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A History of the U.K. Balance of Payments

In: Balance-of-Payments Theory and the United Kingdom Experience

Author

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  • A. P. Thirlwall

    (University of Kent)

Abstract

Although the primary purpose of this chapter is to describe the balance-of-payments experience of the United Kingdom since 1950, it will be helpful as an introduction to place the experience in historical perspective, relying heavily on the statistical tables compiled by Mitchell and Deane (1962). Starting from 1854, data will be given on imports, exports, the balance of trade, the over-all balance on current account, indices of the volume of imports and exports, and the terms of trade. Throughout the chapter emphasis will be given to discussion of the statistics rather than to events and policies, and the focus will be on the real sector of the balance-of-payments accounts rather than on international monetary developments. The chapter has two appendices which illustrate that my scepticism of currency depreciation is of quite long standing.

Suggested Citation

  • A. P. Thirlwall, 1986. "A History of the U.K. Balance of Payments," Palgrave Macmillan Books, in: Balance-of-Payments Theory and the United Kingdom Experience, edition 0, chapter 7, pages 139-202, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18390-6_7
    DOI: 10.1007/978-1-349-18390-6_7
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    Cited by:

    1. Edoardo Beretta & Alvaro Cencini, 2020. "Double-entry bookkeeping and balance of payments: the need for developing a new approach," Insights into Regional Development, VsI Entrepreneurship and Sustainability Center, vol. 2(3), pages 610-629, September.

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