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

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  • Naef, Alain

Abstract

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.

Suggested Citation

  • Naef, Alain, 2022. "An Exchange Rate History of the United Kingdom, 1945–1992," SocArXiv hd76p, Center for Open Science.
    • Handle: RePEc:osf:socarx:hd76p
    DOI: 10.31219/osf.io/hd76p
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    References listed on IDEAS

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    1. ANDREW M. WATSON & Jacques Coeur, 1967. "Back to Gold — and Silver," Economic History Review, Economic History Society, vol. 20(1), pages 1-34, April.
    2. Thi Hong Van Hoang, 2010. "The Gold Market at the Paris Stock Exchange: A Risk-Return Analysis 1950-2003," Historical Social Research (Section 'Cliometrics'), Association Française de Cliométrie (AFC), vol. 35(3), pages 389-411.
    3. Windram, Richard & Footman, John, 2010. "The history of the Quarterly Bulletin," Bank of England Quarterly Bulletin, Bank of England, vol. 50(4), pages 258-266.
    4. Wass, Douglas, 2008. "Decline to Fall: The Making of British Macro-economic Policy and the 1976 IMF Crisis," OUP Catalogue, Oxford University Press, number 9780199534746.
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    Cited by:

    1. Naef, Alain, 2024. "Blowing against the Wind? a narrative approach to central Bank foreign exchange intervention," Journal of International Money and Finance, Elsevier, vol. 146(C).

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