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The financial crisis and the geography of wealth transfers


Journal of International Economics



Publishing details

Journal of International Economics 2012 Vol 88:2 p 266-283

Authors / Editors

Gourinchas P O;Rey H;Truempler K


Publication Year



This paper studies the geography of wealth transfers between 2007Q4 and 2008Q4, at the height of the global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt to measure 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 ABS, ABCP conduits and the extent of dollar shortage.


Valuation effects; Risk sharing; International financial system

Available on ECCH


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