Czechoslovakia: A Survey of Economic and Social Conditions

By Josef Gruber; A. S. V. Klíma BroŽ et al. | Go to book overview

XIII
CURRENCY CONDITIONS

DR. VILIBALD MILDSCHUH, PROFESSOR AT THE CHARLES UNIVERSITY, PRAGUE


I. THE SITUATION AT THE TIME OF THE ESTABLISHMENT OF THE REPUBLIC

The limited financial resources of the former Empire compelled the Government of Austria-Hungary to cover its war expenditure by the issue of bank notes. On July 23, 1914, the total circulation of bank notes in Austria-Hungary had been only 2,129 million crowns; during the war it increased by October 26, 1918, to 30,679 million crowns, an increase of 28,550 million crowns. As the total national income of Austria- Hungary was estimated before the war at 19 billion crowns, it will be seen that the increase of currency during the war amounted to 150 per cent of the total national income and that the money income had therefore increased to the same extent, although there was no increase in the economic values. As a natural result, the cost of living increased with the income. Exact figures relating to the increase of prices in Austria- Hungary during the war are not available, but it may be safely estimated that at the end of the war the prices were about five times the prewar prices, although, on account of Government control the prices of some

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