The Decline of Sterling

Managing the Retreat of an International Currency, 1945-1992

Inbunden, Engelska, 2010

AvCatherine R. Schenk,Catherine R. (University of Glasgow) Schenk

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The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.

Produktinformation

Utgivningsdatum2010-05-27
Mått158 x 235 x 30 mm
Vikt860 g
FormatInbunden
SpråkEngelska
Antal sidor464
FörlagCambridge University Press
ISBN9780521876971

Tillhör följande kategorier

Ekonomisk historia inom Ekonomi och ledarskap
Makroekonomi inom Ekonomi och ledarskap

Catherine R. Schenk is Professor of International Economic History at the University of Glasgow. She has held academic posts in the UK, New Zealand and Malaysia and has been a visiting researcher at the Hong Kong Institute for Monetary Research and the International Monetary Fund. Her previous books include Hong Kong as an International Financial Centre (2001) and Britain and the Sterling Area (1994).

List of figures; List of tables; Acknowledgements; 1. Introduction and outline of the book; Part I. Reconstructing the International Monetary System 1945–59: 2. The post-war international monetary system 1945–50; 3. Return to convertibility 1950–9; Part II. Accelerating the Retreat: Sterling in the 1960s: 4. Sterling and European integration; 5. The sterling devaluation 1967: relations with the USA and the IMF; 6. Sterling and the City; 7. Multilateral negotiations: sterling and the reform of the international monetary system; 8. The sterling agreements of 1968; Part III. Sterling's Final Retreat 1970–92: 9. Sterling and the end of Bretton Woods; 10. Years of crisis 1973–9; 11. The aftermath 1980–92; 12. Summary and conclusions; Index.

'Catherine Schenk tells the story of the changing fortunes of sterling across the second half of the twentieth century. This ranges over everything from convertibility, reserve currencies, sterling balances, the euro-currency markets, the international financial architecture, and a great deal more. Sterling has also been placed in the context of the international monetary system, and in the context of the growing literature on the economic and wider history of the period. It is an excellent account of difficult territory.' Forrest Capie, Cass Business School and Official Historian of the Bank of England

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