Introduction to the special issue on the financial and monetary history of South-East Europe

[...]both reforms were undertaken relatively late and only when it became clear that they would help manage national debt and support the financial development of the private sector, as the banks of issue in all four countries not only served as monetary authorities but played an important role as commercial lenders and lenders to the government as well. For some periods of time, different tax treatment may account for part of the interest rate premium. [...]Austrian bonds attracted not only Austrian, but also foreign, in particular German, investors and might thus have been more liquid than Hungarian bonds. [...]the use of bonds receipts might have impacted the price.