摘要：In its classic version, the theory of original sin describes the inability of emerging countries to finance their liabilities on international markets in their domestic currency, and/or to issue fixed-rate, long-term, domestic currency securities in their domestic market: That is to say, it analyzes the difficulty governments have in accessing the capital market using standard debt securities. Many of the debt securities of the emerging markets, then, are issued in foreign currencies in the short term and at floating rates, which makes these economies even more vulnerable to internal and external shocks. Several studies have attempted to measure the extent to which an economy is immersed in original sin but no consensus has been reached. The aim of the present study is to discuss an alternative measure of original sin that supplements the existing measures in the literature and to analyze how it behaves in the Latin-American economies.
关键词：Sovereign debt; debt composition; emerging markets; original sin
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