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Through an archive-based study of the political and financial history of the 1920s, this book examines how and why international capital teamed up with the League of Nations to bail out the Austrian state after the First World War, and what consequences the intervention carried for Austrian politics and finance. While the existing literature on the League of Nations sees the organization's intervention during the 1920s as mostly positive and successful, Austrian historians decried it as a financial dictatorship that ended in disaster. In contrast, the book claims that while the League of Nations' involvement was essentially responsible for terminating Austrian hyperinflation in 1922, its representatives remained largely immobilized in Vienna, with the Austrian government in control. The League ceased its involvement Austria in 1926, though aware of the latter's financial and political instability. The subsequent collapse of the Austrian Credit-Anstalt bank in 1931, however, was successfully contained with international help within just a few weeks. Thus, it could not have triggered and was not responsible for the larger European banking panics in Germany and Britain that summer.--
"Zoltán Peterecz presents in this monograph the personality and work of Jeremiah Smith, Jr. (1870-1935), the League of Nations Commissioner-General for the 1924 loan to Hungary. He deals also in extenso with the economic and political problems associated with the financial reconstruction of Hungary - both on the domestic and international scene."--Publisher's description.
"Zoltán Peterecz presents in this monograph the personality and work of Jeremiah Smith, Jr. (1870-1935), the League of Nations Commissioner-General for the 1924 loan to Hungary. He deals also in extenso with the economic and political problems associated with the financial reconstruction of Hungary - both on the domestic and international scene."--Publisher's description
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.