An Exchange Rate History of the United Kingdom: 1945–1992

Alain Naef

doi:10.1017/9781108878333

An Exchange Rate History of the United Kingdom

1945–1992

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Bordo, Michael D. and Bastidon, Cécile 2023. The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric System: A Simple Multi-Layers Network Model with Simultaneous Regime Changes. SSRN Electronic Journal,

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O'Connor, Fergal and Lucey, Brian M. 2024. The efficiency of the London Gold Fixing: from gold standard to hoarded commodity (1919–1968). Financial History Review, Vol. 31, Issue. 3, p. 273.

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Eichengreen, Barry Macaire, Camille Mehl, Arnaud Monnet, Eric and Naef, Alain 2024. Currency internationalization with Chinese characteristics: Is capital‐account convertibility required for the renminbi to acquire reserve‐currency status?. International Finance, Vol. 27, Issue. 2, p. 102.

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Kowalewski, Paweł 2024. Monetary processes in the world economy following the end of the Bretton Woods System. Bank i Kredyt, Vol. Vol. 55, Issue. No. 6, p. 697.

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Bordo, Michael D. and Bastidon, Cécile 2025. Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes. Open Economies Review,

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2025. Capital in Banking. p. 121.

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Banerjee, Joshua J. 2025. UK fiscal policy and external balance under Bretton Woods: Twin deficits or distant relatives?. The Economic History Review, Vol. 78, Issue. 2, p. 583.

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Ezeoha, Abel Onah, Emmanuel and Uche, Chibuike 2025. The United Kingdom, the Sterling Area operations, and reserve management in Nigeria: The politics of the Sterling Guarantee Agreement (1931–1979). Economic History of Developing Regions, p. 1.

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Alain Naef, University of California, Berkeley

Publisher:: Cambridge University Press
Online publication date:: September 2022
Print publication year:: 2022
Online ISBN:: 9781108878333
DOI:: https://doi.org/10.1017/9781108878333
Creative Commons:: 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

Subjects:: Economics, Macroeconomics, Economic Theory, History, Economic History
Series:: Studies in Macroeconomic History

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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).

'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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