(82) When, in 1936 the Steyr 5083 (the 'Steyr Baby') came onto the market as a small, affordable car, Steyr reckoned that people with a monthly income of at least 1,000 Austrian schillings
really could afford the standard version costing 4,500 Austrian schillings
, and that motorcyclists, in particular those with sidecars, would upgrade.
In 1960, Austria had a gross domestic product (GDP) per capita of 23,110 Austrian schillings
, ranking 14th in the world.
Since 1976, the Austrian schilling
has been closely tied to the Deutschmark; the consequence has been a continuous effective appreciation of the schilling.
Hence, as a result of the enhanced credibility of the Austrian schilling
, a negative short term interest rate differential opened up against Germany in September 1992, suggesting an unusual negative "country risk" premium against the anchor country.(26) This, in turn, helped to induce the huge short-term capital outflow to Germany noted above.
It is interesting to note that the first hologram patch was used on an Austrian schilling
banknote in 1988.
The 12 national currencies being replaced by the euro from January 1 are the French franc, German mark, Spanish peseta, Dutch guilder, Italian lira, Greek drachma, Irish punt, Austrian schilling
, Portuguese escudo, Belgian franc, Luxembourg franc, and Finnish markka.
dollar in August 1971, the Austrian schilling
had fluctuated only marginally vis-a-vis the German mark [Hochreiter and Tornqvist, 1990].
- In 1959, the Austrian schilling
became fully convertible.
Thomas Cook says it will change Austrian schilling
, Belgian franc, Finnish mark, French franc, German deutschmark, Greek drachma, Irish punt, Italian lira, Luxembourg franc, Dutch guilder, Portuguese escudo and Spanish peseta notes into sterling between now and the end of February 2002.