Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914

John Komlos and Marc Flandreau ()
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Marc Flandreau: Sciences Po - Sciences Po, Centre for Finance and Development - GRADUATE INSTITUTE OF INTERNATIONAL AND DEVELOPMENT STUDIES

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Abstract: We explore the history of the Austro-Hungarian currency through thefloating exchange rate regime of the 1870s and 1880s and the adoptionof the gold standard in 1892. Though actual convertibility remainedan elusive dream, the A-H Bank was able to stabilise the currency byestablishing a credible (de facto) shadow-gold standard by 1896.Though the currency fluctuated by as much as 7% per annum before1896, credibility was established very quickly, and thereafter thecurrency was successfully kept within an informal target zone of0.4%, despite of the well-known internal (and external) politicalproblems of the monarchy and in spite of a number of major financialcrisis of foreign origin. This remarkable record positions the DualMonarchy squarely in between the elite core and the plebeianperipheral countries of the time.

Date: 2001
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Published in Dieter Stiefel; Karl Bachinger. Auf Heller und Cent. Beiträge zur Finanz- und Währungsgeschichte, Wirtschaftsverlag; Ueberreuter Verlag, pp.163 - 184, 2001, 9783706407960

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Working Paper: Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 (2002)
Working Paper: Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 (2002)
Working Paper: Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 (2001)
Working Paper: Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 (2001)
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