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Sterling in crisis: 1964-1967

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Author Info
Michael D. Bordo
Ronald MacDonald
Michael J. Oliver

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Abstract

We provide the first econometric study of foreign exchange market intervention for the UK during the sterling crises from 1964-1967. We use daily data on spot and forward dollar/sterling exchange rates and reserve movements which allows a more precise description of the loss of credibility during four currency crises. Reserve losses are consistent with exchange rate crises. External assistance given to sterling throughout this period shored up the reserves and allowed the sterling peg to be maintained.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14657.

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Date of creation: Jan 2009
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Handle: RePEc:nbr:nberwo:14657

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Find related papers by JEL classification:
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
N2 - Economic History - - Financial Markets and Institutions

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  1. Grubel, Herbert G, 1971. "The Demand for International Reserves: A Critical Review of the Literature," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1148-66, December. [Downloadable!] (restricted)
  2. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 51-82, 04. [Downloadable!] (restricted)
  3. Maurice Obstfeld, 1984. "Balance-of-Payments Crises and Devaluation," NBER Working Papers 1103, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Michael D. Bordo, 1993. "The Bretton Woods International Monetary System: A Historical Overview," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 3-108 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  5. Michael D. Bordo & Owen Humpage & Anna J. Schwartz, 2006. "The Historical Origins of U.S. Exchange Market Intervention Policy," NBER Working Papers 12662, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Francesco Caramazza, 1993. "French-German Interest Rate Differentials and Time-Varying Realignment Risk," IMF Working Papers 93/1, International Monetary Fund.
  7. Sebastian Edwards, 1984. "The Demand for International Reserves and Monetary Equilibrium: Some Evidence From Developing Countries," NBER Working Papers 1307, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Clark, Peter B, 1970. "Optimum International Reserves and the Speed of Adjustment," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 356-76, March-Apr. [Downloadable!] (restricted)
  9. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August. [Downloadable!] (restricted)
  10. Klug, Adam & Smith, Gregor W., 1999. "Suez and Sterling, 1956," Explorations in Economic History, Elsevier, vol. 36(3), pages 181-203, July. [Downloadable!] (restricted)
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