Britain and the Sterling Area

1 INTRODUCTION The debate on the sterling area; The evolution of the post-war sterling area; The sterling area and the international economy 2 THE STERLING BALANCES Identifying the sterling balances; The mechanics of the sterling balances system; The sterling balances and confidence; The sterling balances and development; The sterling balances and domestic monetary policy 3 INTERNATIONAL TRADE The pattern of sterling area trade; The system of controls; Quantitative restrictions 1949–50; The Korean War boom 1950–1; Return to restrictions, 1952; The sterling area and UK export competitiveness 4 INVESTMENT IN THE STERLING AREA; Capital flows and British policy; The volume of long-term capital flows; Investment and growth; Impact on the balance of payments; Capital flows as a cohesive factor 5 THE STERLING AREA AND STERLING POLICY The ROBOT Plan and flexible exchange rates; The collective approach to convertibility; The administrative approach to convertibility 6 CONCLUSIONS