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

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  • Marc Flandreau

    (Sciences Po)

  • John Komlos

    (Department of Economics)

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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  • Marc Flandreau & John Komlos, 2001. "Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914," Sciences Po publications info:hdl:2441/625, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/625
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    Cited by:

    1. Marc Flandreau, 2006. "The logic of compromise : monetary bargaining in Austria-Hungary 1867-1913," Working Papers hal-01065619, HAL.
    2. repec:hal:spmain:info:hdl:2441/603 is not listed on IDEAS
    3. repec:hal:spmain:info:hdl:2441/604 is not listed on IDEAS

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