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An Exchange Rate History Ofthe United Kingdom
Introduction 1\\\\r\\\\n1 Sterling’sPost-WarRoleandLessonsfromthe\\\\r\\\\n1947ConvertibilityCrisis 5\\\\r\\\\nTheSterlingBalancesProblem 7\\\\r\\\\nDifferentSterlingAreas 8\\\\r\\\\nTheConvertibilityCrisisof1947 10\\\\r\\\\nConsequencesof theCrisis 15\\\\r\\\\n2 The1949Devaluation:ReadjustingthePost-WarParities 18\\\\r\\\\nThePoliticsof theDevaluation 19\\\\r\\\\nCausesof theDevaluation 22\\\\r\\\\nTheBalanceofPaymentsProblem 24\\\\r\\\\nInternationalRepercussions 29\\\\r\\\\n3 TheReopeningof theLondonForeignExchangeMarket:\\\\r\\\\nSterling’sWindowontheWorld 35\\\\r\\\\nNegotiations 36\\\\r\\\\nTheReopening 38\\\\r\\\\nAlternativeMarkets 43\\\\r\\\\n4 TheBankontheMarket 46\\\\r\\\\nForeignExchangeInterventions 47\\\\r\\\\nCooperationwiththeFed 54\\\\r\\\\nStrategiesandTactics 56\\\\r\\\\nInterventionPerformance 59\\\\r\\\\nTheExchangeEqualisationAccount 66\\\\r\\\\n5 TheReopeningof theLondonGoldMarket in1954:\\\\r\\\\nSealingtheFateofSterlingandtheInternationalSystem 73\\\\r\\\\nBurgeoningCompetition 76\\\\r\\\\nTheGoldMarketReopening 78\\\\r\\\\nBehindClosedDoors 83\\\\r\\\\nBankofEnglandOperations 86\\\\r\\\\n6 1958ConvertibilityandItsConsequences 92\\\\r\\\\nWhatIsConvertibility? 93\\\\r\\\\nThePoliticsofConvertibilityinEurope 94\\\\r\\\\nAnEndtoParallelMarkets 95\\\\r\\\\n7 TheGoldPool 99\\\\r\\\\nCooperationwiththeFed 101\\\\r\\\\nThePoliticsof theGoldPoolCreation 107\\\\r\\\\nHowtheGoldPoolWorked 109\\\\r\\\\nTheCreationof theGoldPoolandtheGlobalPriceofGold 111\\\\r\\\\n8 CooperationandtheFedSwapNetwork 115\\\\r\\\\nTheBankofEngland’sUseofSwaps 116\\\\r\\\\nShort-TermSwaps? 121\\\\r\\\\nAnArsenalofCredit 123\\\\r\\\\n9 The1964–1967CurrencyCrisis 127\\\\r\\\\nThe1964Crisis 128\\\\r\\\\nTheGoldCrisis 136\\\\r\\\\nSterlingandGold 144\\\\r\\\\n10 The1967DevaluationandtheFallof theGoldPool 148\\\\r\\\\nABritishTriggertoanInternationalCrisis 149\\\\r\\\\nTheFrenchorSterling? 151\\\\r\\\\nTheRun-UptotheDevaluation 157\\\\r\\\\nTheRunonGold 160\\\\r\\\\n11 TheConsequencesof theDevaluation:OngoingCrisisand\\\\r\\\\nWindowDressingattheBankofEngland 166\\\\r\\\\nNotaRealSolution 166\\\\r\\\\nDisclosureofReserves 170\\\\r\\\\nWindowDressing 174\\\\r\\\\nSecretsamongFriends 177\\\\r\\\\n12 Britain,NixonandtheEndofBrettonWoods 180\\\\r\\\\nTheNixonShift 181\\\\r\\\\nTheNixonShock 183\\\\r\\\\nStabilisationatLast 187\\\\r\\\\n13 The1976IMFCrisis 190\\\\r\\\\nWastheIMFCrisis ‘Natural’or ‘Manmade’? 191\\\\r\\\\nUnfoundedRumours 194\\\\r\\\\nRateCutandFurtherFall 197\\\\r\\\\nTheCatIsOutof theBag 200\\\\r\\\\n14 Britain’sLastCurrencyCrisis 204\\\\r\\\\nAEuropeanCrisis 205\\\\r\\\\nAnUnexpectedandBrutalShock 207\\\\r\\\\nBlackWednesday 213\\\\r\\\\nWhatIf? 218\\\\r\\\\nMoreLuckacrosstheChannel 220
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