| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w13433
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| 来源ID | Working Paper 13433
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| Financial Exchange Rates and International Currency Exposures |
| Philip Lane; Jay C. Shambaugh
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| 发表日期 | 2007-09-21
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | Our goal in this project is to gain a better empirical understanding of the international financial implications of currency movements. To this end, we construct a database of international currency exposures for a large panel of countries over 1990-2004. We show that trade-weighted exchange rate indices are insufficient to understand the financial impact of currency movements. Further, we demonstrate that many developing countries hold short foreign-currency positions, leaving them open to negative valuation effects when the domestic currency depreciates. However, we also show that many of these countries have substantially reduced their foreign currency exposure over the last decade. Last, we show that our currency measure has high explanatory power for the valuation term in net foreign asset dynamics: exchange rate valuation shocks are sizable, not quickly reversed and may entail substantial wealth shocks. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w13433
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571106
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推荐引用方式
GB/T 7714 |
Philip Lane,Jay C. Shambaugh. Financial Exchange Rates and International Currency Exposures. 2007.
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文件名：
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w13433.pdf
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格式：
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Adobe PDF
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