... extent that foreign assetsare disproportionately in foreign currency and foreign liabilities in domestic currency. For instance, Gourinchas and Rey (2007) find a substantial role for the currency-based ... Economies, forthcoming.[69] Spiegel, Mark (2008b), “Monetary and Financial Integration in the EMU: Push orPull?,” Review of International Economics, forthcoming.[70] Taylor, Christopher (2008) , “Foreign ... trades by financial intermediaries. For instance, foreign investors mayown shares in a mutual fund that is resident in country j, where the mutual fund exclusivelyholds foreign portfolio assets....