The Financial Crisis and The Geography of Wealth Transfers

Pierre-Olivier Gourinchas acknowledges gratefully financial support from the International Growth Center (grant RA-2009-11-002). Hélène Rey acknowledges gratefully financial support from the ERC (Grant number #210584-IFA Dynamics). Kai Truempler is grateful to the AXA Research Fund for financial support. Many thanks to Viral Acharya and Philipp Schnabl as well as Robert McGuire and Goetz von Peter for sharing data with us, and to Eswar Prasad, Kristin Forbes and participants at the NBER Bretton Woods conference for excellent comments. Collecting the Chinese data would have been impossible without the generous and very competent help of Yi Huang, to whom we are very grateful. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.