(1) Britain led in the adoption of the gold standard.

(2) Britain acted as a market for "distress goods."

(3) Britain acted as a "lender of last resort."

(4) The Bank of England provided "counter-cyclical finance."

Gresham's Law: when the global reserve currency is devalued, countries other than the source of the reserve currency will abandon that currency for a medium of exchange that is more stable.