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The Anatomy of Large Valuation Episodes

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  • Bénétrix, Agustín S.

Abstract

We examine episodes in which there is a large shift in a country’s net foreign asset position due to the re-valuation of its foreign assets and/or liabilities. We highlight the differences in large valuation episodes between countries characterized by large gross stocks of foreign assets and liabilities and countries exhibiting large net positions. Finally, we analyze macroeconomic dynamics in the neighborhood of large valuation episodes.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4925.

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Date of creation: Jul 2007
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Handle: RePEc:pra:mprapa:4925

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  1. Pierre-Olivier Gourinchas & Hélène Rey, 2005. "International financial adjustment," Proceedings, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco.
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