Malaysia and the End of the Bretton Woods System 1965-72: Disentangling from Sterling
Malaysia and the End of the Bretton Woods System 1965-72: Disentangling from Sterling
复制标题
马来西亚和 1965-72 年布雷顿森林体系的终结：脱离英镑
DOI：
10.1080/03086530802180932
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
Schenk C
中科院分区：
文献类型：
--
作者：
Schenk C
本文考察了1965 - 1972年间英国、新加坡和马来西亚之间紧张而复杂的货币关系。它质疑马来西亚对英国的经济重要性在20世纪60年代“衰落”的假设。作为世界上第二大英镑资产保持器的政府，马来西亚本应能够在伦敦对这些资产的处置施加相当大的影响力。然而，这些资产的规模最终限制了马来西亚的回旋余地，因为它不可能在不损害国际社会对磅汇率的信心的情况下出售其中很大一部分，从而加速其剩余的英镑资产的贬值。1967年英镑贬值成为伦敦和吉隆坡关系的分水岭，此后马来西亚人寻求制定更加独立的货币政策。然而，很明显，他们直到1972年才真正成功地做到了这一点。
This article examines the tense and complex monetary relationship between Britain, Singapore and Malaysia in the period from 1965 to 1972. It questions the assumption that Malaysia's economic significance to Britain was ‘on the wane’ by the 1960s. As the second largest government holder of sterling assets in the world, Malaysia should have been able to exert considerable leverage in London over the disposition of these assets. Ultimately, however, the very scale of these assets limited Malaysia's room for manoeuvre, as it could not sell off a significant proportion of them without undermining international confidence in the exchange rate of the pound and thereby precipitating the devaluation of its remaining sterling assets. The devaluation of sterling in 1967 emerges as a watershed in relations between London and Kuala Lumpur, with the Malaysians thereafter seeking to forge a more independent monetary policy. It is clear, however, that they did not actually succeed in doing so until 1972.