The Management of Sterling, 1932–1939
基于英国财政部档案，讨论1932-1939年英国外汇平准账户的操作，认为尽管英镑浮动并非完全自由，但干预因国内目标和国际资本状况而合理。
This article briefly discusses the operations of the British Exchange Equalization Account, 1932–1939, on the basis of the Treasury records of the time and in the light of modern views on exchange management. Its conclusion is that although the float may not have been “clean,” the intervention was probably justified by domestic objectives and the state of international capital markets.