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Reinhard Schwaiger & Peter R. Haiss*

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1 Reinhard Schwaiger & Peter R. Haiss*
EABH & NBP 2013 Conference on “Foreign Financial Institutions & National Financial Systems “, Warsaw, 07-08/06/2013 Session 4 on “Reasons of Cross-border Activities of Financial Institutions and their Influence on National Banking Systems” Reinhard Schwaiger & Peter R. Haiss* WU Vienna University of Economics and Business „History compared: Austrian banks‘ internationalization during the monarchy and after the fall of the Iron Curtain“ * The opinions expressed are the authors‘ personal views 1

2 Agenda Research Issue Motivation/Purpose Summary/Conclusion Method
Theoretical Foundations Earlier Research Results Conclusion

3 Research Issue “What drove Austrian bank internationalization
during the Monarchy and after the fall of the Iron Curtain?”

4 Motivation/Purpose Austrians banks’ commitment/exposure to the “East” significant market position Historic importance of the region banks expanded strongly Connection: Monarchy to present times Historic ties to Central, Eastern & Southeastern Europe?

5 Motivation/Purpose cont’d
Examine the reasons for the banks’ internationalization then and now Comparison of strategies: Monarchy <-> after 1989 Role and strategy of Austrian banks during the Austrian- Hungarian Dual Monarchy Elaborate on the development of the major Austrian banks and their dominant position Gain an overall picture within the time frame from the monarchy until now Role of cultural closeness and historic ties concerning internationalization of banks

6 Summary/Conclusion Historically Austrian banks pursued a “follow the client” strategy, mainly driven by the establishment of industrial firms along the newly created railroad network Present strategies are more directed towards the retail market and therefore proactive - widespread retail network Factors like cultural/psychic closeness & geographical distance played an important role

7 Method/Data Literature review: Junction of historical studies and internationalization theories Times series analysis: Monarchy vs – 2012 -> descriptive indicator: number of branches Geographical analysis branch networks: cost-intensive means of entering markets and thus a certain proof for long-term intentions 2. Case-study design: Creditanstalt/Länderbank Data: Statistical yearbooks (branch locations)

8 Theoretical Foundations
Haselmann (2006): Foreign banks specialize in financing enterprises which have the same country of origin -> „Follow Your Customer Strategy“ -> Push/Pull conditions: economic environment foreign/home country Focarelli and Pozzolo (2005): Degree of integration, institutional characteristics and profit opportunities drive bank internationalization Williams (1997): Banks are responding to their client’s movement abroad - -> want to defend their client-bank relationship Johanson and Vahlne (1993 & 2009): Internationalization frequently started in foreign markets that were close to the domestic market in terms of psychic distance -> Psychic distance is defined in terms of factors such as closeness in language, culture, political systems

9 Historical Review Source: Shepherd, The Historical Atlas, (New York 1911) cited from University of Austin, 2012.

10 Industrial production in Austria between 1830 and 1913
Index (1880=100), Source: Rudolph, ‘The Pattern of Industrial Growth’, 94.

11 Banking during the monarchy
Crédit Mobilier: Émile and Isaac Péreire expaned upon the ideas of mobilization of credit and the marriage of banking and industry -> Accumulation of both small and big funds and the subsequent investment in undertakings like the extension of the railway track Schumpeter: Crédit Mobilier one of the most explosive inventions of the 19th century Austria: Creditanstalt first of its kind with an enormous capital base; other banks like Länderbank followed the model sometimes the opening of a bank branch and the entering into service of a newly built railway happened at the same time

12 Earlier Research März (1968): Austrian economic history was to a large part bank history - emphasizes the importance of banks as motor and supporter of economic growth. Shows economic conditions by looking at the annual increase of the railway network Gerschenkron (1962) tried to integrate the role of banks into an overall model of industrialization and assumes their key role especially in Austria or Germany Eigner (1997): Austrian banks had positive influences concerning the acceleration of industrialization and a powerful position towards the industry Rudolph (1976) emphasizes that the enlargement of the branch network took place largely in the Czech crown lands, the industrial heart of the monarchy

13 Share of industry & craftmanship in total employment of the aggregate Austrian population
(1910) Motivation II Source: Bachinger & Matis, ‘Österreichs Industrielle Entwicklung’, supplement

14 Source: ‘Tramways’, (2012).

15 Source: www.tramways.at .
Source: Nautz, ‘Zerfall und Integration’ ‘Economic Geography in Historic Perspective’ (2008), 4. . Source:

16 Results - monarchy The banking sector emerged as a matter of fact due the high demand of loans in the course of the industrialization process e.g. Silesia, Bohemia Intertwined drivers of development: railway construction (financing/branching out) joint stock banks/Crédit Mobilier (branching out) Strong integration of banks and industrial companies e.g. Creditanstalt: interlinking directorships and majority shares in successful industrial companies Banks conducted industrial policy and specialized in certain lines of industries -> Banks followed their clients

17 Results - monarchy cont’d
Stringent division of labor within the Habsburg monarchy: Industrial core in the now Czech Republic Hungary granary of the empire Vienna as administrative center -> led to the emergence of a strong banking machinery Kernbauer and Weber (1993) and Eigner (2008): see Vienna before 1914 as the sole financial center in Central Europe besides Berlin. Less developed countries like the Balkan states did not have the banking know-how. That pattern was predominant again after fall of the iron curtain.

18 Timeline of Austrian Banks’ subsidiaries in CESEE countries
and Status in 2011 By 2011: 8.250 branches in 20 CESEE countries Market shares: UA 10%, SI 17% HU/BG/RS ~ 25% CZ, RO ~ 35% SK, BH ~ 45% HR >70% Source: OeNB (2009), 101; CESEE = Central, Eastern & Southeastern Europe

19 Comparison loans to households and to private enterprises in selected countries
CZ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Loans priv. ent. % GDP 33,5 29,8 19,5 17,6 16,6 16,3 19,7 20,3 22,1 20,9 20,7 21,3 Loans households % GDP 4,0 4,7 5,3 6,4 8,2 10,1 12,7 15,4 18,3 21,0 24,0 25,4 26,0 HR - 14,9 18,0 25,9 24,9 24,8 26,8 31,2 24,6 25,6 27,0 29,9 32,0 15,3 18,5 23,8 27,7 30,4 34,0 38,2 35,4 36,5 37,8 37,4 SK 36,1 21,2 18,8 17,8 14,7 23,6 25,1 17,3 25,0 24,1 4,3 5,1 5,5 7,0 8,6 11,3 13,5 11,8 22,4 23,7 HU 20,5 24,5 21,5 23,3 27,3 28,4 28,6 30,1 27,8 27,4 4,1 4,5 6,1 8,5 12,4 14,5 17,2 19,9 23,1 27,5 30,8 31,4 30,2 Source: RZB, CEE Banking Sector Reports, var. issues 10/2004, 10/2007, 06/2012.

20 Results - post 1989 Directly after the fall of the Iron Curtain some “first mover” banks followed their corporate clients into the neighboring CESEE countries. Banks soon changed their strategy to setting up (or acquiring) retail networks across CESEE, and going further South/East as well. Banks were attracted by the favorable economic conditions (pull condition). Operations were aimed at long-term growth. Different framework and strategies Todays branch network 50 times larger Widespread retail banking networks, proactive

21 Cultural & geographical closeness
Historic ties serve as base for the subjective closeness and rather low psychic distance. In daily business same mentality is striking. Nowotny (2009), Wurm (2006) and Haiss (1992) state that the cultural closeness between Austria and CESEE countries is one of the reasons for the success. Austrian expertise regarding market operations in the East is an asset. Market knowledge and contacts were an advantage for Austrian firms at an early stage. Important hub and gateway to the East with Vienna as its centre of regional financial expertise. CESEE = Central, Eastern & South-Eastern Europe

22 Summary/Conclusion Historically Austrian banks pursued a “follow the client” strategy, mainly driven by the establishment of industrial firms along the newly created railroad network Recent strategies are more directed towards the retail market and therefore proactive - widespread retail network => Factors like common history, cultural/psychic closeness and geographical distance played a major role

23 Reinhard Schwaiger & Peter R. Haiss*
EABH & NBP 2013 Conference on “Foreign Financial Institutions & National Financial Systems “, Warsaw, 07-08/06/2013 Session 4 on “Reasons of Cross-border Activities of Financial Institutions and their Influence on National Banking Systems” Reinhard Schwaiger & Peter R. Haiss* WU Vienna University of Economics and Business „History compared: Austrian banks‘ internationalization during the monarchy and after the fall of the Iron Curtain“ * The opinions expressed are the authors‘ personal views 23

24 Related Research http://ssrn.com/author=115752
Cizek, Hannes / Haiss, Peter / Mahlberg, Bernhard (2013): The pattern of cross-border bank lending to CEE, Paper presented at the 2013 Annual Meeting of the Austrian Economic Association (NOeG 2013), Innsbruck, Austria, May 10th-11th, 2013, Haiss, Peter / Rainer, Wolfgang (2012): Credit Euroization in Eastern Europe: The “Foreign Funds” Channel at Work, Comparative Economic Studies 54(3): , Haiss, Peter / Winkler, Alissa (2011): Financial Crisis in Central and Eastern Europe: How did Foreign Banks Adapt? in Ugurlu, Mete (ed.) Proceedings of the International Financial Symposium 2010, Marmara University, Istanbul: , Haiss, Peter / Schellander, Elisabeth (2010): Knowledge Transfer by Austrian Banks to the Transition Economies of CESEE, in Springer, R. / Chadraba, P. (eds.): Proceedings of the 18th Annual Conference on Marketing and Business Strategies for CEE ,WU Wien: Krumhuber, Peter / Haiss, Peter (2009): Austrian-Turkish Business Relations – Why Way Behind CEE Level? In Szymura-Tyc, M. (ed.): International Marketing and Business in the CEE Markets, Katowice, Roessl, Petra / Haiss, Peter (2008): FDI as Signal for Competitive Advantage: Does Financial Sector FDI Attract Real Sector FDI, Portfolio Investment and Trade? In Kowalewski, O. and Weresa, M. (eds.): The Role of Foreign Direct Investment in the Economy, pp9-41,http://www.hampp-verlag.de/ Haiss, Peter / Pichler, Andreas / Steiner, Katharina (2009): Austrian and Spanish Banks Abroad – A Comparison of Responsible Regional Integration Strategies in Gadziyev, S. Et al(eds.): Business De-velopment and Markets in the European Economic Area, Foundations of Intl Studies Publ. Kyiev, Eller, Markus / Haiss, Peter / Steiner, Katharina (2006): FDI in the financial sector and economic growth in CEE: The crucial role of the efficiency channel, Emerging Markets Review 7(4): Fink, Gerhard / Haiss, Peter / Orlowski, Lucjan / Salvatore, Dominick (1998): CEE Banks & Stock Exchanges: Capacity Building and Institutional Development, European Management Journal 16(4): Fink, Gerhard / Haiss, Peter (1995): Western Strategies in CEE, Journal of East-West Business 3/95,: Haiss, Peter (1995): The Twin Challenges to Austrian Banking: the Environment and the East, Long Range Planning, 25(4): Haiss, Peter (1991): Central European Strategies of Austrian Banks, Bankarchiv 5/1991:

25 Austrian banks’ market share by host country (%)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 AL 35,4 ~30 27,0 BG 19,4 29,0 24,6 24,8 24,4 22,0 22,1 BH 41,0 45,0 52,6  ~50 ~50 47,0 44,5 CZ 5,0 21,0 25,0 31,0 32,0 34,9 37,0 37,1 34,8 34,1 34,0 32,8 HR 9,0 18,0 36,0 45,2 63,0 64,3 65,8 66,6 66,0 67,0 HU 14,0 15,0 16,0 15,7 20,5 20,7 20,4 22,2 23,0 22,3 22,6 ME 8,0 8,3 14,4 15,3 16,9 PL 7,0 10,1 10,5 11,2 11,0 2,2 2,3 2,0 2,1 RO 9,5 14,5 17,5 41,6 40,3 37,3 36,2 35,0 RS 30,0 29,2 27,9 28,1 26,3 SI 3,0 8,5 10,0 14,2 17,0 18,9 17,9 16,8 SK 40,0 46,0 43,0 44,0 44,1 52,0 50,0 50,2 45,7 UA 12,9 8,2 13,6 12,4 10,2 Source: OeNB,’Financial Stability Report’, Austrian National Bank, various issues (Nr. 2/2001; Nr. 5/2003; Nr. 9/2005; Nr. 11/2006; Nr. 13/2007; Nr. 21/2011) * PL: if UCBA included ~ 15%; further rose with RBI acquisition 2012

26 Branch Network 10 largest stock banks in 1914
Source: Compass Finanzielles Jahrbuch für Österreich (1915).

27 Foreign bank presence and growth in cross-border lending
Source: Mihaljek, 2009

28 Bibliography (1) W. Altzinger, ‘Austria's Foreign Direct Investment in CEE: 'Supply Based' or 'Market Driven'?’, WIFO Working Paper no. 57 (1998). K. Bachinger, ‘Das Verkehrswesen‘, in A. Brusatti, Die Habsburgermonarchie 1848–1918, vol. 1, Die wirtschaftliche Entwicklung, Verlag der Österreichischen Akademie der Wissenschaften (Vienna 1973),   K. Bachinger and H. Matis, ‘Österreichs Industrielle Entwicklung‘, in A. Brusatti, Die Habsburgermonarchie 1848–1918, vol. 1, Die wirtschaftliche Entwicklung, Verlag der Österreichischen Akademie der Wissenschaften (Vienna 1973),  F. Baltzarek, ‘Finanzrevolution, Industrialisierung und Crédit-Mobilier-Banken in der Habsburgermonarchie‘ in O. Rathkolb, T. Venus, and U. Zimmerl (eds.), Bank Austria Creditanstalt, 150 Jahre österreichische Bankengeschichte im Zentrum Europas, Paul Zsolnay (Vienna 2005),  S. Barisitz, ‘Banking transformation in CEE – from Communism to Capitalism’, South-Eastern Europe Journal of Economics 2/2009 (2009),  R. Boschma and K. Frenken, ‘The Emerging Empirics of Evolutionary Economic Geography’, Journal of Economic Geography, vol. 11 issue 2 (2011),  E. Bradacs and P. Haiss, ‘Das eklektische Paradigma im Bankensektor: Ergänzungen notwendig‘, in H. Zschiedrich and U. Christians (eds.), Banken in Mittelosteuropa im Spannungsfeld von Transformation und Innovation, (Munich, 2007),  F. Breuss, G. Fink and P. Haiss, ‘How well prepared are the New Member States for EMU?’, Journal of Policy Modeling, vol. 26, issue 7 (2004),  P. J. Buckley and M. C. Casson, ‘The Internalisation Theory of the Multinational Enterprise: A review of the progress of a research agenda after 30 years’, Journal of International Business Studies, vol. 40 (2009),  Compass Finanzielles Jahrbuch für Österreich, vol 1. (Vienna 1915).  Creditanstalt, Ein Jahrhundert Creditanstalt-Bankverein (Vienna 1957).  R. De Haas, Y. Korniyenko, E. Loukoianova and A. Pivovarsky, ‘Foreign Banks and the Vienna Initiative: Turning Sinners into Saints?’, IMF Working Paper No. 12/117 (2012).  P. Eigner, ‘Die Habsburgermonarchie im 19. Jahrhundert: Ein Modellfall verzögerter Industrialisierung?‘, Beiträge zur historischen Sozialkunde, vol. 27, nr. 3/97 (1997),   P. Eigner, ’In the Centre of Europe: Vienna as a Financial Hub, ’, in D. Feldman and P. Hertner (eds.), Finance and Modernization - A Transnational and Transcontinental Perspective for the 19th and 20th Centuries (Farnham, U.K. 2008),   M. Eller, P. Haiss and K. Steiner, ‘Foreign Direct Investment in the financial sector and economic growth in Central and Eastern Europe: The crucial role of the efficiency channel’, Emerging Markets Review, vol. 7, issue 4 (2006),   G. Fink, P. Haiss, L. Orlowski and D. Salvatore, ‘Central European Banks and Stock Exchanges: Capacity-building and Institutional Development, European Management Journal vol. 16, nr. 4 (1998),   G. Fink, P. Haiss and M. von Varendorff, ‘Serbia´s Reform of the Banking Sector – Implications for Economic Growth and Financial Development’, Southeast European and Black See Studies, vol. 7, issue 4 (2007),   M. Flandreau, ‘Banking Networks and European Financial Architecture on the Eve of the Industrial Revolution’, Paper presented at the European Association for Banking and Financial History e.V. (EABH) Conference (Frankfurt a. M., Germany, 2008).  D. Focarelli and A. F. Pozzolo, ‘Where Do Banks Expand Abroad? An Empirical Analysis’, The Journal of Business, vol. 78, issue 6 (2005),   D. F. Good, ‘Financial Integration in Late Nineteenth-Century Austria’, The Journal of Economic History, vol. 37, nr. 4 (1977),   D. F. Good, Der wirtschaftliche Aufstieg des Habsburgerreiches 1750 – 1914, (Vienna, Cologne, Graz 1986). 

29 Bibliography (29 P. Haiss, ‘Central European Strategies of Austrian Banks‘, Österreichisches Bankarchiv,vol. 39, issue 5 (1991),   P. Haiss, ‘The Twin Challenges to Austrian Banking: the Environment and the East’, Long Range Planing, vol. 25, nr. 4 (1992),  P. Haiss, M. Eller and K. Steiner, ‘How do foreign owned banks contribute to economic development in transition economies?‘, Osteuropa Wirtschaft, vol. 50, issue 3-4 (2005),   P. Haiss, and B. Heissenberger, ‘Economic Geography in Historic Perspective: Danube-Area Strategies of Austrian Banks during the Monarchy, the Interwar-Period and Now’, Paper presented at the 25th Symposium on Money, Banking and Finance, Luxembourg (2008).  P. Haiss and A. M. Winkler, ‘Post-Crisis Business Models of Austrian Banks in Central and Eastern Europe’, Paper presented at the European Economics and Finance Society (EEFS) Conference (Athens 2010), 3.  P. Haiss and A. Ziegler, ‘Transition Results and Perspectives of (Un)Healthy Credit Growth in Central, Eastern and South-Eastern Europe’, in P. Chadraba and R. Springer (eds.), Proceedings of the 19th Annual Conference on Marketing and Business Strategies for CEE, December (2011).  R. Haselmann, ‘Strategies of Foreign Banks in Transition Economies’, Emerging Markets Review, vol. 7, issue 4 (1997),   R. Hilferding, ‘Das Finanzkapital. Eine Studie über die jüngste Entwicklung des Kapitalismus‘ (Vienna 1910).   J. Johanson and J.-E. Vahlne, ‘The Mechanism of Internationalisation’, International Marketing Review, vol. 7, issue 4 (1993),   J. Johanson and J.-E. Vahlne, ’The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership’, Journal of International Business Studies, vol. 40 (2009),   H. Kahr, ‘Die Österreichischen Banken zwischen 1913 und 1926‘, unpublished Master Thesis (Vienna University of Economics and Business 1977).  G. Kaltenbeck and A. Schubert, ‘Size Matters – Does it? – Two very Different Episodes of Eastward Expansion of Austrian Banks’, Paper presented at the European Association for Banking and Financial History e.V. (EABH) Conference 2009 (Nikosia, Cyprus 2009).  H. Kernbauer, and F. Weber, ‘Multinational banking in the Danube basin - The business strategy of the Viennese banks after the collapse of the Habsburg monarchy, in A. Teichova, M. Levy-Leboyer, and H. Nussbaum (eds.), Multinational enterprise in historical perspective (Cambridge 1986),  H. Kernbauer and F. Weber, ‘Multinationales Banking im Donauraum? Die Geschäftspolitik der Wiener Großbanken ‘, Österreichische Zeitschrift für Geschichtswissenschaften ÖZG 4/1993/4 (1993).  S. Magri, A. Mori and P. Rossi, ‘The entry and the activity level of foreign banks in Italy: An analysis of the determinants’, Journal of Banking & Finance, vol. 29, issue 5 (2004),   E. März, Österreichische Industrie und Bankpolitik in der Zeit Franz Josephs I. Am Beispiel d. k.k. priv. Österr. Credit-Anst. f. Handel u. Gewerbe (Vienna, Frankfurt, Zurich 1968).  E. März and K. Socher, ‘Währung und Banken in Cisleithanien‘, in A. Brusatti, Die Habsburgermonarchie 1848–1918, vol. 1, Die wirtschaftliche Entwicklung, Verlag der Österreichischen Akademie der Wissenschaften (Vienna 1973),   P. Mauro, N. Sussman and Y. Yafeh, ‘Emerging Market Spreads: Then Versus Now‘, The Quarterly Journal of Economics, MIT Press, vol. 117, issue 2 (2002),   J. Mentschl, ‘Das Österreichische Unternehmertum‘, in A. Brusatti, Die Habsburgermonarchie 1848–1918, vol. 1, Die wirtschaftliche Entwicklung, Verlag der Österreichischen Akademie der Wissenschaften (Vienna 1973),   A. Nentwich, ‘Die Bedeutung Wiens als Finanzzentrum in den Jahren 1918 bis 1929‘, unpublished Master Thesis , WU Wien, 1986). 

30 Bibliography (29 S. Ninan and J. Puck, ‘The internationalization of Austrian firms in CEE’, Journal for East European Management Studies, vol. 15, nr. 3 (2010),   E. Nowotny, ‘Austria’s role in the international financial system’, BIS Review, vol. 79, issue 1 (2009), 1-12.  OeNB,’Financial Stability Report’, Austrian National Bank, various issues (Nr. 2/2001; Nr. 5/2003; Nr. 9/2005; Nr. 11/2006; Nr. 13/2007; Nr. 21/2011).  OeNB, ‘Focus On European Economic Integration 1989– Twenty Years of East-West Integration Hopes and Achievements’ (Vienna 2009).  OeNB, ‘Facts on Austria and its Banks’ Austrian National Bank (2012).  OeNB, private conversation, Austrian National Bank, Jul. 25 (2012).  R. L. Rudolph, ‘The Pattern of Austrian Industrial Growth from the Eighteenth to the Early twentieth Century’, in H. Matis, The Economic Development in Austria Since 1870 (Aldershot 1994), R. L. Rudolph, Banking & Industrialization in Austria-Hungary: The Role of Banks in industrialization of the Czech Crownlands (Cambridge 1976),   RZB, ‘CEE Banking Sector Reports’, various issues (10/2007) and (10/2010) and (06/2012).  J. Schiffer, ‘The Late Habsburg Monarchy - Econnomic Spurt or Delayed Modernization?’ in W. Hafner and H. Zimmerman, Vinzenz Bronzin's Option Pricing Models: Exposition and Appraisal (Berlin 2009),   A. Schubert, ‘Torn between Monetary and Financial Stability: An Analysis of Selected Episodes of Austrian Central Banking History’, in G. Feldman and P. Hertner (eds.), Finance and Modernization (Farnham, UK, 2008),   A. Schuh and H. Holzmüller, ‘Marketing Strategies of Western Consumer Goods Firms in Central and Eastern Europe?’ in H.-J. Stüting, W. Dorow, F. Classen & Blazejewski (eds.), Change Management in Transition Economies, (New York 2003),  A. Steidl and E. Stockhammer, ‘Coming and Leaving - Internal Mobility in Late Imperial Austria’, Working Paper No. 107, WUI Wien 2007), D. Stiefel, ‘The Bankers View: Austria´s Economic and Political Development and the Role of the Banks’, in G. Feldman and P. Hertner (eds.), Finance and Modernization (Farnham, UK, 2008), 3-28.  R. Stöllinger, ‘Fokus Finanzsektor - Österreichs Direktinvestitionen in Mittel- u. Osteuropa‘, FIW Policy Brief N° 6. (Vienna 2010).  N. Sussman and B. Eichgreen, ‘The International Monetary System in the (Very) Long Run’, IMF Working Papers 00/43 (2000).  'Tramways', (2012). Available at (Last accessed: 18 February 2012). B. Williams, ‘Positive Theories of Multinational Banking: Eclectic Theory versus Internalisation Theory’, Journal of Economic Surveys, vol. 11, issue 1 (1997),   'University of Texas at Austin', (2012). Available at (Last accessed: 22 June 2012). H. Wixforth, ‘Die Böhmische Escompte-Bank nach dem Zerfall der Habsburger Monarchie – eine Bank zwischen Eigentümer und nationalen Wirtschaftsinteressen’, Zeitschrift für Unternehmensgeschichte, vol. 40, issue 2 (2004),   S. Wurm, ‘The Development of Austrian Financial Institutions in CESEE - Comparative European Economic History Studies’, Working Paper nr. 31, University of Applied Sciences bfi Vienna, Department of Banking & Finance (2006). Secondary sources W. R. Shepherd, The Historical Atlas, Henry Holt and Company (New York 1911) cited from University of Austin, 2012. J. Nautz, ‘Zerfall und Integration: die Referate der Wissenschaftlichen Doppelkonferenz Politische Desintegration und Wirtschaftliche (Re-)Integration‘, (Vienna 1994) cited from Haiss and Heissenberger, ‘Economic Geography in Historic Perspective’ (2008). F. Weber, ’Interview/private conversation on Feb. 11, 2007’ cited from Haiss and Heissenberger, ‘Economic Geography in Historic Perspective’ (2008).


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