| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15170 |
| DP15170 Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis | |
| Galina Hale; Luciana Juvenal | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of "safe haven" currencies. We quantify the aggregate external balance sheet effects of this episode using new data on the currency composition of cross-border portfolio debt and other investment (which mostly represents banking positions) for 48 countries. We find that, while currency mismatch was present on many countries' external balance sheets at the onset of the current crisis, the magnitude of this mismatch was modest and the resulting external balance sheet losses at the aggregate level are small. To account for the potential mismatch that may have resulted from domestic investments by financial intermediaries borrowing abroad, we compute an upper bound for possible losses and find that they might be quite sizable for a number of countries. These results highlight the importance of accounting for domestic assets when assessing currency-induced balance sheet effects. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Currency mismatch Balance sheet effects Covid-19 Coronavirus Flight to safety |
| URL | https://cepr.org/publications/dp15170-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544139 |
| 推荐引用方式 GB/T 7714 | Galina Hale,Luciana Juvenal. DP15170 Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis. 2020. |
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