eBook - PDF
Other People's Money
Debt Denomination and Financial Instability in Emerging Market Economies
- English
- PDF
- Available on iOS & Android
eBook - PDF
Other People's Money
Debt Denomination and Financial Instability in Emerging Market Economies
About this book
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 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, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
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 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, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
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Please note we cannot support devices running on iOS 13 and Android 7 or earlier. Learn more about using the app.
Yes, you can access Other People's Money by Barry Eichengreen, Ricardo Hausmann, Barry Eichengreen,Ricardo Hausmann in PDF and/or ePUB format, as well as other popular books in Business & Business General. We have over one million books available in our catalogue for you to explore.
Information
Table of 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