IMF Working Papers describe research in progress by the author(s) and are published to elicit
comments and to encourage debate. The views expressed in IMF Working Papers are those of the
author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
IMF Working Papers describe research in progress by the author(s) and are published to elicit
comments and to encourage debate. The views expressed in IMF Working Papers are those of the
author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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.