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Local Currency Bond Markets

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Author Info
John D. Burger (International Monetary Fund)
Francis E. Warnock (International Monetary Fund)
Abstract

This paper analyzes the development of 49 local bond markets. The main finding is that policies and laws matter: countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreigncurrency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent on foreign currency debt. Rather, by improving policy performance and strengthening institutions, they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises. Copyright 2006, International Monetary Fund

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Publisher Info
Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 53 (2006)
Issue (Month): si ()
Pages: 7
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Handle: RePEc:pal:imfstp:v::y:2006:i:si:p:7

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Keywords:

Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Carlos I. Medeiros & Parmeshwar Ramlogan & Magdalena Polan, 2007. "A Primer on Sovereign Debt Buybacks and Swaps," IMF Working Papers 07/58, International Monetary Fund. [Downloadable!]
  2. Ronald U. Mendoza, 2007. "A Compendium of Policy Instruments to Enhance Financial Stability and Debt Management in Emerging Market Economies," Working Papers 48, United Nations, Department of Economics and Social Affairs. [Downloadable!]
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