LEADER 05674oam 22012974 450 001 9910964379103321 005 20250426110127.0 010 $a9786613831453 010 $a9781462307425 010 $a1462307426 010 $a9781452754178 010 $a1452754179 010 $a9781283519007 010 $a1283519003 010 $a9781451986150 010 $a1451986157 035 $a(CKB)3360000000444048 035 $a(EBL)3014484 035 $a(SSID)ssj0001477307 035 $a(PQKBManifestationID)11857330 035 $a(PQKBTitleCode)TC0001477307 035 $a(PQKBWorkID)11450367 035 $a(PQKB)10757497 035 $a(OCoLC)694141163 035 $a(MiAaPQ)EBC3014484 035 $a(IMF)WPIEE2006170 035 $a(IMF)WPIEA2006170 035 $aWPIEA2006170 035 $a(EXLCZ)993360000000444048 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow Might a Disorderly Resolution of Global Imbalances Affect Global Wealth? /$fFrancis Warnock 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (28 p.) 225 1 $aIMF Working Papers 300 $a"July 2006 ". 311 08$a9781451864304 311 08$a1451864302 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. EXPOSURE TO LONG- TERM U. S. SECURITIES""; ""A. Foreign Positions in U.S. Securities in 2004""; ""B. Impact of Declines in the Dollar and U.S. Asset Prices""; ""C. Evolution of Exposure: 1994 to 2004""; ""D. Exposure to Dollar Bonds Issued by Third Countries""; ""III. ANOTHER VIEW OF EXPOSURE IN 2004: U.S. LIABILITIES IMPLIED BY CPIS DATA""; ""A. CPIS Data""; ""B. CPIS Data: Implied U.S. Liabilities and Impact of U.S. Financial Market Shocks""; ""IV. CONCLUSION""; ""References"" 330 3 $aPartly reflecting structural advantages such a liquidity and strong investor protection, foreigners have built up extremely large positions in U.S. (as well as other dollar-denominated) financial assets. This paper describes the impact on global wealth of an unanticipated shock to U.S. financial markets. For every 10 percent decline in the dollar, U.S. equity markets, and U.S. bond markets, total wealth losses to foreigners could amount to about 5 percentage points of foreign GDP. Four stylized facts emerge: (i) foreign countries, particularly emerging markets, are more exposed to U.S. bonds than U.S. equities; (ii) U.S. exposure has increased for most countries; (iii) on average, U.S. asset holdings of developed countries and emerging markets (scaled by GDP) are very similar; and (iv) based on their reserve positions, wealth losses of emerging market governments could, on average, amount to about 2¾ percentage points of their GDP. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/170 606 $aAsset-liability management 606 $aPortfolio management 606 $aBonds$2imf 606 $aCapital market$2imf 606 $aCurrent Account Adjustment$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial institutions$2imf 606 $aFinancial Instruments$2imf 606 $aFinancial instruments$2imf 606 $aFinancial markets$2imf 606 $aFinancial services industry$2imf 606 $aForeign Exchange$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInstitutional Investors$2imf 606 $aInternational Finance Forecasting and Simulation$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Bonds$2imf 606 $aInvestments: General$2imf 606 $aInvestments: Stocks$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aPension Funds$2imf 606 $aSecurities markets$2imf 606 $aSecurities$2imf 606 $aShort-term Capital Movements$2imf 606 $aStocks$2imf 607 $aUnited States$2imf 615 0$aAsset-liability management. 615 0$aPortfolio management. 615 7$aBonds 615 7$aCapital market 615 7$aCurrent Account Adjustment 615 7$aEmerging and frontier financial markets 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial institutions 615 7$aFinancial Instruments 615 7$aFinancial instruments 615 7$aFinancial markets 615 7$aFinancial services industry 615 7$aForeign Exchange 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInstitutional Investors 615 7$aInternational Finance Forecasting and Simulation 615 7$aInternational Lending and Debt Problems 615 7$aInvestment & securities 615 7$aInvestments: Bonds 615 7$aInvestments: General 615 7$aInvestments: Stocks 615 7$aNon-bank Financial Institutions 615 7$aPension Funds 615 7$aSecurities markets 615 7$aSecurities 615 7$aShort-term Capital Movements 615 7$aStocks 700 $aWarnock$b Francis$01815671 712 02$aInternational Monetary Fund.$bWestern Hemisphere Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910964379103321 996 $aHow Might a Disorderly Resolution of Global Imbalances Affect Global Wealth$94371138 997 $aUNINA