期刊
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
卷 28, 期 8, 页码 1390-1407出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jimonfin.2009.08.008
关键词
Financial crisis; Exchange rates; Global imbalances; Shocks; United States; US dollar; Transmission channels
A striking and Unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar, rather than a weakening. Macroeconomic fundamentals and financial exposure of individual Countries are found to have played a key role in the transmission process of US shocks: in particular Countries with low FX reserves, weak current account positions and high direct financial exposure vis-a-vis the United States have experienced substantially larger Currency depreciations during the crisis overall, and to US shocks in particular. (C) 2009 Elsevier Ltd. All rights reserved.
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