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In this paper, we examine how, contrary to the ‘original sin’ hypothesis, emerging market economies have gained the ability to borrow abroad in their local currency. We empirically analyze the relationship of various economic variables with local currency debt and identify three crucial conditions for the capacity to borrow in local currency: institutional quality, sufficient depth in the domestic bond market, and adequate performance in inflation targeting. While shares in JPMorgan Government Bond Index-Emerging Markets (GBI-EM) index also appear to be influential, the associations with local currency debt is less clear. We conduct a similar empirical analysis on portfolio equity, which represents a safer form of external liability than foreign currency debt, and verify that the depth of the equity market plays a key role in attracting foreign capital to domestic equity markets. Finally, we propose a simple portfolio model based on the inelastic market hypothesis to explain the positive correlation between capital market depth and the dissipation of original sin, which refers to the presence of more external liability in the form of equity or local currency debt. In essence, our analysis suggests that emerging market economies with reasonably strong fundamentals are not necessarily reliant on foreign currency debt.
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, 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.
Surely you've lain awake at night to ponder life beyond time? Or dreamed restlessly of those multi-honored beast of Revelation? Or became frustrated because you don't know how to properly use your athame? How about all those times you came across a theological word that battered your brain? No problem. History and Mystery: The Complete Eschatological Encyclopedia of Prophecy, Apocalypticism, Mythos, and Worldwide Dynamic Theology has arrived, Here, just for you, are four volumes of exhaustive information that every student, teacher and interested person everywhere needs to know. Over 8000 defined words and phrases, 60 exploratory essays, and mini-sections of relational materials await. Before you know it, you'll be the best informed reader in your neighborhood and most of the next state over.
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The mind-body relation was at the forefront of philosophy and theology in late antiquity, a time of great intellectual innovation. This volume, the first integrated history of this important topic, explores ideas about mind and body during this period, considering both pagan and Christian thought about issues such as resurrection, incarnation and asceticism. A series of chapters presents cutting-edge research from multiple perspectives, including history, philosophy, classics and theology. Several chapters survey wider themes which provide context for detailed studies of the work of individual philosophers including Numenius, Pseudo-Dionysius, Damascius and Augustine. Wide-ranging and accessible, with translations given for all texts in the original language, this book will be essential for students and scholars of late antique thought, the history of religion and theology, and the philosophy of mind.
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Practical and reliable, this reference traces English words back to their Indo-European roots. Each entry features a brief definition, identifies the language of origin, and employs a few illustrative quotations. An extensive appendix includes lists of prefixes, suffixes, Indo-European roots, homonyms and doublets, and the distribution of English-language sources.