Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 - Sciences Po Access content directly
Book Sections Year : 2001

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

John Komlos
  • Function : Author
Marc Flandreau
  • Function : Author
  • PersonId : 1114408

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.
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Dates and versions

hal-03416567 , version 1 (05-11-2021)

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  • HAL Id : hal-03416567 , version 1
  • SCIENCESPO : 2441/364

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John Komlos, Marc Flandreau. Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914. Dieter Stiefel; Karl Bachinger. Auf Heller und Cent. Beiträge zur Finanz- und Währungsgeschichte, Wirtschaftsverlag; Ueberreuter Verlag, pp.163 - 184, 2001, 9783706407960. ⟨hal-03416567⟩

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