Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Almost in parallel, Harry White had begun work on a competing plan, the first draft of which was completed in March 1942. Though they had worked independently and, initially, without either of them knowing that the other was even working on such a plan, the contours of White's proposal were remarkably similar to Keynes’. However, the White plan also reflected key American interests. Among these were the opening up of international markets for US exports and the elevation of the dollar to become the global unit of exchange.ssss1

The White plan continued to place gold at the centre of the monetary system, alongside dollars. Each currency was to be fixed to the dollar, which was in turn fixed to gold. Currency devaluations under this system were to be rare and would entail significant penalties on the devaluing country. He also provided for two new agencies: a United and Associated Nations Stabilisation Fund (later to become the International Monetary Fund (IMF)) and a Bank for Reconstruction and Development of the United and Associated Nations (later to become the World Bank). The Fund, like Keynes’ ICB, would allow members to buy currency to cover balance of payments shortfalls, but only against adequate collateral in the form of gold or other currencies. Compared with the Keynes plan, therefore, the White plan provided for a far more rigid system of global exchange rates. The mechanism for temporary liquidity support was also far less flexible than the one Keynes had proposed.