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@techreport{NBERw20820,
 title = "International Currency Exposures, Valuation Effects, and the Global Financial Crisis",
 author = "Bénétrix, Agustín S and Lane, Philip R and Shambaugh, Jay C",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "20820",
 year = "2015",
 month = "January",
 doi = {10.3386/w20820},
 URL = "http://www.nber.org/papers/w20820",
 abstract = {We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal emerging-market \short foreign currency" position on the eve of the global financial crisis. During the crisis, the upheaval in currency markets generated substantial currency-generated valuation effects - much of which were not reversed. There is some evidence that the distribution of valuation effects was stabilizing in the sense of showing a negative covariation pattern with pre-crisis net foreign asset positions.},
}