中文摘要
本文考察了英镑在布雷顿森林体系时期的国际地位,并论证英镑并非美元的竞争对手。我构建了一个新的数据集,用以衡量英镑在欧洲和英镑区国家的储备货币地位。战后英镑的储备货币地位仅限于英镑区,且是人为造就的,因为英镑区本是作为一个受控市场而建立。本文记录了英国当局如何对英镑区国家实施外汇管制、商业威胁和经济制裁,以迫使其将外汇储备以英镑形式持有。
Abstract
This paper examines the international role of sterling during the Bretton Woods era and argues that it was not a competitor to the U.S. dollar. I construct a novel dataset to measure the reserve role of sterling in Europe and sterling area countries. The postwar reserve role of sterling was limited to the sterling area and was artificial as this area was built as a captive market. I document how British authorities imposed exchange controls, commercial threats, and economic sanctions on sterling area countries to compel them to keep their foreign exchange reserves in sterling.