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Data for the book "An Exchange Rate History of the United Kingdom, 1945–1992", published by Cambridge University Press in 2022. The data includes files to replicate all the figues in the book. (2022-05-05) Please make sure to get permission to use thrid party data. These include data from the following papers or sources: - Accominotti, Olivier, Jason Cen, David Chambers, and Ian Marsh. ‘Currency Regimes and the Carry Trade.’ Journal of Financial and Quantitative Analysis 54, no. 5 (October 2019): 2233–60. https://doi.org/10.1017/S002210901900019X - Capie, Forrest. The Bank of England: 1950s to 1979. Cambridge: Cambridge University Press, 2010. - Reinhart, Carmen M., and Kenneth Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press, 2011. - any external data provider such as Refinitiv, Global Financial data or Bloomberg Get in touch at alain.naef@gmail.com with any questions.

Daily foreign exchange operations by the Bank of England between 1952 and 1995. Copied from manuscript records at the Bank of England archive. There is a "read me" tab with more details on the data. The data is linked to the following publication which you can cite if using the data Naef, Alain. 2022. An Exchange Rate History of the United Kingdom: 1945–1992. Studies in Macroeconomic History. Cambridge: Cambridge University Press. https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6. If you just want to use the data to run econometrics or as a control variable, there is a ready to use tab with the plain simple data. If you do so, be aware that Black Wednesday (16 September 1992) is an outlier by many standard deviations. If you want to dig more, there are more granular forms of data. The licence is public domain, so no restrictions whatsoever.

Replication data for the paper by Barry Eichengreen and Alain Naef, Imported or Home Grown? The 1992-3 EMS Crisis, published in the Journal of International Economics. The project contains the following data files: • A code file in text with all the code used. This can be useful for researchers not using the same software packages but wanting to replicate some models • An excel file with all the data used for anyone wanting to re-use the data • An EViews data file with the data in the same format as the one used in the econometrical analysis • A related EViews code file which will allow to easily replicate all of the analysis (except for the local projections, done in R, see below) • An R code file to replicate the local projections presented in the appendix • A zip file with the different excel files used to feed the R code. This is the same data as in the other files but it will make it easier to run the R code smoothly • An excel file with the exact data used to create each figure. This is meant to allow for replication of all the graphs presented in the paper. The data is the same as the one available in the other files but it is ready to use to replicate any of the charts.

In June 2018, the People’s Bank of China (PBoC) decided to include green financial bonds into the pool of assets eligible as collateral for its Medium Term Lending Facility. We measure the impact of the policy on the yield spread between green and non-green bonds, or greenium. Using a difference-in-differences approach to compare pairs of green and non-green bonds issued by the same institutions, we show that the policy increased the greenium by 46 basis points. This experience can be useful to other central banks considering similar polices.

Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.

Few studies on foreign exchange intervention convincingly address the causal effect of intervention on exchange rates. By using a narrative approach, I address a major issue in the literature: the endogeneity of intraday news which influence the exchange rate alongside central bank operations. Some studies find that interventions work in up to 80% of cases. Yet, by accounting for intraday market moving news, I find that in adverse conditions, the Bank of England managed to influence the exchange rate only in 8% of cases. I use both machine learning and human assessment to confirm the validity of the narrative approach.

The effectiveness of central bank intervention is debated and despite literature showing mixed results, central banks regularly intervene in the foreign exchange market, both in developing and developed economies. Does foreign exchange intervention work? Using over 60,000 new daily observations on intervention and exchange rates, this paper is the first study of the Bank of England’s foreign exchange intervention between 1952 and 1972.The main finding is that the Bank of England was unsuccessful in managing a credible exchange rate over that period. Running an event study, I demonstrate that betting systematically against the Bank of England would have been a profitable trading strategy. The Bank of England failed to maintain credibility in offshore markets and eventually manipulated the publication of its reserve figures to avoid a run on sterling.

This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the ‘first line of defence for the dollar’ as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system., ESRC full fellowship grant number KFW/10324121/0