Some recent contributions have inspected various dimensions of the international valuation mechanism in relation to the cross-border distribution of the costs of the 2008-2009
global financial crisis (Milesi-Ferretti 2009, Acharya and Schnabl 2010, European Commission 2010, Gourinchas et al 2012, Lane 2012, Lane 2013a, Lane and Milesi-Ferretti
2014). In addition, Lane and Milesi-Ferretti (2007b), Milesi-Ferretti et al (2010) and
Kubelec and Sa (2012) developed estimates of the geographic compostion of international
financial crises on the eve of the crisis. However, none of these studies isolated the
currency dimension that is the focus of this paper.