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2001
- handle: 10670/1.anknpu
- hal: hal-01064885
- SCIENCESPO: 2441/625
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info:eu-repo/semantics/altIdentifier/hdl/2441/625
info:eu-repo/semantics/OpenAccess
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Marc Flandreau et al., « Core or periphery ? The Credibility of the Habsburg Currency, 1867-1914 », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.anknpu
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Résumé
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.