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The Collapse of the Bretton Woods system and the IMF

Research Project

Project/Area Number 16K17154
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Economic history
Research InstitutionYokohama National University

Principal Investigator

NISHIKAWA Teru  横浜国立大学, 大学院国際社会科学研究院, 准教授 (30622633)

Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywordsブレトンウッズ体制 / 国際通貨基金 / 国際収支調整 / 資本自由化 / 変動相場制 / 国際金融機関 / 国際金融危機 / 国際金融協力 / 国際金融 / 経済政策
Outline of Final Research Achievements

In this research, I examined the evolution and the character of the IMF adjustment policy in the Bretton Woods era. Especially, I thoroughly reviewed the consultations which were held between the IMF and its member countries by examining the archival records of the IMF.
The outcomes of this research are as follows. Firstly, I showed that the IMF consistently pursued correction of the balance of payments disequilibrium (rebalance) by macroeconomic adjustment of its member countries under fixed exchange regime. Secondly, it would be pointed out that the principle of “rebalance” was a character of the IMF adjustment policy in comparison with that of the OECD which promoted “finance” of current account imbalances by capital liberalization.

Academic Significance and Societal Importance of the Research Achievements

本研究で明らかにした「IMFの政策路線の一貫性」という史実は、「ブレトンウッズ体制の変容に伴って対外開放路線に転じ、不安定な金融グローバル化への道を拓いた」とされるIMFの役割をめぐる通説的歴史観を修正するものであり、国際金融史分野における学術的な貢献である。加えて本研究の成果は、安定的な国際金融システムとして機能したとされるブレトンウッズ体制および体制の安定に向けてIMFが果たした役割の一端を明らかにしたものであり、2008年の世界金融危機を契機に高まっている国際金融不安の原因や国際機関の役割をめぐる社会的関心に対し、歴史的な参照事例を提供する意義を有している。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (5 results)

All 2019 2018 2017

All Journal Article (2 results) (of which Open Access: 1 results) Presentation (3 results)

  • [Journal Article] Evolution of the IMF Economic Policy in the Bretton Woods Era2019

    • Author(s)
      Nishikawa Teru
    • Journal Title

      SSRN Electronic Journal

      Volume: -

    • DOI

      10.2139/ssrn.3378026

    • Related Report
      2018 Annual Research Report
    • Open Access
  • [Journal Article] ブレトンウッズ体制の再検討2017

    • Author(s)
      西川輝
    • Journal Title

      歴史と経済

      Volume: 59 Pages: 38-44

    • NAID

      130007585113

    • Related Report
      2016 Research-status Report
  • [Presentation] ブレトンウッズ期における国際収支調整2018

    • Author(s)
      西川輝
    • Organizer
      政治経済学・経済史学会、欧州統合史フォーラム
    • Related Report
      2017 Research-status Report
  • [Presentation] ブレトンウッズ体制の再検討――国際収支調整を中心に2018

    • Author(s)
      西川輝
    • Organizer
      日本金融学会歴史部会
    • Related Report
      2017 Research-status Report
  • [Presentation] Shaping the Bretton Woods Monetary System and the IMF; 1944-19612017

    • Author(s)
      西川輝
    • Organizer
      UC Berkeley, Economic History Seminar
    • Related Report
      2017 Research-status Report

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Published: 2016-04-21   Modified: 2020-03-30  

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