American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund

January 1, 2006

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry Dexter White. Several of those features are attributable primarily to White, including the adoption of fixed but adjustable exchange rates, the funding of operations with national currencies deposited by member states, extending credits through currency swaps rather than conventional loans, making these credits subject to policy conditions, and encouraging members to retain capital controls as an option for use in difficult circumstances. This study of archival material helps to uncover White's role in this design process.

Subject: Balance of payments, Capital controls, Capital flows, Commodities, Currencies, Foreign exchange, Gold, Money

Keywords: balance of payments, canon of publication, Capital controls, Capital flows, Currencies, Europe, exchange regimes, Gold, Harry Dexter White, IMF, IMF agreement, IMF design, international monetary system, secretarial staff, trip to London, U.S dollar legal tender, view of capital control, WP

Pages:
21
Volume:
2006
DOI:
https://doi.org/10.5089/9781451862669.001
Issue:
006
Series:
Working Paper No. 2006/006
Stock No:
WPIEA2006006
ISBN:
9781451862669
ISSN:
1018-5941

IMF’s Work

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Loading component...

IMF Working Papers