Financial Exchange Rates and International Currency Exposures
构建了1990-2004年多国国际货币敞口数据库，发现贸易加权汇率不足以解释货币变动的金融影响，新指标对净国外资产估值项有高解释力，且发展中国家的负外币头寸大幅减少。
In order to gain a better empirical understanding of the international financial implications of currency movements, we construct a database of international currency exposures for a large panel of countries over 1990-2004. We show that trade-weighted exchange rate indices are insufficient to understand the financial impact of currency movements and that our currency measures have high explanatory power for the valuation term in net foreign asset dynamics. Exchange rate valuation shocks are sizable, not quickly reversed, and may entail substantial wealth redistributions. Further, we show that many developing countries have substantially reduced their negative foreign currency positions over the last decade. (F31, F32, G15)