1952–54: Years of Growth

William Allen

Chapter 4 in Monetary Policy and Financial Repression in Britain, 1951–59, 2014, pp 36-43 from Palgrave Macmillan

Abstract: Abstract The first stage of the reactivation of monetary policy, in November 1951, did not take the pressure off sterling, but after Bank rate had been increased to 4% in the Budget on 11th March 1952, the dollar exchange rate promptly, though temporarily, appreciated into the upper half of its fluctuation band. It fell back during the spring and required moderate support at the lower limit during June, but it returned to the upper half of the band more lastingly from October onwards. The gold and foreign exchange reserves went on falling until the middle of March, but from then onwards they began to increase (Figure 4.1).1

Keywords: Interest Rate; Monetary Policy; Foreign Exchange; Fiscal Policy; Foreign Exchange Market (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1057/9781137383822_4

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