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To authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-0289.2009.00501_33.x Byline: MICHAEL PAMMER (1) Author Affiliation: (1)Johannes Kepler University, Linz

Berger Waldenegg, Georg Christoph. Mit vereinten Kraften! Zum Verhaltnis von Herrschaftspraxis und Systemkonsolidierung in Neoabsolutismus am Beispiel der Nationalanleihe von 1854. Veroffentlichungen der Kommission fur neuere Geschichte Osterreichs, 94. Vienna: [...]

Scheutz, Martin. Alltag und Kriminalitat. Disziplinierungsversuche im steirisch-osterreichischen Grenzgebiet im 18. Jahrhundert. Mitteilungen des Instituts fur Osterreichische Geschichtsforschung, vol. 38. Vienna: Oldenbourg, 2001. Pp. 599, graphs, illus., tables. Gaming is [...]

Both states that constituted the Austro-Hungarian Monarchy issued considerable amounts of perpetual bonds from the 1870s to World War I. These bonds constituted the greater part of the state debt, which was relatively larger in Hungary than in Austria. Movements in bond prices were not uniform for different kinds of securities such as gold bonds, paper bonds and bonds of the common debt of the pre-1867 era. Price movements and movements in the spread between Hungarian and Austrian bond yields followed a stochastic trend. Most fiscal factors such as the share of the state debt, and of state expenses, in GDP, the share of state consumption in overall state expenses, the relation between the debt service and the tax revenues, or the deficit in the state budget, had little or no impact. The conversion of debt instruments reveals a high degree of efficiency on the part of investors. Political crises affected relative price movements in the short run but were unimportant in the context of the middle- and long-term development. Throughout the period, Hungarian bonds as compared to Austrian bonds had lower prices in the Vienna Stock Exchange, suggesting a preference of Viennese investors for domestic securities independently from economic and political circumstances. [ABSTRACT FROM PUBLISHER]