Most emerging markets do not borrow much internationally in their own currency, although doing that has been argued as an attractive insurance mechanism. This phenomenon, commonly labeled "the original sin", has mostly been interpreted as evidence of the countries' inability to borrow in domestic currency from abroad. This paper provides a novel explanation for that phenomenon: not that countries are unable to borrow abroad in their currency, they...
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INFORMATION
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2011/11/01
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WPS5870
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1
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1
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2011/11/01
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Disclosed
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Consumption baskets and currency choice in international borrowing
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entrepreneur
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