Abstract
Before their abolition in October 1979 exchange controls were an important feature of the British economy. In this Britain was virtually alone among major Western nations in maintaining substantially intact her wartime controls which had been introduced in 1939. Most other advanced countries had learned to do without them and the considerable restrictions on individual and corporate freedom which they involve.
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References
Exchange Control Act 1947, H.M.S.O. The text of the Exchange Control Act reveals the strength of the powers given to the government to control movements of foreign exchange.
United Kingdom Exchange Control Manual, 2 volumes, Bank of England. These two loose-leaf volumes set out the detail of the permissions granted by the Bank under the Exchange Control Act. Technically, it consists mainly of instructions to banks by the Bank of England.
The Bank of England Quarterly Bulletin, September 1967; The Investment Currency Market. A description of the investment currency marker.
Annual Report on Exchange Arrangements and Exchange Restrictions, International Monetary Fund, 1980. An annual review of exchange controls amongst members of the I.M.F. The I.M.F. discourages exchange controls upon current account payments.
Sayers, R.S. The History of the Bank of England, 1891–1944, Cambridge University Press, 1976, and Financial Policy, 1939–1945, H.M.S.O. and Longmans, 1956. Both of these books give interesting accounts of the wartime origins of British exchange control.
Woolley, P.K. ‘Britain’s Investment Currency Premium’, Lloyd’s Bank Review, July 1974, p. 33. An excellent short description of the ‘dollar premium’.
Tew, B. International Monetary Co-operation, 1945–1967, Hutchinson University Library, 1967. This book includes an excellent description of ‘commodity shunting’ and the post-war movement towards ‘external convertibility’.
Cairncross, Sir A. Control of Long-term International Capital Movements, The Brookings Institution 1973. Sir Alec argues the case for and against control upon capital movements in Britain and the USA.
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Miller, R. and Wood, J.B. Exchange Control for Ever?, Research Monograph 33, I.E.A., 1979. A criticism of British exchange controls with a brief history.
References
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© 1984 Martinus Nijhoff Publishers, The Hague, Boston, Lancaster
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Miller, R., Saïdi, N., Bosman, H.W.J. (1984). Exchange controls for ever?. In: Salin, P. (eds) Currency Competition and Monetary Union. Financial and Monetary Policy Studies, vol 8. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-6077-0_10
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DOI: https://doi.org/10.1007/978-94-009-6077-0_10
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