‘Original Sin’ and Monetary Cooperation

Ugo Panizza

Chapter 2 in New Issues in Regional Monetary Coordination, 2006, pp 26-41 from Palgrave Macmillan

Abstract: Abstract Since the seminal paper of Eichengreen and Hausmann (1999), ‘original sin’, i.e. a country’s inability to borrow abroad in own currency, has became a buzzword in both policy and academic circles. The early work on original sin was soon followed by a large series of papers that examined the problem from theoretical, empirical, and historical perspectives (a large number of these papers are collected in Eichengreen and Hausmann, 2005). Work on original sin has also been subject to strong criticism by authors who either did not find the issue a relevant one (Goldstein and Turner, 2004), or criticized some of the findings of the empirical work conducted by Eichengreen and co-authors (Burger and Warnock, 2003), or criticized the proposal for redemption from original sin put forward in the above-mentioned book by Eichengreen and Hausmann (Reinhart et al., 2003).2

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Monetary Union; Exchange Rate Regime (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50244-4_2

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DOI: 10.1057/9780230502444_2

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