The Financial Crisis and The Geography of Wealth Transfers

Pierre-Olivier Gourinchas, Helene Rey and Kai Truempler

No 17353, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: F3 F33 F41 (search for similar items in EconPapers)
Date: 2011-08
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Published as Gourinchas, Pierre-Olivier & Rey, Hélène & Truempler, Kai, 2012. "The financial crisis and the geography of wealth transfers," Journal of International Economics, Elsevier, vol. 88(2), pages 266-283.
Published as The Financial Crisis and the Geography of Wealth Transfers , Pierre-Olivier Gourinchas, Hélène Rey, Kai Truempler. in Global Financial Crisis , Engel, Forbes, and Frankel. 2012

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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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