Beschreibung:
<jats:p> We document that the likelihood of having assets in foreign currency is increasing in households' income within many emerging economies. This pattern leads to heterogeneous exposures of wealth to exchange rate movements. We analyze the redistribution of liquid wealth across households after nominal exchange rate devaluations due to the revaluation of nominal net wealth denominated in different currencies. We find that there is an important degree of redistribution from households with low income to those with high income. </jats:p>