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

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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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hal-01064885 , version 1 (17-09-2014)

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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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