@article{oai:nagoya.repo.nii.ac.jp:00011294,
 author = {金井, 雄一 and Kanai, Yuichi},
 issue = {4},
 journal = {経済科学},
 month = {Mar},
 note = {The UK government promised the convertibility of sterling when it got the loan from USA in December 1945; hence it concluded the agreements opening “Transferable Accounts” with many countries and gradually extended sterling convertibility. But as the convertibility became operative, the dollar drain from UK increased rapidly. And the drain was brought by not only current account but also capital account. To put it another way, large capital transfers seemed to be taking place then.  Although British authorities had originally opposed the introduction of convertibility just after the war, why did they finally accept sterling convertibility in the negotiation with USA? Firstly because they understood that they would be able to get a loan without convertibility. Secondly because they also worried whether sterling would be able to a key currency without convertibility. But there seemed to be some people who hold another sensitive prospect, which suggested that sterling convertibility would be suspended right after letting the exchange rate go in a crisis. This prospect, after all, came true.  The amount of dollar drain was larger than both HM Treasury and the Bank of England thought. UK was forced into the suspension of convertibility in August 1947. After this crisis. recognizing British weakness, USA accepted that UK would keep the sterling area for some time. On the other hand, UK could not decide whether sterling should play as a key currency or not. And before making decision, sterling was going to end up meeting the devaluation.},
 pages = {55--66},
 title = {英米金融協定と1947年ポンド交換性回復の挫折},
 volume = {57},
 year = {2010}
}