English, Article, Journal or magazine article edition: What Explains Global Exchange Rate Movements During the Financial Crisis? Marcel Fratzscher

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Bookmark: http://trove.nla.gov.au/version/121352
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • What Explains Global Exchange Rate Movements During the Financial Crisis?
Author
  • Marcel Fratzscher
Physical Description
  • preprint
Notes
  • RePEc:ecb:ecbwps:200901060
  • 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-à-vis the United States have experienced substantially larger currency depreciations during the crisis overall, and to US shocks in particular. JEL Classification: F31, F4, G1.
  • Financial crisis, exchange rates, global imbalances, shocks, United States, US dollar, transmission channels.
Language
  • English
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