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Devaluation, Exports, and Recovery from the Great Depression

Jason Lennard & Meredith M. Paker

The Journal of Economic History2026https://doi.org/10.1017/s0022050725101009article
AJG 3ABDC A*
Weight
0.50

Abstract

This paper evaluates how a major policy shift—the suspension of the gold standard in September 1931—affected employment outcomes in interwar Britain. We use a new high-frequency industry-level dataset and difference-in-differences techniques to isolate the impact of devaluation on exporters. At the micro level, the break from gold reduced the unemployment rate by 2.7 percentage points for export-intensive industries relative to non-export industries. At the aggregate level, this effect stimulated the labor market, the fiscal outlook, and economic growth. Devaluation was therefore an important initial spark of recovery from the depths of the Great Depression.

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https://doi.org/https://doi.org/10.1017/s0022050725101009

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@article{jason2026,
  title        = {{Devaluation, Exports, and Recovery from the Great Depression}},
  author       = {Jason Lennard & Meredith M. Paker},
  journal      = {The Journal of Economic History},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1017/s0022050725101009},
}

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Devaluation, Exports, and Recovery from the Great Depression

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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