proxies for market volatility and liquidity. We document that the (Swiss) franc and Japanese yen appreciate against the US … crises. The latter effects were particularly discernible for the yen during the recent financial crisis …

currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … fundamental determinants. We therefore address the question of whether a supposed safe haven currency only appreciates in times of … crises because carry trades are unwound, in which the corresponding currency has served as funding currency, or whether it …

currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … fundamental determinants. We therefore address the question of whether a supposed safe haven currency only appreciates in times of … crises because carry trades are unwound, in which the corresponding currency has served as funding currency, or whether it …

currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … fundamental determinants. We therefore address the question of whether a supposed safe haven currency only appreciates in times of … crises because carry trades are unwound, in which the corresponding currency has served as funding currency, or whether it …

currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … fundamental determinants. We therefore address the question of whether a supposed safe haven currency only appreciates in times of … crises because carry trades are unwound, in which the corresponding currency has served as funding currency, or whether it …