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The Monetary Union of Australia, New Zealand and the United Kingdom – Its Operation, Fragmentation and Break-up

Author

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  • Decker Frank

    (The University of Sydney Law School, Camperdown Campus, Law School Building (F10), Eastern Avenue, Sydney New South Wales 2006, Camperdown, Australia)

Abstract

This article examines the monetary arrangements between Australia, New Zealand and the United Kingdom from the 1820s to the 1930s. It is argued that the three countries formed a monetary union for most of this period. A new analysis of inland and London exchange rates demonstrates that the union achieved a high degree of uniformity and stability, and that an international branch network of competing, private banks could successfully integrate vastly different geographic and economic areas. It is shown that the union’s break-up in the 1930s was the result of a political decision to create separate and devalued Australian and New Zealand currencies in order to mitigate some of the impacts of the Great Depression. International lending of last resort only played a limited role and helped to fix exchanges between the newly separated currencies after 1932.

Suggested Citation

  • Decker Frank, 2022. "The Monetary Union of Australia, New Zealand and the United Kingdom – Its Operation, Fragmentation and Break-up," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 63(2), pages 375-407, November.
    • Handle: RePEc:bpj:jbwige:v:63:y:2022:i:2:p:375-407:n:1
    DOI: 10.1515/jbwg-2022-0014
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    More about this item

    Keywords

    monetary unions; sterling area; sterling exchange standard; Australian pound; New Zealand pound; Währungsunion; Sterlingunion; Wechselkurssysteme; australisches Pfund; neuseeländisches Pfund;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • F - International Economics
    • F - International Economics
    • N - Economic History

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