Suez and Sterling, 1956
AbstractDaily data on spot and forward dollar/sterling exchange rates and on Britain's foreign exchange reserves are used to reassess the financial history of the 1956 Suez crisis. We find that support of sterling at its Bretton Woods lower bound lost credibility as early as July. Reserve losses also are consistent with an exchange rate crisis. We provide the first econometric study of foreign exchange market intervention in the pre-convertibility phase of the Bretton Woods system. The Bank of England's interventions reacted strongly both to official sterling and to the transferable sterling market in New York, which suggests that convertibility was a central goal of policy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Explorations in Economic History.
Volume (Year): 36 (1999)
Issue (Month): 3 (July)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622830
Other versions of this item:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Almekinders, G.J. & Eijffinger, S.C.W., 1996.
"A friction model of daily Bundesbank and Federal Reserve intervention,"
Open Access publications from Tilburg University
urn:nbn:nl:ui:12-73527, Tilburg University.
- Almekinders, Geert J. & Eijffinger, Sylvester C. W., 1996. "A friction model of daily Bundesbank and Federal Reserve intervention," Journal of Banking & Finance, Elsevier, vol. 20(8), pages 1365-1380, September.
- Obstfeld, Maurice & Taylor, Alan M, 1997.
"The Great Depression as a Watershed: International Capital Mobility over the Long Run,"
CEPR Discussion Papers
1633, C.E.P.R. Discussion Papers.
- Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402 National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor, 1999. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Working Papers 5960, National Bureau of Economic Research, Inc.
- Lars E.O. Svensson, 1992.
"The Simplest Test of Target Zone Credibility,"
NBER Working Papers
3394, National Bureau of Economic Research, Inc.
- Garber, P.M. & Svensson, L.E.O., 1994.
"The Operation and Collapse of Fixed Exchange Rate Regimes,"
588, Stockholm - International Economic Studies.
- Garber, Peter M. & Svensson, Lars E.O., 1995. "The operation and collapse of fixed exchange rate regimes," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 36, pages 1865-1911 Elsevier.
- Peter M. Garber & Lars E.O. Svensson, 1994. "The Operation and Collapse of Fixed Exchange Rate Regimes," NBER Working Papers 4971, National Bureau of Economic Research, Inc.
- Maurice Obstfeld, 1993.
"The Adjustment Mechanism,"
NBER Working Papers
3943, National Bureau of Economic Research, Inc.
- Michael Bordo & Anna Schwartz, 1996. "Why clashes between internal and external stability goals end in currency crises, 1797â€“1994," Open Economies Review, Springer, vol. 7(1), pages 437-468, March.
- Alberto Giovannini, 1993. "Bretton Woods and Its Precursors: Rules versus Discretion in the History of International Monetary Regimes," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 109-154 National Bureau of Economic Research, Inc.
- Bordo, Michael D. & Macdonald, Ronald & Oliver, Michael J., 2009.
"Sterling in crisis, 1964–1967,"
European Review of Economic History,
Cambridge University Press, vol. 13(03), pages 437-459, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.