The Empirical Studyon the Dedine Process of the Key Ourency Pound Sterling

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The Pound Sterling, which had worked as key currency during the international gold standard, gradually lost its position. This empirical study tried to understand the decline process of the Pound Sterling from WWII to 1970'.At first the study aimed at clarifying authority's ideas on the position of the Pound Sterling through the investigation of the primary documents made by the Treasury, Bank of England, and so on, because it is very important to analyze the discrepancies between authority's plans and the real situation. Analyzing those discrepancies would make us possible to understand the decline process of the Pound Sterling form inside.Specifically speaking, this study examined the following issues ; (1)the start of exchange control at the outbreak of WWH (2)the expansion of "Pound Balance" during the war, (3)the response to the Bretton Woods Conference, (4)Financial Agreement Between the Governments of the United States and the United Kingdom(1945), (5)the failure in the resumpti … More on of the convertibility(1947), (6)the devaluation of the Pound Sterling(1949). And the following points are confirmed : the Treasury and BoE already knew when they were yet in the war that UK would be faced with the unfavourable balance of international payments just after the war ; their awareness of UK's difficulty influenced Keynes's proposal(International Clearing Union) on Post-war international currency system, but the authority finally understood that UK should make a compromise with USA, and had to persuade the Parliament to approve White's proposal (International Stabilization Fund) ; after the failure in the resumption of the convertibility(1947), the authority started the preparation for the devaluation so early.Then this study came to the stage where the discrepancies between authority's plans and the real situation should be analyzed, but as analysis progressed the new problem appeared. That is to say, it turned out that this study would need to examine the birth of yuro-dollar market as a factor or a reason which City accepted the withdrawal of Pound Sterling from the international currency. Therefore this study is decided to continue. Less