| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27030 |
| 来源ID | Working Paper 27030 |
| Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises? | |
| Joshua Aizenman; Yothin Jinjarak; Donghyun Park; Huanhuan Zheng | |
| 发表日期 | 2020-04-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be smaller in size, shorter in maturity, or lower in coupon rate than foreign currency bonds; (ii) EMs are more likely to issue local-currency sovereign bonds if their currencies appreciated before the global financial crisis of 2008 (GFC); (iii) inflation-targeting monetary policy increases the likelihood of issuing local-currency debt before GFC but not after; and (iv) EMs that offer higher sovereign yields are more likely to issue local-currency bonds after GFC. Future data will allow us to test and identify structural changes associated with the COVID-19 pandemic and its aftermath. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w27030 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584702 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Yothin Jinjarak,Donghyun Park,et al. Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27030.pdf（407KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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