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Book Sections Year : 2001

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

John Komlos
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Marc Flandreau
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  • PersonId : 1114408

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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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. ⟨hal-03416567⟩

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