... used for hedging purposes, forwards foreign-exchange contracts have increasingly been used for cur-rency speculation. For example, in the early 2000s speculators used forwards as the main tool for ... 21.2Cross-border 282.2 29.0 130.3 -1 1.6Latin America Domestic banks 563.7 17.3 484.8 -2 .7Local subsidiaries of foreign banks 58.5 28.6 241.7 31.2Cross-border 199.9 6.2 166.1 -2 .8Eastern Europe Domestic ... investors innon-tradable goods and services lack the foreign-exchange earnings and face a higher cur-rency risk. The decline in FDI in Brazil and Argentina in 200 2-2 003, for example, illus-trated...