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dc.contributor.authorNaef, Alain
dc.date.accessioned2018-11-16T09:15:27Z
dc.date.available2018-11-16T09:15:27Z
dc.date.issued2019-03-01
dc.date.submitted2018-06-20
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/285170
dc.description.abstractThis dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the ‘first line of defence for the dollar’ as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.
dc.description.sponsorshipESRC full fellowship grant number KFW/10324121/0
dc.language.isoen
dc.rightsAll rights reserved
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subjectBank of England
dc.subjectforeign exchange intervention
dc.subjectforeign exchange market
dc.subjectinternational reserve currencies
dc.subjectBretton Woods
dc.subjectFX
dc.subjectSterling
dc.subjectdollar
dc.subjectcentral banks
dc.subjectfinancial history
dc.subjectUnited Kingdom
dc.subjectFederal Reserve Bank of New York
dc.subjectFOMC
dc.subjectBanque de France
dc.subjectBank of France
dc.subjectBank for International Settlements
dc.subjectSwiss National Bank
dc.subjectBlack markets
dc.subjectSterling devaluation
dc.subjectMonetary history
dc.subjectmonetary policy
dc.subjectinterest rates
dc.subjectBank rate
dc.subjectcapital controls
dc.subjectEconomic history
dc.subjectcentral bank reserve management
dc.titleSterling and the Stability of the International Monetary System, 1944-1971
dc.typeThesis
dc.type.qualificationlevelDoctoral
dc.type.qualificationnameDoctor of Philosophy (PhD)
dc.publisher.institutionUniversity of Cambridge
dc.publisher.departmentFaculty of History
dc.date.updated2018-11-07T16:20:43Z
dc.identifier.doi10.17863/CAM.32540
dc.publisher.collegeSt Edmunds College
dc.type.qualificationtitlePhD in Economic History
cam.supervisorChambers, David
cam.thesis.fundingtrue


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