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Publisher:
Cambridge University Press
Online publication date:
September 2022
Print publication year:
2022
Online ISBN:
9781108878333
Creative Commons:
Creative Common License - CC Creative Common License - BY Creative Common License - NC Creative Common License - ND
This content is Open Access and distributed under the terms of the Creative Commons Attribution licence CC-BY-NC-ND 4.0 https://creativecommons.org/creativelicenses

Book description

How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system. This title is also available as Open Access on Cambridge Core. 'The open access publication of this book has been published with the support of the Swiss National Science Foundation' (here https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6).

Reviews

'Naef’s financial history of the United Kingdom focuses on the management of the pound sterling exchange rate since World War II. He uses data on market operations from the Bank of England’s archives to document the bank’s efforts to defend and stabilize the rate during currency crises in 1949, 1967, and 1976.'

Barry Eichengreen Source: Foreign Affairs

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Contents

Full book PDF
  • An Exchange Rate History of the United Kingdom
    pp i-i
  • Studies in Macroeconomic History - Series page
    pp ii-vi
  • An Exchange Rate History of the United Kingdom, 1945–1992 - Title page
    pp vii-vii
  • Copyright page
    pp viii-viii
  • Contents
    pp ix-xii
  • Figures
    pp xiii-xvi
  • Tables
    pp xvii-xviii
  • Acknowledgements
    pp xix-xx
  • Introduction
    pp 1-4
  • 1 - Sterling’s Post-War Role and Lessons from the 1947 Convertibility Crisis
    pp 5-17
  • 2 - The 1949 Devaluation
    pp 18-34
  • Readjusting the Post-War Parities
  • 3 - The Reopening of the London Foreign Exchange Market
    pp 35-45
  • Sterling’s Window on the World
  • 4 - The Bank on the Market
    pp 46-72
  • 6 - 1958 Convertibility and Its Consequences
    pp 92-98
  • 7 - The Gold Pool
    pp 99-114
  • 8 - Cooperation and the Fed Swap Network
    pp 115-126
  • 9 - The 1964–1967 Currency Crisis
    pp 127-147
  • 10 - The 1967 Devaluation and the Fall of the Gold Pool
    pp 148-165
  • 11 - The Consequences of the Devaluation
    pp 166-179
  • Ongoing Crisis and Window Dressing at the Bank of England
  • 12 - Britain, Nixon and the End of Bretton Woods
    pp 180-189
  • 13 - The 1976 IMF Crisis
    pp 190-203
  • 14 - Britain’s Last Currency Crisis
    pp 204-223
  • Conclusion
    pp 224-226
  • Data Availability
    pp 227-228
  • References
    pp 229-238
  • Index
    pp 239-246

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