Institutional Affiliation: London Business School
|The Financial Crisis and The Geography of Wealth Transfers|
with , : 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, HÃ©lÃ¨ne & 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
|The Financial Crisis and the Geography of Wealth Transfers|
in Global Financial Crisis, Charles Engel, Kristin Forbes, and Jeffrey Frankel, organizers