Author: C. Randall Henning
Publisher: Peterson Institute
ISBN: 9780881322712
Category : Business & Economics
Languages : en
Pages : 124
Book Description
The 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.
The Exchange Stabilization Fund
Author: C. Randall Henning
Publisher: Peterson Institute
ISBN: 9780881322712
Category : Business & Economics
Languages : en
Pages : 124
Book Description
The 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.
Publisher: Peterson Institute
ISBN: 9780881322712
Category : Business & Economics
Languages : en
Pages : 124
Book Description
The 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.
Use of Exchange Stabilization Fund Resources - Arrangement with Treasury Provides Access to Information
Author: United States. General Accounting Office
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Book Description
From the Exchange Stabilization Fund to the International Monetary Fund
Author: Michael D. Bordo
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 44
Book Description
We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all currencies were equivalent and the goal of the international fund, like that of the U.S. fund, was to stabilize exchange rates. The ESF also influenced White's vision for the International Bank for Reconstruction and Development. The IBRD, however, represented a reaction by White against key elements of ESF stabilization loans, which were very short term, paid above market interest rates, and required collateral. Had White carried forward to the IMF the ESF elements pertaining to interest rates and collateral, its operations would have evolved in a markedly different direction from the one that it has taken.
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 44
Book Description
We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all currencies were equivalent and the goal of the international fund, like that of the U.S. fund, was to stabilize exchange rates. The ESF also influenced White's vision for the International Bank for Reconstruction and Development. The IBRD, however, represented a reaction by White against key elements of ESF stabilization loans, which were very short term, paid above market interest rates, and required collateral. Had White carried forward to the IMF the ESF elements pertaining to interest rates and collateral, its operations would have evolved in a markedly different direction from the one that it has taken.
The American Exchange Stabilization Fund
Author: Francis H. Mahon
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 238
Book Description
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 238
Book Description
The American Exchange Stabilization Fund
Author: Rolf Hayn
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 178
Book Description
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 178
Book Description
EXCHANGE STABILIZATION FUNDS.
Author: Mordechai Elihau Kreinin
Publisher:
ISBN:
Category :
Languages : en
Pages : 622
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 622
Book Description
From Obscurity to Notoriety
Author: Anna Jacobson Schwartz
Publisher:
ISBN:
Category : Foreign exchange administration
Languages : en
Pages : 52
Book Description
The 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.
Publisher:
ISBN:
Category : Foreign exchange administration
Languages : en
Pages : 52
Book Description
The 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.
Exchange Stabilization Fund
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 254
Book Description
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 254
Book Description
Exchange Stabilization Fund
Author: United States. Congress. House. Committee on the Budget. Task Force on Tax Expenditures and Off-Budget Agencies
Publisher:
ISBN:
Category :
Languages : en
Pages : 88
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 88
Book Description
From Obscurity to Notoriety
Author: Anna J. Schwartz
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The 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.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The 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.