Early Forward Exchange Markets, Vienna, 1876-1914

This study deals with the establishment of the Austro-Hungarian currency exchange zone between 1896 and 1914 (at the times of the Austro-Hungarian dual monarchy). The exchange rate for both currencies was decreased. This policy leaded to economic stability and to a decrease of interest rate growth. Topics: - Average spot exchange rates (average from money and commodities) - Spot exchange rates of money - Average forward exchange rate (average from money and commodities in the previous month) - Forward exchange rate of money - Average expected currency devaluation (on an annual basis, in percent) - Vienna´s internal rate of return (minimum, maximum) - Vienna´s official rate - Berlin: official free market rate