A new role for the Exchange Stabilization Fund

Owen Humpage

Economic Commentary, 2008, issue Aug

Abstract: Recently, the U.S. Treasury announced a new, temporary insurance program for U.S. money-market mutual funds. To guarantee payment of these funds? liabilities, the Treasury will use the assets of its Exchange Stabilization Fund. Created in the 1930s to stabilize the exchange value of the dollar, it has been tapped on occasion to supply loans to foreign countries in financial distress. This latest use of ESF assets is unlike anything the Fund has been used for before.

Keywords: Exchange Stabilization Fund; Money market funds (search for similar items in EconPapers)
Date: 2008
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