The long road to redemption from original sin

Danny Cassimon and George Mavrotas

Development Finance Agenda, 2025, vol. 10, issue 2, 6-8

Abstract: The inability of emerging market and other developing economies (EMDEs) to borrow abroad in their own local currency is known as the (international) 'original sin' problem. In this contribution, we show that this phenomenon is still present, especially for lower-income developing economies, and that redemption suggests the desirability of a more internationally-coordinated initiative, that may draw on the proven feasibility of smaller-scale initiatives (such as TCX) that need upscaling, in which multilateral development banks could take the lead.

Date: 2025
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