2007 Fiscal Year Final Research Report Summary
British Economy and the decline of Pound Starling after the WW2
| Project/Area Number |
17530263
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | Nagoya University |
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Principal Investigator |
KANAI Yuichi Nagoya University, Graduate Schcol of Econoraies, Professor (30144108)
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| Project Period (FY) |
2005 – 2007
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| Keywords | economic history / monetary history / UK economy / Pound Sterling / the London money market / Euro-dollar / international currency system / after the world war 2 |
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| Research Abstract |
This empirical study have confirmed following points through the analysis of many documents in the National Archive : Public Record Office and other some Archives.
The British authority noticed from the beginning of the world war 2 that UK's international balance of payments would get worse after the war. And the making process of so-called Keynes's Proposal, which is a plan for the international currency system, started just after the breaking of the war. As situations went on along the forecast of the Government, UK had to persuade other country to join the "Union of International Settlement". It was only the way she could take.
Then why did UK accept so-called White Plan? There is an explanation by the theory of Gentlemanly Capitalism. It insists that Keynes thought White Plan was not bad to UK. But considering the real situation and the forecast at that time, we should say that this argument is far legitimate.
On the other hand, the internal documents of the Treasury and the Bank of England suggest that UK did not intend to accept earnestly American proposal. Or it can be said that UK thought that they had chances to bargain with USA about the right of management on foreign exchange. Farther more there is another issue which Keynes might misconceive about the No.8 clause of IMF agreement. After all it is natural that we understand that UK did not intend to give up the right of management on foreign exchange.
But, after the war, the scheme of things went at first not to the direction which mattered the No.8 clause of IMF agreement but to the direction where bilateral settlement was developed. And European countries agreed to set up the EPU (European Payment Union) .
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Research Products
(10 results)
