Download The Decline of Sterling: Managing the Retreat of an by Catherine R. Schenk PDF

By Catherine R. Schenk

The death of sterling as a world forex used to be extensively envisioned after 1945, however the procedure took thirty years to accomplish. Why was once this death so lengthy? conventional motives emphasize British efforts to lengthen sterling's function since it elevated the potential to borrow, more desirable status, or supported London as a centre for overseas finance. This e-book demanding situations this view via arguing that sterling's foreign position used to be lengthy by means of the weak point of the overseas financial method and by means of collective international curiosity in its continuation. utilizing the data of Britain's companions in Europe, the united states and the Commonwealth, Catherine Schenk indicates how the united kingdom was once in a position to persuade different governments that sterling's foreign function used to be serious for the soundness of the overseas economic system and thereby allure enormous aid to control its retreat. This revised view has vital implications for present debates over the way forward for the U.S. buck as a global foreign money.

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Extra resources for The Decline of Sterling: Managing the Retreat of an International Currency, 1945–1992

Example text

The right to transfer sterling within the European country (and its monetary area where relevant) and to anywhere in the sterling area or beyond (provided the UK government approved) was the foundation of the ‘transferable sterling’ group that would emerge after 1947. The agreements did not make any provision for the liquidation or blocking of wartime balances. They were designed in the expectation that the United Kingdom would be in surplus with most European states after the war, so the credit element was limited.

The agreements did not make any provision for the liquidation or blocking of wartime balances. They were designed in the expectation that the United Kingdom would be in surplus with most European states after the war, so the credit element was limited. Indeed, the British rejected a Belgian offer of a £10 million margin for fear they would be accumulating too many Belgian francs. As it turned out, the United Kingdom 11 12 13 14 Pressnell, L. , External Economic Policy since the War, vol. I The Post-war Financial Settlement (London: HMSO, 1987), p.

Many had been accumulated by very poor developing economies in the British Empire, to which successive British governments and the public felt a moral obligation. ’2 To the extent that the debts could be considered the outcome of a common war effort, however, it seemed reasonable to expect some multilateral support for repaying them and some cancellation from richer creditors. The approach of the British authorities was clearly to try to reduce their liabilities within a framework of ‘business as usual’ in order to retain the United Kingdom’s creditworthiness, in political as well as economic terms.

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