TY - BOOK ID - 84658507 TI - The Behavior of Currencies during Risk-off Episodes AU - De Bock, Reinout. AU - de Carvalho Filho, Irineu. AU - International Monetary Fund. PY - 2013 SN - 1475538170 1616353163 1299264476 1475536100 9781475536102 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Foreign exchange KW - Foreign exchange rates. KW - Foreign exchange rates KW - Exchange rates KW - Fixed exchange rates KW - Flexible exchange rates KW - Floating exchange rates KW - Fluctuating exchange rates KW - Rates of exchange KW - Econometric models. KW - Rates KW - Cambistry KW - Currency exchange KW - Exchange, Foreign KW - Foreign currency KW - Foreign exchange problem KW - Foreign money KW - Forex KW - FX (Finance) KW - International exchange KW - International finance KW - Currency crises KW - Econometric models KW - E-books KW - International Monetary Fund. KW - Mexico KW - Africa KW - Economic conditions. KW - Internationaal monetair fonds KW - International monetary fund KW - Banks and Banking KW - Exports and Imports KW - Foreign Exchange KW - Investments: General KW - Money and Monetary Policy KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Investment KW - Capital KW - Intangible Capital KW - Capacity KW - Current Account Adjustment KW - Short-term Capital Movements KW - Interest Rates: Determination, Term Structure, and Effects KW - Monetary economics KW - Macroeconomics KW - Currency KW - International economics KW - Banking KW - Currencies KW - Depreciation KW - Current account balance KW - Central bank policy rate KW - Money KW - National accounts KW - Balance of payments KW - Financial services KW - Saving and investment KW - Interest rates KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658507 AB - Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, currency markets exhibit recurrent patterns, as the Japanese yen, Swiss franc, and U.S. dollar appreciate against other G-10 and emerging market currencies. The pattern of these moves can be explained by a combination of fundamental factors, such as the nominal interest rate, the international investment position and measures of exchange rate misalignment, and market-liquidity factors, such as bid-offer spreads and restrictions on international capital flows. We also find that currency performance in a risk-off episode has become more related to a currency?s yield and relationship to broader risks in recent years. ER -