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Downhill from devaluation: The battle for sterling, 1968–721

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  • MICHAEL J. OLIVER
  • ARRAN HAMILTON

Abstract

The devaluation of 1967 and the float of 1972 have become two of the key cornerstones in the analysis of sterling under the Bretton Woods system. Sterling’s fortunes between 1968 and 1972 have not been so well documented. This article uncovers new evidence about the pound for this period, including the British government’s contingency plans for blocking the sterling balances as a means to negate the weakness of sterling following the 1967 devaluation, the discussions with the United States on the reform of the international monetary system, and the preparations made for floating the pound.

Suggested Citation

  • Michael J. Oliver & Arran Hamilton, 2007. "Downhill from devaluation: The battle for sterling, 1968–721," Economic History Review, Economic History Society, vol. 60(3), pages 486-512, August.
    • Handle: RePEc:bla:ehsrev:v:60:y:2007:i:3:p:486-512
    DOI: 10.1111/j.1468-0289.2006.00365.x
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    References listed on IDEAS

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    1. Robert Leeson, 2003. "Ideology and the International Economy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28602-3, December.
    2. Derek H. Aldcroft & Michael J. Oliver, 1998. "Exchange Rate Regimes in the Twentieth Century," Books, Edward Elgar Publishing, number 865.
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    Cited by:

    1. Maurice Obstfeld, 2020. "Harry Johnson's “Case for flexible exchange rates”—50 years later," Manchester School, University of Manchester, vol. 88(S1), pages 86-113, September.

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