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This paper focusses on the use of a currency to denominate liabilities such as loans or bonds — more precisely, the value of being able to issue debt externally in one’s own local currency. It considers, in particular, the countries of Latin America and the Caribbean, arguing that global currency markets remain dominated by the US dollar and a very few other global currencies. Such currencies make up the vast majority of spot trading, derivative trading and bond issuance. It is likely that the massive liquidity advantage that these currencies maintain is one driver for why emerging economies continue to find it economically efficient to issue external debt in foreign currency rather than in local currency.