Sterling in crisis: 1964-1967

Michael David Bordo (), Ronald MacDonald () and Michael J. Oliver

No 14657, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We provide the first econometric study of foreign exchange market intervention for the UK during the sterling crises from 1964-1967. 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.

JEL-codes: N1 N14 N2 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-his, nep-ifn and nep-mon
Date: 2009-01
Note: ME
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