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Dollar-Sterling Exchange Market

In: Essays in Economic History

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

Abstract

Gold-point arbitrage (or intervention-point respect by authorities) is investigated on a monthly basis for three fixed dollar-sterling exchange-rate periods: 1890–1906, 1925–1931, 1950–1966. Systemic market inefficiency, in the sense of the exchange rate going beyond (“violating”) the gold-point spread, is soundly rejected. There are only three, isolated, months of a gold-point violation in 1890–1906, none in 1925–1931, and (for comparison) one month in 1950–1966. Regime efficiency, a short-run phenomenon, is measured by the closeness of the exchange rate to the spread midpoint. Both quarterly and monthly observations are used, with the former enabling application to more time periods. Among the conclusions is that the long-run inefficiency of the interwar gold standard did not translate into short-run regime inefficiency.

Suggested Citation

  • Lawrence H. Officer, 2022. "Dollar-Sterling Exchange Market," Springer Books, in: Essays in Economic History, chapter 0, pages 377-404, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-95925-8_21
    DOI: 10.1007/978-3-030-95925-8_21
    as

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