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The 1931 Devaluation of Sterling

In: Sterling in Decline

Author

Listed:
  • Sir Alec Cairncross

    (St Peter’s College)

  • Barry Eichengreen

    (University of California)

Abstract

The 1931 devaluation of sterling ended a decade of financial struggle. It marked the collapse of an international financial order that had served the world for generations and had been reconstructed at considerable expense following the First World War. The gold standard parity of sterling, officially re-established in 1925, was a reference point for exchange rate stabilization by a number of countries: France in 1926, Italy in 1927, Norway in 1928, and Portugal in 1929, to name but a few. Thus the pound’s devaluation in 1931 symbolized a radical change in the structure of international economic relations.

Suggested Citation

  • Sir Alec Cairncross & Barry Eichengreen, 2003. "The 1931 Devaluation of Sterling," Palgrave Macmillan Books, in: Sterling in Decline, edition 0, chapter 3, pages 27-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59630-6_3
    DOI: 10.1057/9780230596306_3
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    Cited by:

    1. Chanelle Duley & Prasanna Gai, 2020. "When the penny doesn't drop - Macroeconomic tail risk and currency crises," National Institute of Economic and Social Research (NIESR) Discussion Papers 520, National Institute of Economic and Social Research.

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