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ANALYSIS OF THE CHANGING ROLE OF POUND STERLING WITHIN THE INTERNATIONAL MONETARY SYSTEM

The paper investigates how the role of the British currency has been changing within the international monetary system. This article is focused on sorting out why the world financial dominance of the United Kingdom was undermined and when exactly the dollar took over as the leading international currency. This question arises, because some authors, using evidence from the bond markets, state that the US dollar overtook sterling much earlier than in 1945, namely in 1929, while others adhere to another common opinion. Our study uses the quantitative research approach to examine the hypothesis questions. The null hypothesis states that the sterling lost its financial dominance before the World War II, while our alternative hypothesis claims that the dominance was lost after the same war.