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

Marc Flandreau and John Komlos

Working Papers from HAL

Abstract: We explore the history of the Austro-Hungarian currency through the floating exchange rate regime of the 1870s and 1880s and the adoption of the gold standard in 1892. Though actual convertibility remained an elusive dream, the A-H Bank was able to stabilise the currency by establishing a credible (de facto) shadow-gold standard by 1896. Though the currency fluctuated by as much as 7% per annum before 1896, credibility was established very quickly, and thereafter the currency was successfully kept within an informal target zone of 0.4%, despite of the well-known internal (and external) political problems of the monarchy and in spite of a number of major financial crisis of foreign origin. This remarkable record positions the Dual Monarchy squarely in between the elite core and the plebeian peripheral countries of the time.

Date: 2001
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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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