TY  - JOUR
AU  - Bordo,Michael D.
AU  - MacDonald,Ronald
AU  - Oliver,Michael J.
TI  - Sterling in crisis: 1964-1967
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14657
PY  - 2009
Y2  - January 2009
UR  - http://www.nber.org/papers/w14657
L1  - http://www.nber.org/papers/w14657.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Ronald MacDonald
Department of Economics
University of Glasgow
Glasgow, G12 8RT, UK
E-Mail: r.macdonald@socsi.gla.ac.uk

Michael Oliver
ESC Rennes School of Business
2 rue Robert d'Arbrissel
30333365 Rennes, CEDEX, France
E-Mail: mjo@btinternet.com
AB  - We provide the first econometric study of foreign exchange market intervention for the UK during the sterling crises from 1964-1967. We use daily data on spot and forward dollar/sterling exchange rates and reserve movements which allows a more precise description of the loss of credibility during four currency crises. Reserve losses are consistent with exchange rate crises. External assistance given to sterling throughout this period shored up the reserves and allowed the sterling peg to be maintained.
ER  -