The Financial Crisis and the Geography of Wealth Transfers

Helene Rey, Pierre-Olivier Gourinchas and Kai Alexander Truempler

No 8567, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure. We find a very diverse set of fortunes governed by the structure of countries' external portfolios. In particular, we are able to relate the gains and losses on debt portfolios to the country's exposure to ABCP conduits and the extent of dollar shortage.

Keywords: Global financial crisis; Valuation effects; International monetary system; Reserve currency (search for similar items in EconPapers)
JEL-codes: F32 F33 (search for similar items in EconPapers)
Date: 2011-09
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-ifn and nep-opm
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Citations: View citations in EconPapers (10)

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Related works:
Journal Article: The financial crisis and the geography of wealth transfers (2012)
Chapter: The Financial Crisis and the Geography of Wealth Transfers (2011)
Working Paper: The Financial Crisis and The Geography of Wealth Transfers (2011)
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