The Decline of Sterling: Managing the Retreat of an International Currency, 1945-1992 (Hardcover) (ISBN-13: 9780521876971)

The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.

Author: Catherine R. Schenk
ISBN-10: 0521876974
ISBN-13: 9780521876971
Publisher: Cambridge University Press
Language: English
Published: 05/27/2010
Pages: 464
Format: Hardcover
Weight: 1.90lbs
Size: 9.00h x 6.00w x 1.10d

Review Citation(s):
Choice 01/01/2011