Over recent years credit growth in Latin America has been very strong, and countries have become more reliant on foreign bond issuances. These phenomena are linked, and in Caballero et al. (2014), we argue that they may have led to vulnerabilities which domestic and international supervisors are not well-equipped to assess.
The credit cycle and vulnerabilities in emerging economies: the case of Latin America
Julián Caballero, Ugo Panizza, Andrew Powell, 2 April 2014
Redemption or abstinence?
Ricardo Hausmann, Ugo Panizza, 21 February 2010
The emerging market crises of the 1990s focused the attention of economists on issues of debt composition and particularly currency denomination (Krugman 1999). A debate emerged in the late 1990s regarding the causes of the prevalence of foreign currency foreign debt in emerging markets. Some saw it as a consequence of moral hazard.
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