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Displaying results 1 to 5 of 5.

  1. Original sin and the CFA Franc
    a case study of the West African Economic and Monetary Union
    Author: Peist, Moritz Manuel
    Published: April 2023
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    This paper investigates Original Sin in the West African Economic and Monetary Union in the framework of regional integration and cooperation initiatives. The phenomenon describes the inability of countries to borrow in their currency. The central... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 369
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    This paper investigates Original Sin in the West African Economic and Monetary Union in the framework of regional integration and cooperation initiatives. The phenomenon describes the inability of countries to borrow in their currency. The central hypothesis is that smaller South-South Coordination schemes do not possess the necessary magnitude to overcome Original Sin. The paper first substantiates the existence of Original Sin in West Africa. It then examines the influence of economic, fiscal, and monetary factors on the time variance of Original Sin in the region using a Tobit model. The results delivered mixed outcomes but confirm Original Sin's negative correlation with country size. The results uphold the hypothesis that financial and monetary integration and cooperation alone are not a panacea for Original Sin.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271068
    Series: Working paper / Institute for International Political Economy Berlin ; no. 210 (2023)
    Subjects: Original Sin; WAEMU; CFA Franc; Tobit
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Transmission of global financial shocks
    which capital flows matter?
    Author: Han, Bada
    Published: 2022. 1
    Publisher:  Bank of Korea, Seoul, Korea

    In this paper, I study channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies(EMEs). I focus on how transmission channels have changed as EMEs have become able to... more

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    Verlag (kostenfrei)

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 629
    Inter-library loan:
    No inter-library loan

     

    In this paper, I study channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies(EMEs). I focus on how transmission channels have changed as EMEs have become able to borrow abroad in the form of equity and local currency debt. First, I empirically show that much of the transmission of global financial shocks to EMEs is reflected in equity and local currency bond portfolio flows. I then develop a small open economy model which, augmented with leverage constrained banks and foreign investors who purchase equities and bonds, can replicate these empirical findings qualitatively. Finally, I calibrate the model to the Korean economy in which corporations and the government have no significant net foreign currency debts, but most of the external liabilities of the country are Korean won-denominated equities and debts. Quantitative analysis of the model suggests that global financial shocks are a dominant factor in financial market fluctuations and significantly contribute to the dynamics of the real economy in Korea. In short, all the analysis in this paper implies that to a substantial extent, risk-appetite shocks to global investors are transmitted to EMEs via fickle portfolio flows to equity and local currency bond markets in EMEs

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: BOK working paper ; no. 2022, 2
    Subjects: Global Financial Cycle; Capital Flows; Local Currency; Original Sin
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 93 Seiten), Illustrationen
  3. Can capital account liberalization lessen capital volatility in a country with 'original sin'?
    Author: Park, Bokyeong; An, Jiyoun
    Published: 2011

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 606 (2011,5)
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    Unlimited inter-library loan, copies and loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9788932242200; 9788932240268
    Series: KIEP working paper ; 11,05
    Subjects: Kapitalmobilität; Finanzmarktregulierung; Kapitalbilanz; Internationale Staatsschulden; Währungssubstitution; Welt; Original Sin; Capital movements
    Scope: 52 S., graph. Darst.
    Notes:

    Zsfassung in korean. Sprache
  4. The causes of Original Sin
    an empirical investigation of emerging market and developing countries
    Author: Gegenfurtner, Dennis Andreas
    Published: December 2021
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    International Original Sin is still a persistent and widespread phenomenon, especially in emerging market and developing (EMD) countries. The difficulties that may arise from the inability of countries to borrow internationally in their domestic... more

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 369
    Inter-library loan:
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    International Original Sin is still a persistent and widespread phenomenon, especially in emerging market and developing (EMD) countries. The difficulties that may arise from the inability of countries to borrow internationally in their domestic currency, among other effects, can hamper EMD countries' efforts to achieve domestic economic stability. The phenomenon of Original Sin and some of its potential causes were examined by Eichengreen et al. (2002) and later Hausmann and Panizza (2003). According to their findings, merely the economic size of a country is significant in explaining the variation of Original Sin. This article, first, investigates empirically whether the rather orthodox explanations of Original Sin as examined by Eichengreen et al. (2002) and Hausmann and Panizza (2003) remain invalid, even when investigating a greater timeframe with different trends and, second, elaborates an alternative explanatory approach following Fritz et al. (2018) and de Paula et al. (2017, 2020). The empirical analysis confirms that rather orthodox theories have difficulties in explaining the increased exposure of EMD countries to Original Sin. However, the concept of a currency hierarchy sheds light on the phenomenon. Differences in the liquidity premium between northern and southern currencies and the liquidity preference of investors explain the constraints of southern countries to borrow internationally in their own currency. To climb up the hierarchy of currencies by increasing their liquidity premium is a lengthy and arduous undertaking. One way to achieve this could be by uniting with economic partners, especially in its ultimate form as a currency union.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248712
    Series: Working paper / Institute for International Political Economy Berlin ; no. 174 (2021)
    Subjects: Original Sin; emerging market and developing countries; empirical analysis
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  5. In search of the origin of original sin dissipation
    Author: Han, Bada; Lee, Jangyoun; Oh, Taehee
    Published: 2023. 08
    Publisher:  Bank of Korea, Seoul, Korea

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 629
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BOK working paper ; no. 2023, 16
    Subjects: Original Sin; Local Currency Debt; Emerging Market
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen