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Other People's Money - Debt Denomination and Financial Instability in Emerging Market Economies (Hardcover, 2nd ed.)
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Other People's Money - Debt Denomination and Financial Instability in Emerging Market Economies (Hardcover, 2nd ed.)
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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 which
prevents countries from borrowing in their own currencies. That
emerging markets have failed to bring this problem upon themselves
is why Barry Eichengreen and Ricardo Hausmann describe it as
"original sin." A comprehensive analysis of the sources of this
problem and its consequences, "Other People's Money" takes the
study one step further, 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.
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