БРИТАНСКИ КАПИТАЛ И ЗАКОНСКА СТАБИЛИЗАЦИЈА ДИНАРА У КРАЉЕВИНИ ЈУГОСЛАВИЈИ – НЕУСПЕО ПОКУШАЈ СКЛАПАЊА СПОРАЗУМА СА БАНКАРСКОМ КУЋОМ РОТШИЛД ИЗ ЛОНДОНА
BRITISH CAPITAL AND THE LEGAL STABILIZATION OF THE DINAR IN THE KINGDOM OF YUGOSLAVIA: AN UNSUCCESSFUL ENDEAVOR TO CONCLUDE AN AGREEMENT WITH THE ROTHSCHILD BANKING HOUSE IN LONDON

Author(s): Sonja Jerković
Subject(s): Economy, National Economy, Economic development, Interwar Period (1920 - 1939), Financial Markets, Public Finances, Socio-Economic Research
Published by: Institut za noviju istoriju Srbije
Keywords: National Bank; stabilization; loan; Rothschild Bank; Ministry of Finance; Kingdom of Yugoslavia
Summary/Abstract: The overarching theme of this article encompasses the stabilization of the dinar and endeavors surrounding the pursuit of a loan within the United Kingdom. Thanks to extensive archival resources, we are now able, for the first time, to comprehensively trace all stages of negotiations and activities pertaining to the prospective loan agreement within the United Kingdom. Two distinct streams of activity are discernible, one affiliated with the National Bank and the other associated with the Ministry of Finance. The documents unequivocally demonstrate the state leadership’s efforts to seek foreign funding for substantial investment initiatives, concurrently falling short in fulfilling the obligations associated with convertibility. Moreover, political stakeholders exhibited reluctance to relinquish control over the National Bank’s capital and its customary utilization to cover budgetary shortfalls. Recent findings indicate that political and national disputes directly influence economic and financial dynamics. Confronted with delays, Yugoslavia initiated the legal stabilization of the dinar amidst the escalation of Europe’s economic crisis, resulting in significant detriment to both society and the economy.

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