The financial crisis and the geography of wealth transfers

• 成果类型: Article
• 署名作者: Gourinchas, Pierre-Olivier; Rey, Helene; Truempler, Kai
• 署名单位: University of California System; University of California Berkeley; University of London; London Business School; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.05.008
• 发表日期: 2012
• 页码: 266-283
• 关键词: Valuation effects; risk sharing; International financial system

摘要

This paper studies the geography of wealth transfers between 2007Q4 and 2008Q4, at the height of the global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt to measure 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 ABS, ABCP conduits and the extent of dollar shortage. (C) 2012 Elsevier B.V. All rights reserved.