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How might a disorderly resolution of global imbalances affect global wealth? /
Partly reflecting structural advantages such a liquidity and strong investor protection, foreigners have built up extremely large positions in U.S. (as well as other dollar-denominated) financial assets. This paper describes the impact on global wealth of an unanticipated shock to U.S. financial mar...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund, Western Hemisphere Dept.,
2006.
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| Colección: | IMF working paper ;
WP/06/170. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | Partly reflecting structural advantages such a liquidity and strong investor protection, foreigners have built up extremely large positions in U.S. (as well as other dollar-denominated) financial assets. This paper describes the impact on global wealth of an unanticipated shock to U.S. financial markets. For every 10 percent decline in the dollar, U.S. equity markets, and U.S. bond markets, total wealth losses to foreigners could amount to about 5 percentage points of foreign GDP. Four stylized facts emerge: (i) foreign countries, particularly emerging markets, are more exposed to U.S. bonds than U.S. equities; (ii) U.S. exposure has increased for most countries; (iii) on average, U.S. asset holdings of developed countries and emerging markets (scaled by GDP) are very similar; and (iv) based on their reserve positions, wealth losses of emerging market governments could, on average, amount to about 2 3/4 percentage points of their GDP. |
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| Descripción Física: | 1 online resource (26 pages) : graph |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1283519003 9781283519007 9781451986150 1451986157 9781451864304 1451864302 1462307426 9781462307425 1452754179 9781452754178 9786613831453 661383145X |
| ISSN: | 2227-8885 ; |