European Payments Union and the Sterling's Return to Convertibility (1)

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Other Title
  • ヨーロッパ決済同盟（EPU）とポンド交換性回復 (1) : 1950年代の現実とポンド政策
  • ヨーロッパ ケッサイ ドウメイ(EPU)ト ポンド コウカンセイ カイフク(1)1950ネンダイ ノ ゲンジツ ト ポンド セイサク

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Abstract

It has been said that Sterling had gradually declined after the WWII. As UK's economy was then losing its high position in the world, people tended to take it natural, but we should not understand that Sterling just fell from the international currency. Things were more complicated. The City (London international financial center) has revived despite the fall of Sterling, for example. If we simply take Sterling's postwar history as the process of downfall, we will have to miss the important meanings of the fact mentioned above. We need to grasp the entire process, and therefore pay close attention to the restoration phase of Sterling. From such a point of view, this paper examines the relations between the Sterling policy and the establishment of European Payments Union (1950) as well as the Sterling's return to convertibility (1958), and confirms that the convertibility was indispensable to Sterling's restoration but also brought crises to Sterling.

Journal

  • 経済科学

    経済科学 60 (4), 213-230, 2013-03-25

    名古屋大学大学院経済学研究科

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