Eichengreen, Barry; Jeanne, Olivier - C.E.P.R. Discussion Papers - 1998
This paper studies the role of unemployment in sterling’s inter-war 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 … currency crises, highlights the conflict between the objective of low unemployment and defence of the currency and show that it …