Skip to Main content Skip to Navigation
Book sections

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.
Document type :
Book sections
Complete list of metadata
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Friday, November 5, 2021 - 11:55:20 AM
Last modification on : Saturday, November 6, 2021 - 3:51:58 AM


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



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⟩



Record views