• Home
  1. Home
  2. Globalization 2.0: The Geopolitics of the US Exchange Stabilization Fund, 1934-1945
Working paper
OA Policy
English

Globalization 2.0: The Geopolitics of the US Exchange Stabilization Fund, 1934-1945

Contributors

Flores Zendejas, Juan; Nodari, Gianandrea

Number of pages

26

Publisher

Genève : Paul Bairoch Institute of Economic History

Collection

  • Economic History Working Papers; 3/2025

First online date

2025-05-15

Abstract

This paper adopts a historical perspective to examine the geopolitical dimensions of monetary policy, focusing on the 1930s. During this period, Stabilization Funds were established to promote exchange rate stability as nations abandoned the gold exchange standard. These entities intervened in foreign exchange markets and extended stabilization loans to other countries. This article analyzes the experience of the U.S. Exchange Stabilization Fund (ESF), situating it within the broader context of global economic fragmentation and the formation of currency blocs. The analysis reveals that rivalries with foreign powers significantly influenced the outcomes of these loans, and the political conditions attached to them delineated the boundaries of the expanding "dollar bloc." The U.S. ESF emerged as a pivotal instrument, enabling the United States to secure trade markets while bolstering the war efforts of allied nations.

Keywords

  • Economic fragmentation
  • Great depression
  • Geopolitical competition
  • Currency crises
  • Dollar diplomacy

Classification

  • JEL : N12
  • JEL : N16
  • JEL : N22
  • JEL : N26
  • JEL : F15
  • JEL : F34
  • JEL : F36
  • JEL : F53

UNIGE affiliation entities

Citation (ISO format)

FLORES ZENDEJAS, Juan, NODARI, Gianandrea. Globalization 2.0: The Geopolitics of the US Exchange Stabilization Fund, 1934-1945. 2025

Main files (1)

Working paper

Identifiers

  • PID : unige:185041
272views
1157downloads

Technical informations

Creation

18/05/2025 11:11:49

First validation

19/05/2025 08:02:38

Update

08/07/2025 07:43:41

Status update

08/07/2025 07:43:41

Last indexation

08/07/2025 07:43:42
All rights reserved by Archive ouverte UNIGE and the University of Geneva
OpenAIRE Indexed & Validated