Development and Finance from issue 2009/1

Zoltán Peterecz

Two Reconstructions, One Goal: Comparative Analysis of the Financial Reconstructions in Austria and Hungary

- Abstract -

JEL A-190, B-19

The post-WWI situation across Europe was difficult and eventful, but things were particularly bad in Central and Eastern Europe. Several new countries replaced the Austro-Hungarian Monarchy, and instead of the previous political and economic entity a region developed where differences stood out. Austria, which nearly shrank to the size of a microstate, and Hungary, which was carved up, found themselves surrounded by adversaries comprising mostly the states of the Little Entente, but Italy also coveted a direct influence, primarily in Austria then later in Hungary. Besides all these, the two big Western powers, France and Great Britain, also wished to settle affairs in this region to suit their own interests, and subordinated their relations with the region to their own European policies. It is worth making a brief comparison of the two reconstructions as they resemble each other in many respects. This was natural, as the two projects represented the first two stages of a well conceived financial and political concept.

Zoltán Peterecz, lecturer (Eszterházy Károly College)

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