Other People's Money : Debt Denomination and Financial Instability in Emerging Market Economies. (eBook, 2010) [WorldCat.org]
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Other People's Money : Debt Denomination and Financial Instability in Emerging Market Economies.

Author: Barry Eichengreen; Ricardo Hausmann
Publisher: Chicago : The University of Chicago Press, 2010.
Edition/Format:   eBook : Document : English : 2nd edView all editions and formats
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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Genre/Form: Electronic books
Additional Physical Format: Print version:
Eichengreen, Barry.
Other People's Money : Debt Denomination and Financial Instability in Emerging Market Economies.
Chicago : The University of Chicago Press, ©2010
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Barry Eichengreen; Ricardo Hausmann
ISBN: 9780226194578 0226194574
OCLC Number: 781278532
Description: 1 online resource (306 pages)
Contents: Contents; Acknowledgments; Introduction: Debt Denomination and Financial Instability in Emerging Market Economies; 1. The Pain of Original Sin; 2. Must Original Sin Cause Macroeconomic Damnation?; 3. A Fiscal Perspective on Currency Crises and Original Sin; 4. Original Sin, Balance-Sheet Crises, and the Roles of International Lending; 5. How Original Sin Was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions, 1800-2000; 6. Old Sins: Exchange Clauses and European Foreign Lending in the Nineteenth Century. 7. Why Do Emerging Economies Borrow in Foreign Currency?8. Why Do Countries Borrow the Way They Borrow?; 9. The Mystery of Original Sin; 10. Original Sin: The Road to Redemption; List of Contributors; Index.

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 insti.

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