Sterling in crisis, 1964–1967

Bordo, M.D., MacDonald, R. and Oliver, M.J. (2009) Sterling in crisis, 1964–1967. European Review of Economic History, 13(3), pp. 437-459. (doi:10.1017/S1361491609990128)

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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 from 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.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:MacDonald, Professor Ronald
Authors: Bordo, M.D., MacDonald, R., and Oliver, M.J.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:European Review of Economic History
ISSN:1361-4916
Published Online:03 December 2009

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