs.rs/export/internet/latinica/90/SEEMHNkonferencija/SEEMHN_2_Dragana_Gnjatovic.pdf
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    Paper provided by National Bank of Serbia in its series SEEMHN papers with number 11.

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    Length: 21 pages
    Date of creation: Mar 2009
    Date of revision:
    Handle: RePEc:nsb:seemhn:11
    Note: The paper was presented at the Fourth Annual SEEMHN Conference hosted by the National Bank of Serbia, 27 March 2009 in Belgrade.
    Contact details of provider: Postal: 12 Kralja Petra St, 11 000 Belgrade
    Phone: 381-11/3248-841
    Fax: 381-11/3234-120
    Web page: http://www.nbs.rs/Email:


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    1. Rui Pedro Esteves, 2007. "Quis custodiet quem? Sovereign Debt and Bondholders` Protection Before 1914," Economics Series Working Papers 323, University of Oxford, Department of Economics.
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