Karl Ritter Stefanowski and his Work on the Development of Modern Banking in Austro-Hungarian Bosnia and Herzegovina
Karl Ritter Stefanowski and his Work on the Development of Modern Banking in Austro-Hungarian Bosnia and Herzegovina

Summary/Abstract: After the fall of Bosnia and Herzegovina under Austria-Hungary in 1878, the new government soon began to form its administration. Bosnia and Herzegovina lacked both the staff and modern institutions required for the progress of modern agriculture and business. One of the fundamental preconditions for this progress, capital, was not institutionally and practically developed. The new administration in an attempt to make progress brought in specialists from Austria-Hungary to study conditions and propose improvements. One of the specialists was Karl Stefanowski. He spent most of his working life employed in state administration in Bosnia and Herzegovina. In 1886, he was commissioned by the common minister of finance Benjamin Kallay to make a study concerning the state of credit operations and the possibility of improving the conditions in this area. This paper deals primarily with this study and its effect on Bosnian credit operations.

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