第二次世界大戦後アメリカの対欧州通貨金融政策 : 戦後構想から欧州決済同盟(EPU)の創設・展開へ(大会報告・共通論題 : ケインズ政策の展開と経済統合)
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概要
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To avoid a repetition of the international currency and trade collapse, United States policy makers at Bretton Woods created the International Monetary Fund to operate a system of pegged but adjustable exchange rates. Most importantly, the Bretton Woods monetary system recognized the importance of multilateral trade and payments due to global aspects of the postwar system. The way to liberalization appeared infinitely longer, slower, and harder, requiring "transition period" clauses in the Fund, huge financial aid like the Anglo-American Financial Agreement, and a subsidiary organization like the European Payments Union. In this paper, we analyze the discussions at the National Advisory Council on International Monetary and Financial Problems, and we confirm the strategy and limits of the American foreign policy, and its influences on the integration of the European economy. The Fund descended into a serious functional disorder after the war, because quantitative restrictions on trade and bilateralism among the European countries were caused principally by their shortage of means of payment with which to settle their various international accounts. To survive these temporary difficulties, American foreign policy included the political and economic integration of Western Europe through the Marshall Plan. Active American participation in originating and establishing the EPU and the trade liberalization program of 1949 meant that the United States supported the formation and indefinite continuation of the Bretton Woods insistence on a universal approach. At the National Advisory Council the officials of the Treasury Department and the Federal Reserve System severely criticized the EPU, since it would create a permanent closed soft currency area. Because the United Kingdom and the sterling area participated in the regional clearing union, however, the Council recognized the EPU as long as it was a transitional organization to achieve the ultimate objective of the Fund. Over the eight and a half years, the EPU and the OEEC exerted a significant influence on member's domestic currency and financial policies. The European Monetary Agreement designed to ensure the maintenance of monetary cooperation between the OEEC members, came into force upon the termination of the EPU at the close of business in 1958.
- 政治経済学・経済史学会の論文
- 1998-04-20
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