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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Kai Truempler

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Working Papers

August 2011The Financial Crisis and The Geography of Wealth Transfers
with Pierre-Olivier Gourinchas, Hélène Rey: 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.

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