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N° 2009-08 |
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| April 2009 |
| The Dollar in the Turmoil |
Agnès Bénassy-Quéré
Sophie Béreau
Valérie Mignon |
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| We study the impact of the global financial crisis on the equilibrium exchange rate of the US dollar.
We first simulate the impact of the crisis on the US net foreign asset position. Then, we calculate the
equilibrium value of the dollar according both to a BEER and to a FEER approach. We find the case
for a strong, although temporary, depreciation of the dollar even more acute than before the crisis. This
suggests that the strength of the dollar in late 2008 and early 2009 may be short-lived. |
Non-technical summary  |
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Résumé
non-technique
en français |
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| Full text |
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| Equilibrium exchange rate; US dollar; global imbalances; crisis; valuation effects |
Keywords |
| F31; C23 |
JEL classification |
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