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

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  • John Komlos
  • Marc Flandreau

    (Sciences Po - Sciences Po, Centre for Finance and Development - GRADUATE INSTITUTE OF INTERNATIONAL AND DEVELOPMENT STUDIES)

Abstract

We explore the history of the Austro-Hungarian currency through thefloating exchange rate regime of the 1870s and 1880s and the adoptionof the gold standard in 1892. Though actual convertibility remainedan elusive dream, the A-H Bank was able to stabilise the currency byestablishing a credible (de facto) shadow-gold standard by 1896.Though the currency fluctuated by as much as 7% per annum before1896, credibility was established very quickly, and thereafter thecurrency was successfully kept within an informal target zone of0.4%, despite of the well-known internal (and external) politicalproblems of the monarchy and in spite of a number of major financialcrisis of foreign origin. This remarkable record positions the DualMonarchy squarely in between the elite core and the plebeianperipheral countries of the time.

Suggested Citation

  • John Komlos & Marc Flandreau, 2001. "Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914," SciencePo Working papers Main hal-03416567, HAL.
    • Handle: RePEc:hal:spmain:hal-03416567
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    Cited by:

    1. Flandreau, Marc, 2006. "The logic of compromise: Monetary bargaining in Austria-Hungary, 1867–1913," European Review of Economic History, Cambridge University Press, vol. 10(1), pages 3-33, April.

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