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Economic Commentary

The Exchange Stabilization Fund: How It Works

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The increased turmoil in international financial markets, starting with the Asian crises of 1997, has led to calls for financial assistance from the wealthier nations. In December 1997, the United States announced a $5 billion commitment toward an international package of financial assistance for South Korea. Two months earlier the United States pledged $3 billion for assistance to Indonesia. In both instances, the Exchange Stabilization Fund (ESF) was to be involved.

12.01.1999EC 12/1/1999DOI 10.26509/frbc-ec-19991201

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.

Suggested Citation

Osterberg, William P., and James B. Thomson. 1999. “The Exchange Stabilization Fund: How It Works.” Federal Reserve Bank of Cleveland, Economic Commentary 12/1/1999. https://doi.org/10.26509/frbc-ec-19991201

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International