Bordo, Michael D.; Humpage, Owen; Schwartz, Anna J. - In: International Journal of Finance & Economics 12 (2007) 2, pp. 109-132
This paper examines the historical precedents of US exchange market intervention. Before 1934 we describe operations by the Second Bank of the United States, the US Treasury and the Federal Reserve. We then examine the operations of the Exchange Stabilization Fund, created in 1934 as a Treasury...
