L'évolution des émissions de dette en devise et les nouveaux défis révélés par la pandémie de Covid-19

Gong Cheng

Revue d'économie financière, 2021, vol. N° 141, issue 1, 139-158

Abstract: We present here the evolution of foreign currency bond issuance in emerging market economies after the global financial crisis, with an emphasis on regional disparities. Between 2011 and 2019, emerging market economies have significantly reduced their dependence on foreign currency financing and have turned to local currency borrowing in domestic and international debt markets. Although local currency-denominated debt eliminates currency mismatches for the borrowers, a negative feedback loop between exchange rates and yields of local currency bonds could impair the exposures of foreign investors and lead to massive capital reversal. Developing local currency debt markets with a strong domestic investor base could be a long term structural solution for emerging market economies to consider. Classification JEL : E44, F34, F41, G15, H63.

JEL-codes: E44 F34 F41 G15 H63 (search for similar items in EconPapers)
Date: 2021
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