JAVNI DUGOVI I FINANSIJSKE PRILIKE U SRBIJI DO KRAJA PRVOG SVETSKOG RATA (1878–1918)
PUBLIC DEBTS AND FINANCIAL OCCASIONS IN SERBIA UNTIL THE END OF THE FIRST WORLD WAR (1878–1918)

Summary/Abstract: This paper deals with a particular segment of the financial policy in Serbia during the period of gaining independence at the Congress of Berlin until the end of the First World War – public debts, i.e. the timing and conditions under which these loans were taken and spent. Most of them were received for specific use, but spent for unallocated purposes. While taking these loans, the conditions of indebtedness were not important and the only relevant thing was to get money by all means. It made Serbia one of the most indebted countries in Europe in the dawn of the First World War. Through the prism of money and its chronic lack, Serbia did not want the war against Austro-Hungarian Empire. In principle, Serbia accepted all the conditions of ultimatum, but the wish of Monarchy to solve all its internal problems in a minor war, had been made much earlier. During the war, Serbia continued the similar policy of indebtedness, believing that all debts would be settled through the war reparations. Nevertheless, it did not happen and Serbia included all its debts as a dowry – both pre-war and war – into the new state, Kingdom of Serbs, Croats and Slovenes.

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