Cunliffe Committee

Japanese: カンリフ委員会 - カンリフいいんかい（英語表記）Cunliffe Committee

The Committee on Post-War Currency and Foreign Exchange was an investigative committee established by the British government in January 1918. Its chairman was Sir W. Cunliffe, Governor of the Bank of England. Its first interim report, issued in August of the same year, is an important document in the history of monetary and financial theory. It recommended that the pre-war international gold standard be re-established as soon as possible after World War I. It believed that under the gold standard, an automatic adjustment mechanism would take place: balance of payments deficit → gold outflow → rising interest rates → inflow of foreign short-term capital → balance of payments surplus and gold outflow → rising interest rates → reduced domestic industrial investment → reduced employment → reduced demand for capital goods and consumer goods → falling prices → increased exports and reduced imports → balance of payments surplus, which would automatically bring about stability in the currency, foreign exchange rates, and economy.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

イギリス政府が1918年1月に設けた調査委員会で，正称は〈戦後通貨と外国為替に関する委員会〉。委員長はイングランド銀行総裁W.カンリフ卿。同年8月に出された第1次中間報告は通貨･金融理論史上，重要な文献である。それは第1次大戦後に，できるだけ早急に戦前と同じ国際金本位体制を再建すべきだとした。金本位制下では，国際収支赤字→金流出→金利上昇→外国短資流入→国際収支黒字および金流出→金利上昇→国内産業投資減→雇用減→資本財･消費財需要減→物価低下→輸出増･輸入減→国際収支黒字という自動調節作用が働き，自動的に通貨･外国為替相場･経済の安定がもたらされると考えたからである。

出典　株式会社平凡社世界大百科事典第２版について　情報

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