利用者:加藤勝憲/ブレトン・ウッズ会議
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ブレトンウッズ会議（正式名称：国際連合金融通貨会議）は、第二次世界大戦終結後の国際通貨・金融秩序を調整するため、アメリカ・ニューハンプシャー州ブレトンウッズのマウントワシントンホテルに連合国44カ国から730名の代表が集まった会議である[1]。
ブレトン・ウッズ会議（英: Bretton Woods Conference） formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.[1]
会議は1944年7月1日から22日まで開催された。加盟国政府の立法による批准を経て、国際復興開発銀行（IBRD、後の世界銀行グループ）と国際通貨基金（IMF）を設立する協定が結ばれた。これにより、国際商業・金融関係のブレトンウッズ体制と呼ばれるようになった。
The conference was held from July 1 to 22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD, later part of the World Bank group) and the International Monetary Fund (IMF). This led to what was called the Bretton Woods system for international commercial and financial relations.
会議開催にいたった背景[編集]
各国間の多国間経済協力は、戦後の世界経済にとって極めて重要であった。各国は、参加国間の協調と成長を促進する国際通貨・金融システムの確立を目指した[2]。 金本位制からの離脱、大恐慌、不況を世界的に拡大させた貿易戦争によって戦間期に直面した複雑な事態を回避したかったのである[3]。高い雇用と実質所得のために国内政策の自律性を確保しつつ、為替レートの均衡を促進し、競争的な切り下げを防止する主体が必要とされたのである[4]。
Multilateral economic cooperation among countries was crucial for the post-war world economies. Countries sought to establish an international monetary and financial system that fostered collaboration and growth among the participating countries (IMF and also created the IBRD — listed below)[2] They wanted to avoid the complications faced during the interwar period, due to leaving the gold standard, the great depression, and trade wars that spread the depression globally.[3] There would be a need for an entity that fostered equilibrium in exchange rates and prevented competitive devaluations while ensuring domestic policy autonomy for high employment and real income.[4]
さらに、各国は1920年代にドイツが被ったような危機を懸念していた。ヴェルサイユ条約は、第一次世界大戦でドイツに与えた損害に対して賠償金を課し、ハイパーインフレはドイツ経済に大きな影響を与えた。1923年秋には、1ドルは約4兆マルクの価値となり、国民は物々交換を余儀なくされた[6]。その後のドイツ経済の混乱は、財政破綻、ひいてはナチズムの台頭と第二次世界大戦へとつながり、1919年に出版された『平和の経済的帰結』におけるジョン・メイナード・ケインズの懸念の一部と一致した。このように、戦後世界における新たな危機を防ぐために、世界経済は国際的な経済協力を促進するシステムを確立することが不可欠であると考えた[7]。 しかし、会議で最も影響力のあった米国と英国は、そのようなシステムが自国の国益に適うかどうかを決定していなかった。
Additionally, countries were concerned with crises like the one suffered by Germany in the 1920s. The Versailles treaty imposed reparations on the country for the damages it caused in World War I, and hyperinflation greatly affected the German economy. Prices rose 41 percent per day.[5] In the autumn of 1923, 1 Dollar was worth about 4 trillion Marks, forcing the population to barter.[6] Germany's subsequent economic turmoil led to its financial collapse and eventually to the rise of Nazism and World War II, aligning with some of John Maynard Keynes's concerns in The Economic Consequences of the Peace, published in 1919. Thus, to prevent a new crisis in the post-war world, the world economies deemed it imperative to establish a system that fostered international economic cooperation.[7] However, the U.S. and the U.K., the most influential parties in the conference, hadn't decided whether such a system was in their national best interests.
第二次世界大戦の初期、英国財務省のジョン・メイナード・ケインズと米国財務省のハリー・デクスター・ホワイトは、戦後世界の金融秩序についてそれぞれ独自に構想を練り始めた。(ケインズの国際清算連合に関する提案については後述する。）米国と英国の当局者間の交渉と、他のいくつかの連合国との協議を経て、「国際通貨基金の設立に関する専門家による共同声明」が、1944年4月21日に多くの連合国で同時に発表された[8]。1944年5月25日、米国政府は連合国に対し、「国際通貨基金と、場合によっては復興開発銀行の明確な提案を策定することを目的とした」国際通貨会議に代表を派遣するよう要請した。IBRD」[9]（ブレトンウッズ会議の後半になって、世銀の名称に「国際」という言葉が加えられた）。米国はまた、ニュージャージー州アトランティックシティで開催された予備会議に専門家を派遣し、ブレトンウッズ会議への提案案を作成するため、より小規模の国々を招待した。アトランティック・シティ会議は1944年6月15日から30日まで開催された。
Early in World War II, John Maynard Keynes of the British Treasury and Harry Dexter White of the United States Treasury Department independently began to develop ideas about the financial order of the postwar world. (See below for Keynes's proposal for an International Clearing Union.) After negotiation between officials of the United States and the United Kingdom and consultation with some other Allies, a "Joint Statement by Experts on the Establishment of an International Monetary Fund", was published simultaneously in a number of Allied countries on April 21, 1944.[8] On May 25, 1944, the U.S. government invited the Allied countries to send representatives to an international monetary conference "for the purpose of formulating definite proposals for an International Monetary Fund and possibly a Bank for Reconstruction and Development. IBRD."[9] (The word "International" was added to the Bank's title late in the Bretton Woods Conference.) The United States also invited a smaller group of countries to send experts to a preliminary conference in Atlantic City, New Jersey, to develop draft proposals for the Bretton Woods conference. The Atlantic City conference was held from June 15–30, 1944.
The agreements[編集]
ブレトンウッズ会議の主な成果は次の3点である。（1）為替レートと金融の流れの安定を促進することを目的としたIMF創設のための協定条項。(2) IBRD創設のための協定条項。その目的は、第二次世界大戦後の復興を早め、特にインフラ整備のための融資を通じて経済発展を促進することであった。(3) その他の国際経済協力に関する勧告。会議の最終法には、これらの合意と勧告が盛り込まれた。
The Bretton Woods Conference had three main results: (1) Articles of Agreement to create the IMF, whose purpose was to promote stability of exchange rates and financial flows. (2) Articles of Agreement to create the IBRD, whose purpose was to speed reconstruction after the Second World War and to foster economic development, especially through lending to build infrastructure. (3) Other recommendations for international economic cooperation. The Final Act of the conference incorporated these agreements and recommendations.
最終法の中で、会議参加者の目から見て、またその後の世界経済の運営にとって最も重要な部分は、IMFの合意であった。その主な特徴は以下の通りである：
Within the Final Act, the most important part in the eyes of the conference participants and for the later operation of the world economy was the IMF agreement. Its major features were:
- 調整可能なペッグ制外国為替相場制度：為替レートは金に固定されていた。政府は「基本的不均衡」を是正するためにのみ為替レートを変更することになっていた[10]。 An adjustably pegged foreign exchange market rate system: Exchange rates were pegged to gold. Governments were only supposed to alter exchange rates to correct a "fundamental disequilibrium".
- 加盟国は、貿易関連取引やその他の経常取引において自国通貨を兌換することを約束した。しかし、その義務の受諾を無期限に遅らせることができる経過規定があり、IMF協定は加盟国が資本フローを規制することを明確に認めていた[11]。 広範な経常収支の兌換という目標は、1958年12月にIMFの西ヨーロッパ加盟国とその植民地の通貨が兌換可能となるまで実行に移されなかった。 Member countries pledged to make their currencies convertible for trade-related and other current account transactions. There were, however, transitional provisions that allowed for indefinite delay in accepting that obligation, and the IMF agreement explicitly allowed member countries to regulate capital flows. The goal of widespread current account convertibility did not become operative until December 1958, when the currencies of the IMF's Western European members and their colonies became convertible.
- このようにして確立された為替レートが、その国の国際収支にとって不利になる可能性があったため、各国政府はIMFの反対を受けることなく、最初に合意された水準（「パーバリュー」）から最大10％まで為替レートを改定する権限を有していた。IMFは、その水準を超える変更に同意することも、反対することもできた。IMFは加盟国に変更を取り消すよう強制することはできなかったが、加盟国がIMFの資源を利用することを拒否することはできた[12]。 As it was possible that exchange rates thus established might not be favourable to a country's balance of payments position, governments had the power to revise them by up to 10% from the initially agreed level ("par value") without objection by the IMF. The IMF could concur in or object to changes beyond that level. The IMF could not force a member to undo a change, but could deny the member access to the resources of the IMF.
- すべての加盟国は、IMFの資本を引き受ける必要があった。IBRDへの加盟はIMF加盟を条件とした。両機関の議決権は、より多くの資本を拠出している国により大きな比重を与える公式（「クォータ」）に従って配分された。All member countries were required to subscribe to the IMF's capital. Membership in the IBRD was conditioned on being a member of the IMF. Voting in both institutions was apportioned according to formulas giving greater weight to countries contributing more capital ("quotas").
Encouraging open markets[編集]
ブレトンウッズ会議の背後にある重要な考え方は、開かれた市場という概念であった。同会議の議長であったヘンリー・モーゲンソー米財務長官は、会議の閉会の辞で、IMFとIBRDの設立は経済ナショナリズムの終焉を意味すると述べた。つまり、各国は自国の国益を維持するが、貿易圏や経済的影響圏はもはやその手段ではないということだった。ブレトンウッズ会議の背景にある第二の考え方は、西欧の政治経済秩序の共同管理であった。つまり、先進民主主義諸国は、システムを管理する責任に加えて、貿易と資本移動の障壁を引き下げなければならないということである。
The seminal idea behind the Bretton Woods Conference was the notion of open markets. In his closing remarks at the conference, its president, U.S. Treasury Secretary Henry Morgenthau, stated that the establishment of the IMF and the IBRD marked the end of economic nationalism. This meant countries would maintain their national interest, but trade blocs and economic spheres of influence would no longer be their means. The second idea behind the Bretton Woods Conference was joint management of the Western political-economic order, meaning that the foremost industrial democratic nations must lower barriers to trade and the movement of capital, in addition to their responsibility to govern the system.
Structure of the conference[編集]
ブレトンウッズ会議の最高機関は本会議であり、本会議は会議の初日と最終日のみに開かれ、主に下部機関の決定を確認するために存在した[13]。
The highest body of the Bretton Woods Conference was the plenary session, which met only in the first and last days of the conference and existed mainly to confirm decisions reached by the lower bodies.[10]
会議は3つの「委員会」を通じて主要な作業を行った。委員会IはIMFを扱い、ハリー・デクスター・ホワイト（米国財務長官補佐官、同会議における米国の首席交渉官）が委員長を務めた。委員会IIはIBRDを扱い、ジョン・メイナード・ケインズ（英国財務大臣経済顧問、会議での英国側首席交渉官）が委員長を務めた。第3委員会は「その他の国際金融協力手段」を扱い、メキシコ大蔵大臣でメキシコ代表団のリーダーであったエドゥアルド・スアレスが委員長を務めた。この委員会では、他の2つの委員会では扱われなかったアイデアが出された。
The conference conducted its major work through three "commissions". Commission I dealt with the IMF and was chaired by Harry Dexter White, Assistant to the Secretary of the U.S. Treasury and the chief American negotiator at the conference. Commission II dealt with the IBRD and was chaired by John Maynard Keynes, economic adviser to the British Chancellor of the Exchequer and the chief British negotiator at the conference. Commission III dealt with "other means of international financial cooperation" and was chaired by Eduardo Suárez, Mexico's Minister of Finance and the leader of the Mexican delegation. It was a venue for ideas that did not fall under the other two commissions.
各委員会にはいくつかの委員会があり、いくつかの委員会には小委員会があった。会議に参加するすべての国は、委員会と「常任委員会」のすべての会合に代表を送る権利があったが、その他の委員会や小委員会は、より効率的に活動できるよう、メンバーに制限が設けられていた。提案の最終的な賛否を登録する場合を除き、会議の作業は通常、正式な投票ではなく、交渉と非公式のコンセンサスによって進められた。投票が行われる場合、各国の投票権は1票であった。
Each commission had a number of committees, and some committees had subcommittees. Every country at the conference was entitled to send delegates to all meetings of the commissions and the "standing committees", but other committees and subcommittees had restricted membership, to allow them to work more efficiently. Except when registering final approval or disapproval of proposals, the work of the conference generally proceeded by negotiation and informal consensus rather than by formal voting. When voting occurred, each country had one vote.
この会議の主な目的は、IMFに関する合意を達成することだった。十分なコンセンサスが存在したため、会議はIBRDに関する合意も達成することができた。そのためには、会議を当初の締め日である1944年7月19日から7月22日まで延長する必要があった。
The main goal of the conference was to achieve an agreement on the IMF. Enough consensus existed that the conference was also able to achieve an agreement on the IBRD. Doing so required extending the conference from its original closing date of July 19, 1944 to July 22.
当時、米国は世界最大の経済大国であり、IMFとIBRDの主要な資金源となる見込みであったため、米国の代表団はブレトンウッズで合意された提案に最大の影響力を持っていた。
Because the United States was the world's largest economy at the time, and the main prospective source of funds for the IMF and IBRD, the U.S. delegation had the largest influence on the proposals agreed to at Bretton Woods.
The Bank for International Settlements controversy[編集]
The Bank for International Settlements (BIS) became an object of scrutiny when the Norwegian delegation put forth evidence that the BIS was involved in war crimes.
The BIS, formed in 1930, was originally primarily intended to facilitate settling financial obligations arising from the peace treaties that concluded the First World War. During the Second World War, it helped the Germans transfer assets from occupied countries. Moreover, now that IMF was to be established, the BIS seemed to be superfluous. Commission III of the Bretton Woods Conference, therefore, considered Norway's proposal for "liquidation of the Bank for International Settlements at the earliest possible moment." The proposal passed Commission III without objection and was adopted as part of the Final Act of the conference.
Momentum for dissolving the BIS faded after U.S. President Franklin Roosevelt died in April 1945. Under his successor, Harry S. Truman, the top U.S. officials most critical of the BIS left office, and by 1948 the liquidation had been put aside.[11]
Monetary order in a post-war world[編集]
The need for post-war Western economic order was resolved with the agreements made on monetary order and open system of trade at the 1944 Bretton Woods Conference. These allowed for the synthesis of Britain's desire for full employment and economic stability and the United States' desire for free trade. The Bretton Woods system of pegged exchange rates lasted into the early 1970s.[要出典]
Failed proposals[編集]
International Trade Organization[編集]
The Bretton Woods Conference recommended that participating governments reach agreement to reduce obstacles to international trade. The recommendation was later embodied in the proposed International Trade Organization (ITO) to establish rules and regulations for international trade. The ITO would have complemented the IMF and IBRD. The ITO charter was agreed on at the U.N. Conference on Trade and Employment (held in Havana, Cuba, in March 1948), but the charter was not ratified by the U.S. Senate. As a result, the ITO never came into existence. The less ambitious General Agreement on Tariffs and Trade (GATT) was adopted in its place. However, in 1995, the Uruguay Round of GATT negotiations established the World Trade Organization (WTO) as the replacement body for GATT. The GATT principles and agreements were adopted by the WTO, which was charged with administering and extending them.
International Clearing Union[編集]
- Bretton Woods system
- Bretton Woods Committee
- Atlantic Charter, 1941 (pre UN)
- Exchange rates
- Fixed exchange rate
- Gold standard
- International Clearing Union (Proposed by Keynes at Conference)
- International monetary systems including:
- International Trade Organization (Proposed at Conference but not ratified by U.S. Senate; later revived in the WTO).
- List of World War II conferences
- Marshall Plan
- Nixon Shock, 1971
- Protectionism
- Franklin D. Roosevelt
- World War II
John Maynard Keynes first proposed the ICU in 1941, as a way to regulate the balance of trade. His concern was that countries with a trade deficit would be unable to climb out of it, paying ever more interest to service their ever-greater debt, and therefore stifling global growth. The ICU would effectively be a bank with its own currency (the "bancor"), exchangeable with national currencies at a fixed rate. It would be the unit for accounting between nations, so their trade deficits or surpluses could be measured by it.
On top of that, each country would have an overdraft facility in its "bancor" account with the ICU. Keynes proposed having a maximum overdraft of half the average trade size over five years. If a country went over that, it would be charged interest, obliging a country to reduce its currency value and prevent capital exports. But countries with trade surpluses would also be charged interest at 10% if their surplus was more than half the size of their permitted overdraft, obliging them to increase their currency values and export more capital. If at the year's end, their credit exceeded the maximum (half the size of the overdraft in surplus), the surplus would be confiscated.
Lionel Robbins reported that "it would be difficult to exaggerate the electrifying effect on thought throughout the whole relevant apparatus of government ... nothing so imaginative and so ambitious had ever been discussed". However, Harry Dexter White, representing the United States, which was the world's biggest creditor, said "We have been perfectly adamant on that point. We have taken the position of absolutely no."
Instead, White proposed an International Stabilization Fund, which would place the burden of maintaining the balance of trade on the deficit nations, and impose no limit on the surplus that rich countries could accumulate. White also proposed the creation of the IBRD (now part of the World Bank) which would provide capital for economic reconstruction after the war. The IMF as agreed to at Bretton Woods was much closer to White's proposal than to Keynes's.
Negotiators[編集]
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Ratification of Bretton Woods Final Act and Savannah Conference[編集]
The Articles of Agreement for the IMF and IBRD signed at Bretton Woods did not come into force until ratified by countries with at least 80 percent of the capital subscriptions ("quotas"). The threshold was reached on December 27, 1945.
The institutions were formally organized at an inaugural meeting in Savannah, Georgia, on March 8–18, 1946. Notably absent from Savannah was the USSR, which had signed the Bretton Woods Final Act but had then decided not to ratify it, rejecting the inclusion of the dollar alongside gold and citing that the institutions they had created were "branches of Wall Street". The USSR never joined the IMF and IBRD, though its successor the Russian Federation did in 1992. Australia and New Zealand were likewise absent from formal participation at Savannah (Australia sent observers), though they joined the IMF and IBRD later.
Influence[編集]
Because of its success in founding two international organizations that have had long and influential lives, the Bretton Woods Conference is sometimes cited as an example worthy of imitation. ] In particular, since the collapse in the early 1970s of the system of pegged exchange rates agreed to at Bretton Woods there have been a number of Calls for a "New Bretton Woods".
関連項目[編集]
- Bretton Woods system
- Bretton Woods Committee
- Atlantic Charter, 1941 (pre UN)
- Exchange rates
- Fixed exchange rate
- Gold standard
- International Clearing Union (Proposed by Keynes at Conference)
- International monetary systems including:
- International Trade Organization (Proposed at Conference but not ratified by U.S. Senate; later revived in the WTO).
- List of World War II conferences
- Marshall Plan
- Nixon Shock, 1971
- Protectionism
- Franklin D. Roosevelt
- World War II
脚注・参考文献[編集]
参考文献[編集]
- Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic Paths to War and Peace. Oxford: Oxford University Press. ISBN 978-0-198-29236-4
- Mikesell, R. F. (1994). The Bretton Woods Debates: A Memoir. Essays in International Finance 192. Princeton: International Finance Section, Dept. of Economics, Princeton University. ISBN 978-0-881-65099-0
- Van Dormael, Armand (1978). Bretton Woods: Birth of a Monetary System. New York: Holmes & Meier. ISBN 978-0333233696
関連文献[編集]
Template:Diplomatic history of World War II
- Steil, Benn (2013). The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton, NJ: Princeton University Press. ISBN 978-0-691-14909-7
外部リンク[編集]
ウィキメディア・コモンズには、加藤勝憲/ブレトン・ウッズ会議に関するカテゴリがあります。- Proceedings and Documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1–22, 1944
- Documents relating to the Bretton Woods Conference and Bretton Woods Agreement Act, on FRASER
- Transcripts and other resources for the conference hosted at the Center for Financial Stability
[[Category:交易の歴史]] [[Category:1944年7月]] [[Category:第二次世界大戦の国際会議]] [[Category:1944年の国際関係]] [[Category:国際連合の会議]] [[Category:金本位制]] [[Category:国際通貨基金]] [[Category:世界銀行]] [[Category:未査読の翻訳があるページ]]
- ^ Markwell 2006.
- ^ “Creation of the Bretton Woods System”. Federal Reserve History. 2021年4月17日閲覧。
- ^ Benn, Steil (2014). The battle of Bretton Woods John Maynard Keynes, Harry Dexter, and the making of a new world order. ISBN 978-0-691-16237-9. OCLC 876136552
- ^ Blume, Lawrence; Steven N. Durlauf, eds (2008). The new Palgrave dictionary of economics (2nd ed.). Basingstoke, Hampshire: Palgrave Macmillan. pp. 544–546. ISBN 978-0-333-78676-5. OCLC 181424188[要説明]
- ^ “Hyperinflation” (英語). Econlib. 2021年4月17日閲覧。
- ^ Taylor, Fred (2013). The downfall of money : Germany's hyperinflation and the destruction of the middle class (First U.S. ed.). New York. ISBN 978-1-62040-236-8. OCLC 827256847
- ^ “Creation of the Bretton Woods System”. Federal Reserve History. 2021年4月17日閲覧。
- ^ https://fraser.stlouisfed.org/title/430/item/7569?start_page=506 Archived 2018-08-10 at the Wayback Machine., pp. 1629–36.
- ^ "Invitation of the United States of America to the Conference,"https://fraser.stlouisfed.org/title/430/item/7570?start_page=12 Archived 2018-08-10 at the Wayback Machine., pp. 3–5.
- ^ On the points discussed in this section, see Kurt Schuler and Andrew Rosenberg, The Bretton Woods Transcripts, pp. 7–9 (New York: Center for Financial Stability, 2013), ISBN 978-1-941801-01-7.
- ^ “A brief history of the BIS, 1930–2005”. bis.org. Template:Cite webの呼び出しエラー：引数 accessdate は必須です。