LEADER 04315nam 2200697 a 450 001 9910792591703321 005 20200520144314.0 010 $a1-282-58468-5 010 $a9786612584688 010 $a0-226-19457-4 024 7 $a10.7208/9780226194578 035 $a(CKB)2670000000019423 035 $a(EBL)534561 035 $a(OCoLC)635292134 035 $a(SSID)ssj0000424739 035 $a(PQKBManifestationID)11284608 035 $a(PQKBTitleCode)TC0000424739 035 $a(PQKBWorkID)10474719 035 $a(PQKB)11011660 035 $a(StDuBDS)EDZ0000115718 035 $a(MiAaPQ)EBC534561 035 $a(DE-B1597)524761 035 $a(OCoLC)1135586866 035 $a(DE-B1597)9780226194578 035 $a(Au-PeEL)EBL534561 035 $a(CaPaEBR)ebr10389562 035 $a(CaONFJC)MIL258468 035 $a(EXLCZ)992670000000019423 100 $a20040706d2005 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 00$aOther people's money$b[electronic resource] $edebt denomination and financial instability in emerging market economies /$fedited by Barry Eichengreen and Ricardo Hausmann 210 $aChicago $cUniversity of Chicago Press$d2005 215 $a1 online resource (306 p.) 300 $aDescription based upon print version of record. 311 $a0-226-19455-8 320 $aIncludes bibliographical references and index. 327 $aThe pain of original sin -- Must original sin cause macroeconomic damnation? -- A fiscal perspective on currency crises and "original sin" -- Original sin, balance-sheet crises, and the roles of international lending -- How original sin was overcome : the evolution of external debt denominated in domestic currencies in the United States and the British dominions, 1800-2000 -- Old sins : exchange clauses and European foreign lending in the nineteenth century -- Why do emerging economies borrow in foreign currency? -- Why do countries borrow the way they borrow? -- The mystery of original sin -- Original sin : the road to redemption. 330 $aRecent 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. 606 $aCapital movements$zDeveloping countries 606 $aDebts, External$zDeveloping countries 606 $aFinance$zDeveloping countries 606 $aMonetary policy$zDeveloping countries 610 $afinance, financial, economics, economy, economical, wealth, income, monetary, marketplace, debt, crisis, 21st century, contemporary, modern, developing, country, countries, currency, foreign, international, policy, analysis, cost, effect, study, academic, scholarly, research, banks, banking, currencies, essay collection, fiscal, college, university. 615 0$aCapital movements 615 0$aDebts, External 615 0$aFinance 615 0$aMonetary policy 676 $a332/.042/091724 701 $aEichengreen$b Barry J$0318418 701 $aHausmann$b Ricardo$0754053 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910792591703321 996 $aOther people's money$93726730 997 $aUNINA