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The Dissolution of the Austro-Hungarian Empire

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  • Michael G. Spencer
  • Peter M. Garber

Abstract

This paper investigates the currency reforms undertaken subsequent to the dissolution of the Austro-Hungarian Empire in 1918. The reforms were motivated by the lack of coordination of monetary policy and the absence of a rule for sharing seigniorage. Because the Successor States’ reforms were not carried out simultaneously, individuals could choose where to convert their crowns based on where their real value was greatest. The cross-border flows of notes was substantial, to the detriment of Hungary which was last to reform. The Austrian and Hungarian currencies were stabilized only with the help of League of Nations financial programs.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/66.

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Length: 50
Date of creation: 01 Jul 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/66

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Related research

Keywords: Czechoslovakia; national bank; banknotes; banking; central bank; inflation; foreign exchange; gold reserves; bank notes; monetary expansion; bank assets; monetary fund; bank deposits; monetary authorities; bank credit; discount rate; savings bank; monetary policies; monetary authority; monetary base; monetary instability; treasury bonds; bank act; bank operation; financial strength; bank liquidation; balanced budget; bank laws; banking operations; paper money; bank branches; monetary policy; capital expenditure; bankers; foreign bond; discount rates; government securities; monetary unions; monetary independence; bank statements; money supply; reserve asset; central banking; private bank;

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Citations

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Cited by:
  1. Peter M. Garber, 1998. "Notes on the Role of TARGET in a Stage III Crisis," NBER Working Papers 6619, National Bureau of Economic Research, Inc.
  2. Flandreau, Marc, 2006. "The logic of compromise: Monetary bargaining in Austria-Hungary, 1867 1913," European Review of Economic History, Cambridge University Press, vol. 10(01), pages 3-33, April.
  3. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "Stability of monetary unions: Lessons from the break-up of Czechoslovakia," ZEI Working Papers B 17-1999, ZEI - Center for European Integration Studies, University of Bonn.
  4. Koichi Hamada, 1998. "The Choice of International Monetary Regimes in a Context of Repeated Games," Open Economies Review, Springer, vol. 9(1), pages 417-446, January.
  5. Barry Eichengreen, 2008. "Sui Generis EMU," NBER Working Papers 13740, National Bureau of Economic Research, Inc.
  6. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
  7. Guillaume Cheikbossian, 2001. "When a Monetary Union Fails: A Parable," Open Economies Review, Springer, vol. 12(2), pages 181-195, April.

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