Fratzscher, Marcel - 2009
global FX move-
ments since the summer of 2008 is the size of FX reserves. To illustrate the economic
signi�cance, countries … economic magnitude
of the global FX response to US shocks is substantial. Moreover, these �ndings are
robust to alternative … FX move-
ments since the summer of 2008 is the size of FX reserves. To illustrate the economic
9
ECB
Working Paper Series …