Sterling in Decline Again: The 1931 and 1992 Crises Compared
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The parallels between the 1931, 1949, 1967 and 1992 sterling crises have not gone
unremarkecl upon. But the 1992 episode, understandably in light of its recent pedigree, has
not been the subject of the same kind of comparative analysis as the United Kingdom's three
earlier 20th century balance-of-payments crisis. A systematic comparison can highlight
features common to currency crises and identify factors that cause crises occurring at
different times to evolve in different ways. With these goals in mind, we explore in this
paper similarities and differences between the first and last of these episodes: the United
Kingdom's 1931 and 1992 currency crises.