. @M_Avaro starts today's #oxeshgradseminar on GBP in the Bretton Woods period with a suitably undead image #econhist #EconTwitter

. @B_Eichengreen and colleagues have argued that Bretton Woods was a multipolar monetary world. Several currency zones. #oxeshgradseminar #econhist #EconTwitter

. @M_Avaro argues that there had already been a shift away from by the end of WWI, so central banks that could shift away did. However, pressured Commonwealth countries to remain in the area. #oxeshgradseminar #econhist #EconTwitter

New data on holdings for different countries sketches out the durability and then decline of GBP. #oxeshgradseminar #econhist #EconTwitter

Why does @M_Avaro call a currency? There were two devaluations and frequent deficits after WWII. Mediocre macro performance and decline of London as a financial center (rise of NYC, capital controls, competition from Paris, Berlin). #oxeshgradseminar #econhist #EconTwitter

The worked to control the activities of area members, e.g. through exchange controls with non-members. receipts (oil sales, development loans) had to be exchanged for ! #oxeshgradseminar #econhist #EconTwitter

Three case studies of area countries and exits. #oxeshgradseminar #econhist #EconTwitter

strong-armed area members to remain in the area, which allowed the Bank of England to delay devaluation. #oxeshgradseminar #econhist #EconTwitter

Summary of findings #oxeshgradseminar #econhist #EconTwitter