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

在国际金本位制时期作为主要货币的英镑逐渐失去了它的地位。本实证研究试图了解从二战到1970年英镑的衰落过程。首先，本研究旨在通过调查财政部、英格兰银行等机构的主要文件，澄清权威机构对英镑地位的看法，因为分析权威机构的计划与实际情况之间的差异是非常重要的。分析这些差异将使我们有可能了解英镑汇率内部的下跌过程。具体来说，本研究考察了以下问题；(1)第二次世界大战爆发时开始实行外汇管制；(2)战争期间“英镑余额”的扩大；(3)对布雷顿森林会议的回应；(4)美国和英国政府之间的财政协定（1945）；(5)恢复可兑换性的失败（1947）；(6)英镑贬值（1949）。以下几点得到了证实：英国财政部和英国央行在参战之初就已经知道，英国将在战后不久面临国际收支逆差；他们对英国困境的认识影响了凯恩斯关于战后国际货币体系的建议（国际清算联盟），但权威人士最终明白英国应该与美国妥协，不得不说服议会批准怀特的建议（国际稳定基金）；在1947年恢复可兑换失败后，当局很早就开始为货币贬值做准备。然后这个研究到了应该分析当局的计划和实际情况之间的差异的阶段，但是随着分析的进行，新的问题出现了。也就是说，本研究需要考察欧元-美元市场的诞生，作为城市接受英镑退出国际货币的一个因素或原因。因此，本研究决定继续进行。少

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