International Clearing Union
E7218
The International Clearing Union was a proposed post–World War II global financial institution designed by John Maynard Keynes to manage international trade imbalances through a supranational currency and automatic adjustment mechanisms.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| clearing union | 1 |
Statements (44)
| Predicate | Object |
|---|---|
| instanceOf |
Keynesian proposal
ⓘ
proposed international financial institution ⓘ |
| adjustmentMechanism |
automatic debits and credits to national accounts in bancor
ⓘ
overdraft facilities for deficit countries ⓘ penalties for persistent trade deficits ⓘ penalties for persistent trade surpluses ⓘ |
| aimedAtProblem |
asymmetry between creditor and debtor nations
ⓘ
balance‑of‑payments crises ⓘ global liquidity shortage ⓘ |
| alternativeTo | U.S. dollar–centered Bretton Woods design ⓘ |
| coreFeature | use of a supranational currency unit ⓘ |
| currencyType | non‑convertible accounting unit for international settlement ⓘ |
| designer | John Maynard Keynes ⓘ |
| documentedIn | Keynes’s proposals for an international clearing union ⓘ |
| field |
international economics
ⓘ
monetary economics ⓘ |
| goal |
avoid deflationary pressure from forced deficit adjustment only
ⓘ
create a symmetric international monetary system ⓘ encourage both surplus and deficit countries to adjust ⓘ prevent competitive devaluations and trade restrictions ⓘ |
| historicalOutcome |
never implemented
ⓘ
superseded in practice by the Bretton Woods system ⓘ |
| influenced |
debates on global reserve currencies
ⓘ
later proposals for Special Drawing Rights ⓘ |
| intendedFunction |
manage international trade imbalances
ⓘ
promote global economic stability ⓘ provide a multilateral clearing system for international payments ⓘ reduce the need for countries to hold large foreign exchange reserves ⓘ |
| negotiationContext |
Bretton Woods system
ⓘ
surface form:
Bretton Woods negotiations
|
| objective |
minimize reliance on gold as an international reserve asset
ⓘ
support full employment policies in member countries ⓘ |
| penaltyInstrument |
limits on overdrafts for chronic deficit countries
ⓘ
rising charges on excessive credit balances in bancor ⓘ |
| proposedByCountry | United Kingdom ⓘ |
| proposedCurrencyName | bancor ⓘ |
| proposedInContextOf | post–World War II international monetary reform ⓘ |
| relatedConcept |
Keynesian international monetary theory
ⓘ
bancor ⓘ International Clearing Union self-linksurface differs ⓘ
surface form:
clearing union
|
| settlementBasis | multilateral clearing rather than bilateral settlement ⓘ |
| status | theoretical proposal ⓘ |
| theoreticalFoundation | Keynesian views on effective demand and international adjustment ⓘ |
| timeProposed | early 1940s ⓘ |
| wouldHaveHadMembers | sovereign states ⓘ |
Referenced by (4)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Bancor
subject surface form:
Bancor
International Clearing Union
→
relatedConcept
→
International Clearing Union
self-linksurface differs
ⓘ
this entity surface form:
clearing union