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

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.
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Preprints, Working Papers, ...
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https://hal-sciencespo.archives-ouvertes.fr/hal-01064885
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Submitted on : Wednesday, September 17, 2014 - 1:12:54 PM
Last modification on : Saturday, June 25, 2022 - 8:54:43 PM
Long-term archiving on: : Thursday, December 18, 2014 - 11:01:24 AM

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  • HAL Id : hal-01064885, version 1
  • SCIENCESPO : 2441/625

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Marc Flandreau, John Komlos. Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914. 2001. ⟨hal-01064885⟩

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