International Currency Exposures, Valuation Effects, and the Global Financial Crisis
Working Papers from The George Washington University, Institute for International Economic Policy
We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal emerging-market short foreign currency" position on the eve of the global financial crisis. During the crisis, the upheaval in currency markets generated substantial currency-generated valuation effects - much of which were not reversed. There is some evidence that the distribution of valuation effects was stabilizing in the sense of showing a negative covariation pattern with pre-crisis net foreign asset positions.
Keywords: valuation effects; exchange rates; currency exposure; global financial crisis (search for similar items in EconPapers)
JEL-codes: F30 F31 F36 (search for similar items in EconPapers)
Pages: 50 pages
New Economics Papers: this item is included in nep-cna
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Journal Article: International currency exposures, valuation effects and the global financial crisis (2015)
Working Paper: International Currency Exposures, Valuation Effects and the Global Financial Crisis (2015)
Working Paper: International Currency Exposures, Valuation Effects, and the Global Financial Crisis (2015)
Chapter: International Currency Exposures, Valuation Effects, and the Global Financial Crisis (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:gwi:wpaper:2015-3
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