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Currency Crisis and Unemployment : Sterling in 1931

Author: Barry J Eichengreen; Olivier Jeanne
Publisher: Cambridge, Mass. National Bureau of Economic Research 1998.
Series: Working paper series (National Bureau of Economic Research), no. w6563.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper studies the role of unemployment in sterling's interwar experience. According to most narrative accounts, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British governments to pursue reflationary policies. We present a model which, in the spirit of the second generation' approach to currency crises, highlights the conflict between the  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Barry J Eichengreen; Olivier Jeanne
OCLC Number: 1027361285
Notes: May 1998.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w6563.
Responsibility: Barry Eichengreen, Olivier Jeanne.

Abstract:

This paper studies the role of unemployment in sterling's interwar experience. According to most narrative accounts, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British governments to pursue reflationary policies. We present a model which, in the spirit of the second generation' approach to currency crises, highlights the conflict between the objective of low unemployment and defense of the currency and show that it can reproduce the main features of sterling's interwar experience. Econometric evidence lends further support to the view that the proximate cause of the sterling crisis was the dramatic rise in unemployment brought about by external deflationary forces.

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