. . "International Monetary Fund Monetary and Capital Markets Department." . . . . . . . "The behavior of currencies during risk-off episodes"@en . "The behavior of currencies during risk-off episodes" . . . . . . . "The Behavior of Currencies during Risk-off Episodes" . . "Electronic books" . . . "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."@en . . . . . . . . . . . . . . "International Monetary Fund Research Department." . .