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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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Warnock, Francis E. (Autor)
Autor Corporativo: International Monetary Fund. Western Hemisphere Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., 2006.
Colección:IMF working paper ; WP/06/170.
Temas:
Acceso en línea:Texto completo

MARC

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100 1 |a Warnock, Francis E.,  |e author. 
245 1 0 |a How might a disorderly resolution of global imbalances affect global wealth? /  |c Francis E. Warnock. 
260 |a [Washington, D.C.] :  |b International Monetary Fund, Western Hemisphere Dept.,  |c 2006. 
300 |a 1 online resource (26 pages) :  |b graph 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/06/170 
504 |a Includes bibliographical references. 
588 0 |a Print version record. 
520 |a 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. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2010  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Contents -- I. INTRODUCTION -- II. EXPOSURE TO LONG- TERM U.S. SECURITIES -- A. Foreign Positions in U.S. Securities in 2004 -- B. Impact of Declines in the Dollar and U.S. Asset Prices -- C. Evolution of Exposure: 1994 to 2004 -- D. Exposure to Dollar Bonds Issued by Third Countries -- III. ANOTHER VIEW OF EXPOSURE IN 2004: U.S. LIABILITIES IMPLIED BY CPIS DATA -- A. CPIS Data -- B. CPIS Data: Implied U.S. Liabilities and Impact of U.S. Financial Market Shocks -- IV. CONCLUSION -- References 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Asset-liability management. 
650 0 |a Portfolio management. 
650 6 |a Gestion des actifs et des passifs. 
650 6 |a Gestion de portefeuille. 
650 7 |a Asset-liability management  |2 fast 
650 7 |a Portfolio management  |2 fast 
710 2 |a International Monetary Fund.  |b Western Hemisphere Department. 
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830 0 |a IMF working paper ;  |v WP/06/170. 
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