시카고 계획

Chicago plan

시카고 계획은 대공황의 여파로 시카고 대학 경제학자들(어빙 피셔)이 제안한 은행 개혁 모음이었다. 그 제안은 흔히 "좁은 은행" 또는 "완전예금 은행 시스템"이라고 불리는 제도에 따라 은행 시스템의 통화와 신용 기능의 분리를 예상하였다.

시카고 계획의 핵심은 은행들이 대출금의 100%를 충당하기에 충분한 유동자산을 항상 보유하고 있다고 주장함으로써 은행 운영의 위험을 제거함으로써 부분적립금 제도를 대체하는 것이었다.[1] 어빙 피셔가 1936년에 밝혔듯이 은행들은 자유롭게 돈을 빌려줄 수 있을 것이다. 만약 우리가 그들이 빌려주는 돈을 더 이상 제조할 수 없다면... 요컨대, 돈을 국유화하되 은행을 국유화하지는 말라"는 것이다.[2]

역사

기원(1933년)

은행 개혁에 관한 6페이지 분량의 비망록은 1933년 3월 16일 약 40명의 개인에게 제한적이고 비밀스럽게 배포되었다.[3] 이 계획은 프랭크 H. 나이트, 폴 H. 더글러스, 헨리 C와 같은 저명한 경제학자들의 지지를 받았다. 시몬스는 [4]물론 로이드 민츠, 헨리 슐츠, 가필드 5세. 콕스, 애런 디렉터, 앨버트 G. 하트.

1933년 3월과 11월 사이에 시카고 경제학자들은 다수의 개인들로부터 그들의 제안에 대한 의견을 받았고, 1933년 11월에는 또 다른 비망록이 작성되었다. 비망록은 13페이지로 확대됐으며, '통화관리 장기목표'(7페이지)와 '은행 및 영업주기'(6페이지)라는 제목의 부록이 있었다.

These memoranda generated much interest and discussion among lawmakers. However, the suggested reforms, such as the imposition of 100% reserves on demand deposits, were shelved and replaced by less drastic measures. The Banking Act of 1935 institutionalized federal deposit insurance and the separation of commercial and investment banking. It successfully restored the public's confidence in the banking system and ended discussion of banking reform.[5][6]

A Program for Monetary Reform (1939)

As America entered the Recession of 1937-1938, this caused renewed discussion of the key elements of the Chicago plan, and in July 1939 a new proposal was drafted, titled A Program for Monetary Reform.[7] The draft paper was attributed on its cover page to six American economists: Paul H. Douglas, Irving Fisher, Frank D. Graham, Earl J. Hamilton, Wilford I. King, and Charles R. Whittlesey. It claimed that 235 economists from 157 universities and colleges had expressed approval of the draft with 40 more had "approved it with reservations" and "43 have expressed disapproval."

The proposal was never published. A copy of the paper was apparently preserved in a college library.[citation needed] Copies of the paper, stamped on the bottom of the first and last pages, “LIBRARY – COLORADO STATE COLLEGE OF A. & M. A. – FORT COLLINS COLORADO” were circulated at the 5th Annual American Monetary Institute Monetary Reform Conference (2009) and the images were scanned for display on the internet.[8]

The Chicago plan, and was submitted to the Government, but did not result in any new legislation.[9]

IMF's Chicago plan revisited (2012)

In August 2012, the proposal was given renewed attention after the International Monetary Fund (IMF) published a working paper by Jaromir Benes and Michael Kumhof.[10] In the paper, the authors have updated the original Chicago plan proposal to fit into today's economy. They conclude that the advantages of such a system, according to the authors, are a more balanced economy without the booms and busts of the current system,[11] the elimination of bank runs, and a drastic reduction of both public and private debt. The authors rely on economic theory and historical examples, and state that inflation, according to their calculations, would be very low.[12]

Asked about the paper in 2019, Christine Lagarde, (Managing director of the IMF when the paper was published), said she was not convinced "that eliminating the role of private banks in the supply of ‘broad’ money is a good idea".[13]

References

  1. ^ M King, The End of Alchemy (London 2017) p. 261-2
  2. ^ Quoted in M King, The End of Alchemy (London 2017) p. 263
  3. ^ M King, The End of Alchemy (London 2017) p. 388
  4. ^ M King, The End of Alchemy (London 2017) p. 262
  5. ^ Phillips, Ronnie J. (June 1992), The 'Chicago Plan' and New Deal Banking Reform,Working Paper No. 76 (PDF), The Levy Economics Institute.
  6. ^ Huerta de Soto, Jesús (2006), Money, Bank Credit, and Economic Cycles (PDF), Ludwig von Mises Institute, pp. 731–735
  7. ^ Douglas, Paul H.; Hamilton, Earl J.; Fisher, Irving; King, Willford I.; Graham, Frank D.; Whittlesey, Charles R. (July 1939), A Program for Monetary Reform (original scanned PDF), (transcript text here), archived from the original (PDF) on 26 July 2011
  8. ^ Douglas, Paul H.; Hamilton, Earl J.; Fisher, Irving; King, Willford I.; Graham, Frank D.; Whittlesey, Charles R. (July 1939), A Program for Monetary Reform (original scanned PDF), (transcript text here), archived from the original (PDF) on 26 July 2011
  9. ^ R Phillips, The Chicago Plan and New Deal Banking Reform (1992) p. 158
  10. ^ "IMF's epic plan to conjure away debt and dethrone bankers". The Telegraph. Retrieved 30 November 2020.
  11. ^ Presentation by Michael Kumhof , 12. September 2012
  12. ^ "On Kumhof The Chicago Plan Revisited". sovereign money. Retrieved 30 November 2020.
  13. ^ "I am not convinced that eliminating the role of private banks in the supply of ‘broad’ money is a good idea, as there is no guarantee that governments would, on the whole, do a better job at providing financing for the real economy. Furthermore, if banks face such severe restrictions on their ability to lend, one can expect that private credit would quickly migrate to unregulated parts of the financial system, with unknown consequences." Answers by Christine Lagarde to the questionnaire by the European Parliament, September 2019

Bibliography

  • Douglas, Paul H.; Hamilton, Earl J.; Fisher, Irving; King, Willford I.; Graham, Frank D.; Whittlesey, Charles R. (July 1939), A Program for Monetary Reform (original scanned PDF), (transcript text here), archived from the original (PDF) on 26 July 2011