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Local Currency Bond Markets / John D. Burger, Francis E. Warnock.
- Format:
- Book
- Author/Creator:
- Burger, John D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w12552.
- NBER working paper series no. w12552
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2006.
- Summary:
- We analyze the development of 49 local bond markets. Our main finding is that policies and laws matter: Countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreign-currency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent upon foreign-currency debt. Rather, by improving policy performance and strengthening institutions they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises.
- Notes:
- Print version record
- October 2006.
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