Synopsis

How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system.

Fortune

La Tribune

JDD

EHS blog

Cited in the Guardian: "The Guardian view on Andrew Bailey’s aggression: whatever traders think is true becomes fact" (also MSN)

Review by Max Harris at Wharton

Review by Barry Eichengreen for Foreign Affairs

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All the data from the book is available

• Harvard dataverse: https://doi.org/10.7910/DVN/NXRRBI

• Open Science Framework https://doi.org/10.17605/OSF.IO/MKWTZ