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Other people's money : debt denomination and financial instability in emerging market economies

Author: Barry J Eichengreen; Ricardo Hausmann
Publisher: Chicago : University of Chicago Press, 2005.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Barry J Eichengreen; Ricardo Hausmann
ISBN: 0226194558 9780226194554
OCLC Number: 55887438
Description: vii, 296 pages : illustrations ; 24 cm
Contents: The pain of original sin --
Must original sin cause macroeconomic damnation? --
A fiscal perspective on currency crises and "original sin" --
Original sin, balance-sheet crises, and the roles of international lending --
How original sin was overcome : the evolution of external debt denominated in domestic currencies in the United States and the British dominions, 1800-2000 --
Old sins : exchange clauses and European foreign lending in the nineteenth century --
Why do emerging economies borrow in foreign currency? --
Why do countries borrow the way they borrow? --
The mystery of original sin --
Original sin : the road to redemption.
Responsibility: edited by Barry Eichengreen and Ricardo Hausmann.
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Abstract:

"Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better." "Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets that prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further by proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies." "Painstakingly researched, this volume combines case studies, mathematical analysis, historical analysis, and public policy to provide students, economists, policymakers, and others with a state-of-the-art overview of the debt denomination problem and its potential solutions."--Jacket.

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"Other People''s Money asks why some countries issue debt mostly in a foreign currency and therefore expose their balance sheets to the ebbs and flows of international finance. The essays approach Read more...

 
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