NBER

Kai Truempler

Kai Alexander Truempler
Economics Department
London Business School
Regent's Park
London NW1 4SA
United Kingdom
Tel: +44 75 15149509

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: London Business School

NBER Working Papers and Publications

August 2011The Financial Crisis and The Geography of Wealth Transfers
with Pierre-Olivier Gourinchas, Hélène Rey: w17353
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.

Published: 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. citation courtesy of

June 2011The Financial Crisis and the Geography of Wealth Transfers
with Pierre-Olivier Gourinchas, Hélène Rey
in Global Financial Crisis, Charles Engel, Kristin Forbes, and Jeffrey Frankel, organizers

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