Exchange Stabilization Fund: Slush Fund or War Chest?, The
AbstractThe Exchange Stabilization Fund (ESF) holds more than $40 billion that is at the disposal of the US Secretary of the Treasury for use in foreign exchange intervention and international financial support operations. Its use in the Mexican rescue package of 1995 brought the ESF into the public spotlight for the first time in recent years, and it has been deployed in Brazil and several Asian crisis countries as well. Its availability for such packages and its total control by the Treasury secretary have therefore become very controversial. Randall Henning's study maintains that the Fund is an important element of US foreign policy and economic policy and that it should remain under the exclusive control of the Treasury, but that Congress should exercise effective oversight. Henning also covers the legislative history of the ESF and outlines the principles by which the Fund should be administered.
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Bibliographic InfoThis book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: Policy Analyses in International Economics with number pa57 and published in 1999.
Note: Policy Analyses in International Economics 57
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- C. Randall Henning, 1999. "Exchange Stabilization Fund: Slush Fund or War Chest?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa57.
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- C. Randall Henning, 2007. "Congress, Treasury, and the Accountability of Exchange Rate Policy: How the 1988 Trade Act Should Be Reformed," Working Paper Series WP07-8, Peterson Institute for International Economics.
- James M. Boughton, 2006. "American in the Shadows," IMF Working Papers 06/6, International Monetary Fund.
- Michael Bordo & Anna J. Schwartz, 2001. "From the Exchange Stabilization Fund to the International Monetary Fund," NBER Working Papers 8100, National Bureau of Economic Research, Inc.
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