Jump to ContentJump to Main Navigation
Strained RelationsUS Foreign-Exchange Operations and Monetary Policy in the Twentieth Century$
Users without a subscription are not able to see the full content.

Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz

Print publication date: 2015

Print ISBN-13: 9780226051482

Published to Chicago Scholarship Online: September 2015

DOI: 10.7208/chicago/9780226051512.001.0001

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use (for details see http://www.chicago.universitypressscholarship.com/page/privacy-policy).date: 19 July 2018

Introducing the Exchange Stabilization Fund, 1934–1961

Introducing the Exchange Stabilization Fund, 1934–1961

Chapter:
(p.56) 3 Introducing the Exchange Stabilization Fund, 1934–1961
Source:
Strained Relations
Author(s):

Michael D. Bordo

Owen F. Humpage

Anna J. Schwartz

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226051512.003.0003

Congress created the Exchange Stabilization Fund, the first formal mechanism for foreign-exchange intervention in the United States, in 1934 following the dollar’s devaluation. In this chapter, we offer a detailed account of its establishment, its institutional structure, and its operations. The Exchange Stabilization Fund’s core mission was foreign-exchange intervention in both gold and foreign currencies to stabilize the dollar. We base much of our analysis on heretofore unavailable Morgenthau papers, on W. A. Brown’s unpublished manuscript, and on Bank of Englandarchival documents. We include a discussion of the British, French and American Tripartite Agreementon exchange-rate stabilization. We also discuss three other missions of the Exchange Stabilization Fund: extending loans to foreign countries, operations in connection with the Silver Purchase Act of 1934, and investments in US government securities.

Keywords:   1934 dollar devaluation, Exchange Stabilization Fund, Great Depression, Tripartite Agreement

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.