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Sterling in Decline Again: The 1931 and 1992 Crises Compared

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  • Eichengreen, Barry

Abstract

The parallels between the 1931, 1949, 1967 and 1992 sterling crises have not gone unremarkecl upon. But the 1992 episode, understandably in light of its recent pedigree, has not been the subject of the same kind of comparative analysis as the United Kingdom's three earlier 20th century balance-of-payments crisis. A systematic comparison can highlight features common to currency crises and identify factors that cause crises occurring at different times to evolve in different ways. With these goals in mind, we explore in this paper similarities and differences between the first and last of these episodes: the United Kingdom's 1931 and 1992 currency crises.

Suggested Citation

  • Eichengreen, Barry, 1995. "Sterling in Decline Again: The 1931 and 1992 Crises Compared," Center for International and Development Economics Research (CIDER) Working Papers 233404, University of California-Berkeley, Department of Economics.
  • Handle: RePEc:ags:ucbewp:233404
    DOI: 10.22004/ag.econ.233404
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    References listed on IDEAS

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    Cited by:

    1. Frankel, J-A & Rose, A-K, 1996. "Economic Structure and the Decision to Adopt a Common Currency," Papers 611, Stockholm - International Economic Studies.
    2. Bardhan, Pranab, 1996. "The Nature of Institutional Impediments to Economic Development," Center for International and Development Economics Research (CIDER) Working Papers 233429, University of California-Berkeley, Department of Economics.
    3. Jeffrey A. Frankel & Andrew K. Rose, 1994. "A Survey of Empirical Research on Nominal Exchange Rates," NBER Working Papers 4865, National Bureau of Economic Research, Inc.
    4. Eichengreen, Barry & Wyplosz, Charles, 1995. "What Do Currency Crises Tell Us About the Future of the International Monetary System?," Center for International and Development Economics Research (CIDER) Working Papers 233418, University of California-Berkeley, Department of Economics.
    5. Frankel, Jeffrey & Wyplosz, Charles, 1995. "A Proposal to Introduce the ECU First in the East," Center for International and Development Economics Research (CIDER) Working Papers 233415, University of California-Berkeley, Department of Economics.
    6. Frankel, Jeffrey A, 1996. "Recent Exchange-Rate Experience and Proposals for Reform," American Economic Review, American Economic Association, vol. 86(2), pages 153-158, May.
    7. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "A panel project on purchasing power parity: Mean reversion within and between countries," Journal of International Economics, Elsevier, vol. 40(1-2), pages 209-224, February.
    8. Obstfeld, Maurice, 1996. "Intertemporal price speculation and the optimal current-account deficit: reply and clarification," Journal of International Money and Finance, Elsevier, vol. 15(1), pages 141-147, February.

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