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Decline of Sterling Managing the Retreat of an International Currency, 1945-1992

ISBN-10: 0521876974

ISBN-13: 9780521876971

Edition: 2010

Authors: Catherine R. Schenk

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Description:

The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. This book challenges traditional explanations of this demise by arguing that it was prolonged by the weakness of the international monetary system and by collective interest in its continuation.
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Book details

Copyright year: 2010
Publisher: Cambridge University Press
Publication date: 5/27/2010
Binding: Hardcover
Pages: 464
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.892
Language: English

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
Introduction
Evolution of the international monetary system
Britain in the world economy
Measuring sterling's international role
Summary and outline of the book
Reconstructing the International Monetary System 1945-1959
The Post-war international monetary system 1945-1950
The post-war settlement
The 1947 convertibility crisis
Devaluation, 1949
Conclusions
The return to convertibility 1950-1959
Sterling as a reserve currency
Sterling as a trading currency
The sterling exchange rate
Convertibility on the current account
Conclusions
Accelerating the Retreat: Sterling in the 1960s
Sterling and European integration
Erosion of traditional relationships in the 1960s
The first application, 1961-1963
The second application, 1967
The final battle for accession, 1970-1972
Conclusions
The 1967 sterling devaluation: relations with the United States and the IMF 1964-1969
Devaluation and Anglo-American relations
Devaluation and the IMF
Conclusions
Sterling and the City
Measuring sterling as a commercial currency
Sterling in banking and finance
Capital controls on sterling
The eclipse of sterling, 1958-1970
Conclusions
Multilateral negotiations: sterling and the reform of the international monetary system
The G10 negotiations to reform the international monetary system
Conclusions: the failure of multilateral negotiations in the 1960s
The Sterling Agreements of 1968
The origins of the Basle Agreement
The second Group Arrangement, 1968
Negotiating with the sterling area: July-September 1968
Conclusions
Sterling's Final Retreat 1970-1992
Sterling and the end of Bretton Woods
The Nixon shock and the Smithsonian Agreement, August-December 1971
Floating the pound, June 1972
The end of Bretton Woods, 1973-1974
Renewing the Sterling Agreements
Conclusions
Years of crisis 1973-1979
Sterling and the first oil crisis
Sterling and the 1976 IMF crisis
The third Group Arrangement, 1976/7
Conclusions
The aftermath 1980-1992
Sterling and North Sea oil
Attempts to stabilise core currencies: the Plaza and Louvre Agreements, 1985-7
In and out of the Exchange Rate Mechanism: failing to turn sterling into a 'European' currency
Conclusions
Summary and overview
Sterling in the international system
Sterling and Britain's place in the world
The development of British sterling policy
Conclusions
Index