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‘Original Sin’ and Monetary Cooperation

In: New Issues in Regional Monetary Coordination

Author

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  • Ugo Panizza

Abstract

Since the seminal paper of Eichengreen and Hausmann (1999), ‘original sin’, i.e. a country’s inability to borrow abroad in own currency, has became a buzzword in both policy and academic circles. The early work on original sin was soon followed by a large series of papers that examined the problem from theoretical, empirical, and historical perspectives (a large number of these papers are collected in Eichengreen and Hausmann, 2005). Work on original sin has also been subject to strong criticism by authors who either did not find the issue a relevant one (Goldstein and Turner, 2004), or criticized some of the findings of the empirical work conducted by Eichengreen and co-authors (Burger and Warnock, 2003), or criticized the proposal for redemption from original sin put forward in the above-mentioned book by Eichengreen and Hausmann (Reinhart et al., 2003).2

Suggested Citation

  • Ugo Panizza, 2006. "‘Original Sin’ and Monetary Cooperation," Palgrave Macmillan Books, in: Barbara Fritz & Martina Metzger (ed.), New Issues in Regional Monetary Coordination, chapter 2, pages 26-41, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50244-4_2
    DOI: 10.1057/9780230502444_2
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