Since the first public offering in 1985 asset backed securities (ABS) are one of the most rapidly growing segments of the U.S. capital markets. Finding its genesis in the refinancing of mortgages in the United States, ABS are structured by packaging a pool of financial assets, such as automobile...

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...