THE HISTORY of COINS in ROMANIA (Cca
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Romanian Foreign Policy (1878-1914)
World Wide Journal of Multidisciplinary Research and Development WWJMRD 2017; 3(11): 69-74 www.wwjmrd.com International Journal Peer Reviewed Journal Romanian foreign policy (1878-1914) Refereed Journal Indexed Journal UGC Approved Journal Dragos Ionut ONESCU Impact Factor MJIF: 4.25 e-ISSN: 2454-6615 Abstract Prior to independence, Romania has conducted foreign policy actions aimed at achieving this Dragos Ionut ONESCU objective (see trade convention with Austria-Hungary in 1875) and after 1878 was sought to ensure Strasbourg University/Babes- Bolyai University Cluj- security through political alliances with neighboring countries and powers. One of the main foreign Napoca, Romania policy issues, with important consequences and the territorial integrity of the Romanian Principalities and then was the status of the Danube. In the present paper I analyzed the Romanian foreign policy between 1878 and 1914. Keywords: Romanian Foreign Policy, International Relations, Security, Foreign Policy Introduction The first time the issue is considered Danube is the Treaty of Bucharest between Russia and Turkey, signed on May 28, 1812, which ended the Russo-Turkish war took place between 1806 and 1812. The Clashes of interest between the major European powers were put on the agenda the need to solve the problem of freedom of navigation on international rivers and its consecration in an international act. Used the occasion to ensuring this was the Peace Congress in Vienna, met after the first abdication of Napoleon. The Final Act 1815 states in Articles 108-118, fundamental principles of river. Under Article 109, navigation on international rivers was free for all states without distinction between riparian and non-riparian states; is accurate but that freedom of navigation applies only to commercial navigation, not for the war. -
Country Report Romania 2020
EUROPEAN COMMISSION Brussels, 26.2.2020 SWD(2020) 522 final COMMISSION STAFF WORKING DOCUMENT Country Report Romania 2020 Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN CENTRAL BANK AND THE EUROGROUP 2020 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011 {COM(2020) 150 final} EN EN CONTENTS Executive summary 4 1. Economic situation and outlook 9 2. Progress with country-specific recommendations 17 3. Summary of the main findings from the MIP in-depth review 21 4. Reform priorities 25 4.1. Public finances and taxation 25 4.2. Financial sector 30 4.3. Labour market, education and social policies 33 4.4. Competitiveness, reforms and investment 45 4.5. Environmental Sustainability 63 Annex A: Overview Table 67 Annex B: Commission debt sustainability analysis and fiscal risks 75 Annex C: Standard Tables 76 Annex D: Investment guidance on Just Transition Fund 2021-2027 for Romania 82 Annex E: Progress towards the Sustainable Development Goals (SDGs) 85 References 90 LIST OF TABLES Table 1.1: Key economic and financial indicators 16 Table 2.1: Assessment of 2019 CSR implementation 19 Table 3.1: MIP assessment matrix (*) - Romania 2020 23 Table C.1: Financial market indicators 76 Table C.2: Headline Social Scoreboard indicators 77 Table C.3: Labour market and education indicators 78 Table C.4: Social inclusion and health -
Romanian Financial Highlights EN December
NEWS Romanian Financial Highlights – December 2012 Currency quotations Foreign exchange rates BNR base interest December 31, 2012 Quotation Date RON/EUR RON/USD Date Inflation rate % rate EUR/USD 1,32 21.dec 4,4451 3,3636 oct.12 0,29 Oct 5.25% USD/JPY 0,86 24.dec 4,4231 3,3468 nov.12 0,04 Nov 5.25% GBP/USD 1,62 27.dec 4,4296 3,3384 dec.12 0,60 Dec 5.25% USD/CHF 0,92 28.dec 4,4291 3,3619 2011 5,79 EUR/CHF 1,21 31.dec 4,4287 3,3575 2012 4,95 Source: National Bank of Romania, National Institute of Statistics RON/USD Evolution of National Currency (2010-2012) Evolution of national Currency (last month) - RON/EUR Evolution of national Currency (last month) - RON/USD RON/EUR 4,7 4,6800 3,5500 4,6400 4,2 3,4800 4,6000 4,5600 3,4100 3,7 4,5200 3,3400 4,4800 3,2 3,2700 4,4400 4,4000 3,2000 2,7 c c c c c c c 1 2 2 ec ec ec ec ec ec e e ec ec ec ec ec ec ec ec -10 11 -11 -11 -1 -11 12 -12 12 -12 -12 -1 12 D D D D D D D D D D D D D D D b-11 r- n ct b-12 n g-1 p ct v- -De -D -De - -De ec Jan-11 e pr Ju Jul-11 Jan- e pr ay- Ju Jul-12 u e 1-Dec 3- 5-Dec 7-Dec 9-Dec 9-De 1- 3 5- 7- 9-Dec 9-De D F Ma A May-11 Aug-11 Sep-11 O Nov Dec-11 F Mar-12 A M A S O No Dec-12 11- 13- 15 17- 1 21 23-Dec 25 27-Dec 29- 31-Dec 11-Dec 13-Dec 15- 17-Dec 19- 21- 23- 25- 27- 2 31 Deposits interest Futures quotations BMFMS 1) Futures quotations BMFMS Maturity Interest Interest Contract Maturity Amount Contract Maturity Amount ROBID ROBOR RON RON 1 month 5,54% 6,04% EUR/RON mar.13 4,5050 DESNP mar.13 0,4315 3 months 5,55% 6,05% EUR/RON iun.13 4,5500 DETLV mar.13 0,8715 6 months -
3. VALUATION of BONDS and STOCK Investors Corporation
3. VALUATION OF BONDS AND STOCK Objectives: After reading this chapter, you should be able to: 1. Understand the role of stocks and bonds in the financial markets. 2. Calculate value of a bond and a share of stock using proper formulas. 3.1 Acquisition of Capital Corporations, big and small, need capital to do their business. The investors provide the capital to a corporation. A company may need a new factory to manufacture its products, or an airline a few more planes to expand into new territory. The firm acquires the money needed to build the factory or to buy the new planes from investors. The investors, of course, want a return on their investment. Therefore, we may visualize the relationship between the corporation and the investors as follows: Capital Investors Corporation Return on investment Fig. 3.1: The relationship between the investors and a corporation. Capital comes in two forms: debt capital and equity capital. To raise debt capital the companies sell bonds to the public, and to raise equity capital the corporation sells the stock of the company. Both stock and bonds are financial instruments and they have a certain intrinsic value. Instead of selling directly to the public, a corporation usually sells its stock and bonds through an intermediary. An investment bank acts as an agent between the corporation and the public. Also known as underwriters, they raise the capital for a firm and charge a fee for their services. The underwriters may sell $100 million worth of bonds to the public, but deliver only $95 million to the issuing corporation. -
Merchants and the Origins of Capitalism
Merchants and the Origins of Capitalism Sophus A. Reinert Robert Fredona Working Paper 18-021 Merchants and the Origins of Capitalism Sophus A. Reinert Harvard Business School Robert Fredona Harvard Business School Working Paper 18-021 Copyright © 2017 by Sophus A. Reinert and Robert Fredona Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Merchants and the Origins of Capitalism Sophus A. Reinert and Robert Fredona ABSTRACT: N.S.B. Gras, the father of Business History in the United States, argued that the era of mercantile capitalism was defined by the figure of the “sedentary merchant,” who managed his business from home, using correspondence and intermediaries, in contrast to the earlier “traveling merchant,” who accompanied his own goods to trade fairs. Taking this concept as its point of departure, this essay focuses on the predominantly Italian merchants who controlled the long‐distance East‐West trade of the Mediterranean during the Middle Ages and Renaissance. Until the opening of the Atlantic trade, the Mediterranean was Europe’s most important commercial zone and its trade enriched European civilization and its merchants developed the most important premodern mercantile innovations, from maritime insurance contracts and partnership agreements to the bill of exchange and double‐entry bookkeeping. Emerging from literate and numerate cultures, these merchants left behind an abundance of records that allows us to understand how their companies, especially the largest of them, were organized and managed. -
The Romanian Colony in Constantinople at the End of the 19Th Century
Silvana Rachieru ISSN 0353-295X (Tisak) 1849-0344 (Online) UDK 94(560.118=135.1)“18“(091) Radovi - Zavod za hrvatsku povijest Izvorni znanstveni rad Vol. 51, br. 1, Zagreb 2019 Primljeno: 20. 11. 2019. Prihvaćeno: 21. 12. 2019. DOI: 10.17234/RadoviZHP.51.4 Between the King and the Sultan: the Romanian Colony in Constantinople at the End of the 19th Century The article focuses on certain results of a long-term research project which addresses a very specific aspect concerning Romanian-Ottoman relations after 1878: Romanian subjects, residents of the Ottoman Empire, perceived as a community under the pro- tection of the diplomatic and consular missions of Romania. The present contribution accords particular attention to the definition of this community and the legal status of the members of the colony registered with Romanian consulates in the imperial capital. A brief discussion of their ethno-religious profile and socio-economic char- acteristics is also included in the analysis. This is the first attempt to analyse several aspects concerning the Romanian multiethnic colony in Constantinople from different perspectives, such as occupations, nationality papers or the major problems which in- fluenced their status as foreign residents in the Ottoman Empire. The primary sources of data are the consular registers and correspondence between representatives of the Romanian state and the Ministry of the Foreign Affairs, with a special focus on the analysis of an unpublished volume of documents, no. 422, “Registration,” and dated 1867-1916, from the Romanian Diplomatic Archives, Constantinople fonds. Other alternative sources were also used, such as censuses, newspapers and memoirs, in order to reconstruct an image of the Romanian colony in Constantinople up to 1900. -
Princeton/Stanford Working Papers in Classics
Princeton/Stanford Working Papers in Classics Coin quality, coin quantity, and coin value in early China and the Roman world Version 2.0 September 2010 Walter Scheidel Stanford University Abstract: In ancient China, early bronze ‘tool money’ came to be replaced by round bronze coins that were supplemented by uncoined gold and silver bullion, whereas in the Greco-Roman world, precious-metal coins dominated from the beginnings of coinage. Chinese currency is often interpreted in ‘nominalist’ terms, and although a ‘metallist’ perspective used be common among students of Greco-Roman coinage, putatively fiduciary elements of the Roman currency system are now receiving growing attention. I argue that both the intrinsic properties of coins and the volume of the money supply were the principal determinants of coin value and that fiduciary aspects must not be overrated. These principles apply regardless of whether precious-metal or base-metal currencies were dominant. © Walter Scheidel. [email protected] How was the valuation of ancient coins related to their quality and quantity? How did ancient economies respond to coin debasement and to sharp increases in the money supply relative to the number of goods and transactions? I argue that the same answer – that the result was a devaluation of the coinage in real terms, most commonly leading to price increases – applies to two ostensibly quite different monetary systems, those of early China and the Roman Empire. Coinage in Western and Eastern Eurasia In which ways did these systems differ? 1 In Western Eurasia coinage arose in the form of oblong and later round coins in the Greco-Lydian Aegean, made of electron and then mostly silver, perhaps as early as the late seventh century BCE. -
Debt Policy Under Constraints: Philip II, the Cortes, and Genoese Bankers1 by CARLOS ÁLVAREZ-NOGAL and CHRISTOPHE CHAMLEY*
bs_bs_banner Economic History Review (2013) Debt policy under constraints: Philip II, the Cortes, and Genoese bankers1 By CARLOS ÁLVAREZ-NOGAL and CHRISTOPHE CHAMLEY* Under Philip II, Castile was the first country with a large nation-wide domestic public debt. A new view of that fiscal system is presented that is potentially relevant for other fiscal systems in Europe before 1800. The credibility of the debt, mostly in perpetual redeemable annuities, was enhanced by decentralized funding through taxes administered by cities making up the Realm in the Cortes.The accumulation of short-term debt depended on refinancing through long-term debt. Financial crises in the short-term debt occurred when the service of the long-term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductions. ing Philip II, as head of the first modern super-power, managed a budget on Ka scale that had not been seen since the height of the Roman Empire.2 No state before had faced such extraordinary fluctuations and imbalances, both in revenue and expenditure. Large military expenses were required by the politics of Europe and the revolution in military technology. The variability in both revenue and expenses, coupled with a large foreign component, was met by large public borrowings up to modern levels, a historical innovation that, in later centuries, would be followed by the Netherlands, France, and England. Like eighteenth- century England, Castile (about 80 per cent of modern-day Spain) established its military supremacy through its superior ability to mobilize large resources through borrowing. -
Recovering the Past for Resilient Communities
www.ssoar.info Recovering the past for resilient communities: territorial identity, cultural landscape and symbolic places in Năsăud town, Romania Ilovan, Oana-Ramona; Voicu, Cristina-Georgiana; Colcer, Alexandra-Maria Veröffentlichungsversion / Published Version Zeitschriftenartikel / journal article Empfohlene Zitierung / Suggested Citation: Ilovan, O.-R., Voicu, C.-G., & Colcer, A.-M. (2019). Recovering the past for resilient communities: territorial identity, cultural landscape and symbolic places in Năsăud town, Romania. Europa Regional, 26.2018(2), 14-28. https://nbn- resolving.org/urn:nbn:de:0168-ssoar-66830-6 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer Deposit-Lizenz (Keine This document is made available under Deposit Licence (No Weiterverbreitung - keine Bearbeitung) zur Verfügung gestellt. Redistribution - no modifications). We grant a non-exclusive, non- Gewährt wird ein nicht exklusives, nicht übertragbares, transferable, individual and limited right to using this document. persönliches und beschränktes Recht auf Nutzung dieses This document is solely intended for your personal, non- Dokuments. Dieses Dokument ist ausschließlich für commercial use. All of the copies of this documents must retain den persönlichen, nicht-kommerziellen Gebrauch bestimmt. all copyright information and other information regarding legal Auf sämtlichen Kopien dieses Dokuments müssen alle protection. You are not allowed to alter this document in any Urheberrechtshinweise und sonstigen Hinweise auf gesetzlichen way, to copy it for public or commercial purposes, to exhibit the Schutz beibehalten werden. Sie dürfen dieses Dokument document in public, to perform, distribute or otherwise use the nicht in irgendeiner Weise abändern, noch dürfen Sie document in public. dieses Dokument für öffentliche oder kommerzielle Zwecke By using this particular document, you accept the above-stated vervielfältigen, öffentlich ausstellen, aufführen, vertreiben oder conditions of use. -
The Heritage of India Series
THE HERITAGE OF INDIA SERIES T The Right Reverend V. S. AZARIAH, t [ of Dornakal. E-J-J j Bishop I J. N. FARQUHAR, M.A., D.Litt. (Oxon.). Already published. The Heart of Buddhism. K. J. SAUNDERS, M.A. Asoka. J. M. MACPHAIL, M.A., M.D. Indian Painting. PRINCIPAL PERCY BROWN, Calcutta. Kanarese Literature, 2nd ed. E. P. RICE, B.A. The Samkhya System. A. BERRIEDALE KEITH, D.C.L., D.Litt. Psalms of Maratha Saints. NICOL MACNICOL, M.A., D.Litt. A History of Hindi Literature. F. E. KEAY, M.A., D.Litt. The Karma-MImamsa. A. BERRIEDALE KEITH, D.C.L., D.Litt. Hymns of the Tamil Saivite Saints. F. KINGSBURY, B.A., and G. E. PHILLIPS, M.A. Rabindranath Tagore. E. J. THOMPSON, B.A., M.C. Hymns from the Rigveda. A. A. MACDONELL, M.A., Ph.D., Hon. LL.D. Gotama Buddha. K. J. SAUNDERS, M.A. Subjects proposed and volumes under Preparation. SANSKRIT AND PALI LITERATURE. Anthology of Mahayana Literature. Selections from the Upanishads. Scenes from the Ramayana. Selections from the Mahabharata. THE PHILOSOPHIES. An Introduction to Hindu Philosophy. J. N FARQUHAR and PRINCIPAL JOHN MCKENZIE, Bombay. The Philosophy of the Upanishads. Sankara's Vedanta. A. K. SHARMA, M.A., Patiala. Ramanuja's Vedanta. The Buddhist System. FINE ART AND MUSIC. Indian Architecture. R. L. EWING, B.A., Madras. Indian Sculpture. Insein, Burma. BIOGRAPHIES OF EMINENT INDIANS. Calcutta. V. SLACK, M.A., Tulsi Das. VERNACULAR LITERATURE. and K. T. PAUL, The Kurral. H. A. POPLBY, B.A., Madras, T> A Calcutta M. of the Alvars. -
Orele Culturii 1
ORELE CULTURII ANTOLOGIE DE CONFERINæE DIN ARHIVA SOCIETÅæII ROMÂNE DE RADIODIFUZIUNE 1931-1935 1 COLECæIA TEZAUR Seria Literaturå În pregåtire: „Microfonul vagabond“ Antologie de texte semnate de stråluciÆi profesioniçti ai scrisului care au lansat un nou gen publicistic: reportajul radiofonic. Volumul I, 1928-1935 2 COLECæIA TEZAUR Seria Miscellanea ORELE CULTURII Antologie de conferinÆe din Arhiva SocietåÆii Române de Radiodifuziune volumul I, 1931-1935 PrefaÆå de ROMUL MUNTEANU Societatea Românå de Radiodifuziune Departamentul Secretariat General DirecÆia Patrimoniu Bucureçti, 1998 3 Coperta colecÆiei: VASILE SOCOLIUC © 1998 Editura Casa Radio Str. General Berthelot nr. 60-64 RO-70747, Bucureçti Tel. 40-1-223 28 12, Fax 40-1-222 92 84 Editor: SEBASTIAN SÂRCÅ ISBN 973-98662-5-5 4 CUPRINS Argument editorial (Dragoç Çeuleanu) ...........................................................7 PrefaÆå (Romul Munteanu) ...........................................................................11 Cuvântul editorului.......................................................................................14 Arhiva SocietåÆii Române de Radiodifuziune – prezentare generalå.........18 I. SCIENTIA C. RÅDULESCU-MOTRU, Catehismul spiritualitåÆii noastre ...............23 SEXTIL PUÇCARIU, HårÆile Graiului .....................................................31 C.G. GIURESCU, Dezvoltarea istoricå a românilor pânå la întemeierea Principatelor .........................................................................................41 TRAIAN HERSENI, Noile tendinÆe -
A Monetary History of the Former German Colony of Kiaochou
A MONETARY HISTORY OF THE FORMER GERMAN COLONY OF KIAOCHOU John E. Sandrock After China’s crushing defeat by Great Britain and France in the two Opium Wars (1839-1842 and 1856-1858), the Ch’ing dynasty fell into great decline. After both of these events, the Manchu government was forced to sue for peace – the price of which proved to be very dear indeed. Great Britain and France, sensing the total collapse of civil rule in China, placed exorbitant demands upon China in the form of repatriations as laid down in the Treaty of Nanking. These took two distinct forms; the demand for monetary indemnity in silver for expenditures incurred in the war, and for the outright concession of Chinese territory. The Chinese eventually handed over twenty-one million ounces of silver to satisfy the former, and the island of Hong Kong to satisfy the latter. Thus the British territory of Hong Kong was created. This act proved the forerunner of additional demands for territorial concessions on the part of the European powers and Japan, who then proceeded to carve China up into various spheres of influence for commercial exploitation. French territorial ambitions centered upon south China. The British, in addition to their trading port of Hong Kong, sought the right to open additional Yangtze River ports to trade. Russia had ambitions for territorial expansion in the north, where she craved a warm water Russian port on the Liaotung peninsula as well as land in Manchuria. The Japanese, seizing upon the opportunity, laid claim to Korea and the offshore island of Taiwan, which was then renamed Formosa.