This paper examines the international role of sterling during the Bretton Woods era and argues that it was not a competitor to the U.S. dollar. I construct a novel dataset to measure the reserve role of sterling in Europe and sterling area countries. The postwar reserve role of sterling was limited to the sterling area and was artificial as this area was built as a captive market. I document how British authorities imposed exchange controls, commercial threats, and economic sanctions on sterling area countries to compel them to keep their foreign exchange reserves in sterling.

中文翻译：

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僵尸国际货币：英镑 1945-1971 年


本文研究了英镑在布雷顿森林体系时期的国际作用，并认为它不是美元的竞争对手。我构建了一个新的数据集来衡量英镑在欧洲和英镑地区国家的储备作用。英镑的战后储备作用仅限于英镑地区，并且是人为的，因为该地区是作为专属市场而建立的。我记录了英国当局如何对英镑地区国家实施外汇管制、商业威胁和经济制裁，以迫使它们保持英镑外汇储备。