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Title Other people's money : debt denomination and financial instability in emerging market economies / edited by Barry Eichengreen and Ricardo Hausmann
Published Chicago ; London : University of Chicago Press, 2005


Location Call no. Vol. Availability
 MELB  332.042091724 Eic/Opm  AVAILABLE
Description 296 pages : illustrations
Contents 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
Summary "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 that 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 by proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies." "Painstakingly researched, this volume combines case studies, mathematical analysis, historical analysis, and public policy to provide students, economists, policymakers, and others with a state-of-the-art overview of the debt denomination problem and its potential solutions."--BOOK JACKET
Notes "The papers were presented at an authors' meeting at the Kennedy School of Government, Harvard University, in Cambridge and at a public conference at the Inter-American Development Bank in Washington, DC."_Acknowledgements
Bibliography Includes bibliographical references and index
Subject Capital movements -- Developing countries -- Congresses.
Debts, External -- Developing countries -- Congresses.
Finance -- Developing countries -- Congresses.
Monetary policy -- Developing countries -- Congresses.
Capital movements -- Developing countries.
Debts, External -- Developing countries.
Finance -- Developing countries.
Monetary policy -- Developing countries.
Genre/Form Conference papers and proceedings.
Author Hausmann, Ricardo.
Eichengreen, Barry J.
LC no. 2004015213
ISBN 0226194558 cloth alkaline paper