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An Exchange Rate History of the United Kingdom

Author

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  • Naef,Alain

Abstract

How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system. This title is also available as Open Access on Cambridge Core. 'The open access publication of this book has been published with the support of the Swiss National Science Foundation' (here https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6).

Suggested Citation

  • Naef,Alain, 2022. "An Exchange Rate History of the United Kingdom," Cambridge Books, Cambridge University Press, number 9781108839990.
    • Handle: RePEc:cup:cbooks:9781108839990
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    Cited by:

    1. Géraldine David & Yuexin Li & Kim Oosterlinck & Luc Renneboog, 2024. "Art in times of crisis," Economic History Review, Economic History Society, vol. 77(4), pages 1362-1413, November.
    2. Michael D. Bordo & Cécile Bastidon, 2025. "Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes," Open Economies Review, Springer, vol. 36(5), pages 1309-1344, November.
    3. Naef, Alain, 2024. "Blowing against the Wind? a narrative approach to central Bank foreign exchange intervention," Journal of International Money and Finance, Elsevier, vol. 146(C).
    4. Joshua J. Banerjee, 2025. "UK fiscal policy and external balance under Bretton Woods: Twin deficits or distant relatives?," Economic History Review, Economic History Society, vol. 78(2), pages 583-612, May.
    5. Pawel Kowalewski, 2024. "Monetary processes in the world economy following the end of the Bretton Woods System," Bank i Kredyt, Narodowy Bank Polski, vol. 55(6), pages 697-730.

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