Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/276259 
Year of Publication: 
2023
Series/Report no.: 
QUCEH Working Paper Series No. 23-09
Publisher: 
Queen's University Centre for Economic History (QUCEH), Belfast
Abstract: 
How do policy makers manage the decline of an international currency? This paper examines British policy towards the pound sterling's international role in the years 1968-74. Using previously uncited government archival sources, we revisit the view that the 'sterling agreements' of 1968-74, bilateral contracts made between the UK and governments holding sterling, formed a successful paradigm shift in British policy, towards deliberately managing sterling's international 'retirement'. Our research indicates that there was no settled consensus or strategic direction to British policy in this period, a case of 'muddling through'. Indeed, when feasible options presented themselves, British officials sought to maximise, not reduce, international sterling holdings.
Subjects: 
Sterling Area Agreements
international currency
sterling policy
disintegration
JEL: 
N10
F02
F22
F33
Document Type: 
Working Paper

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