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| Author: | Hausmann, R. Panizza, U. |
| Title: | On the determinants of original sin: an empirical investigation |
| Journal: | Journal of International Money and Finance
2003 : DEC, VOL. 22:7, p. 957-990 |
| Index terms: | Currency Emerging markets Exchange rates Foreign debts |
| Language: | eng |
| Abstract: | A fact that has even been referred to as "original sin" is that most countries do not borrow abroad in their own currency. The incidence of the problem is described and an attempt is made at uncovering its cause. Weak support is found for the idea that the level of development, institutional quality, or monetary credibility or fiscal solvency is correlated with original sin. Only the absolutely size of the economy is robustly correlated. |
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