From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund
AbstractThe U.S. Treasury's $20 billion loan to Mexico in January 1995 from the Exchange Stabilization Fund (ESF) brought to public notice the fund that had functioned in obscurity since its authorization by the Gold Reserve Act of January 31, 1934. The design of the ESF, as set forth in the statute, contributed to its obscurity. Its stated mission was to stabilize the exchange value of the dollar, but it has also assumed a role that had no mandate, that of lender to favored countries. ESF's intervention activities and the Federal Reserve's warehousing of ESF foreign currency assets are questionable. A statistical profile of the ESF accounts for the growth of its working balance from $200 million in 1934 to $42.6 billion in assets in 1995.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5699.
Date of creation: Jun 1997
Date of revision:
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- Schwartz, Anna J, 1997. "From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(2), pages 135-53, May.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Michael D. Bordo & Owen Humpage & Anna J. Schwartz, 2007.
"The historical origins of US exchange market intervention policy,"
International Journal of Finance & Economics,
John Wiley & Sons, Ltd., vol. 12(2), pages 109-132.
- Michael D. Bordo & Owen Humpage & Anna J. Schwartz, 2006. "The Historical Origins of U.S. Exchange Market Intervention Policy," NBER Working Papers 12662, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz, 2011. "On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions," Working Paper 1113, Federal Reserve Bank of Cleveland.
- Charles Calomiris & David Wheelock, 1998.
"Was the Great Depression a Watershed for American Monetary Policy?,"
in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 23-66
National Bureau of Economic Research, Inc.
- Charles W. Calomiris & David C. Wheelock, 1997. "Was the Great Depression a Watershed for American Monetary Policy?," NBER Working Papers 5963, National Bureau of Economic Research, Inc.
- R. W. Hafer, 1999. "Against the tide: Malcolm Bryan and the introduction of monetary aggregate targets," Economic Review, Federal Reserve Bank of Atlanta, issue Q1, pages 20-37.
- Robert L. Hetzel, 1997. "The case for a monetary rule in a constitutional democracy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 45-66.
- James M. Boughton, 2006. "American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund," 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.
- Michael D. Bordo & Anna J. Schwartz, 1998.
"Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?,"
NBER Working Papers
6824, National Bureau of Economic Research, Inc.
- Bordo, Michael D. & Schwartz, Anna J., 1999. "Under what circumstances, past and present, have international rescues of countries in financial distress been successful?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 683-708, August.
- J. Bradford DeLong & Barry Eichengreen, 2001. "Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration," NBER Working Papers 8443, National Bureau of Economic Research, Inc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.