The quest for stable money

Table of contents

6 Introduction

12 A first try at monetary autonomy-the Wiener Stadtbanco (1706-1816)

13 Public banks in the 1600s and 1700s-innovative payment services and public debt management

15 A bankrupt sovereign in need of a public bank

23 Paper money and inflation

34 Fragile stability during the Nationalbank's formative years (1816-1848)

35 A private stock corporation as a guardian of Austria's currency

46 Note-issuing bank of an economically and politically heterogeneous empire

52 The tasks of the Nationalbank

64 Turning from the treasury's banker to the banker's bank (1848-1878)

65 1848-the revolution accelerates long-term change

70 The return to convertibility proves to be a moving target

81 Taking on a new role in the financial system

88 Monetary policy after 1866: from fiscal to monetary dominance against all odds

96 200 years of monetary policy in pictures

112 Two governments, one bank-the Austro-Hungarian monetary union (1878-1914)

114 A separate note-issuing bank for Hungary?

124 Return to a stable external value

131 Conducting business in a large empire

142 World War I and the collapse of monetary union (1914-1919)

143 War preparations and the initial weeks of conflict

144 State financing and central bank policy during the war

150 The end of the monarchy and the joint currency

152 Hyperinflation and a new currency (1919-1931)

153 Hyperinflation and stabilization

156 The League of Nations loan

161 Central bank policy under foreign control, 1923-1929

167 The schilling replaces the crown

174 The Creditanstalt crisis, the Great Depression and World War II (1931-1945)

176 The Creditanstalt crisis

183 Restructuring of banks

186 Stable exchange rate, stagnating economy

189 Liquidation of the OeNB, the reichsmark replaces the schilling

194 Schilling reinstatement and economic miracle (1945-1971)

195 The schilling returns

214 Dynamic catch-up process