American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund
January 1, 2006
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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:
Issue:
006
Series:
Working Paper No. 2006/006
Stock No:
WPIEA2006006
ISBN:
9781451862669
ISSN:
1018-5941
