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Private Sector Involvement and International Financial CrisesAn Analytical Perspective$
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Michael Chui and Prasanna Gai

Print publication date: 2005

Print ISBN-13: 9780199267750

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/0199267758.001.0001

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The ‘Original Sin’ Problem

The ‘Original Sin’ Problem

Chapter:
(p.167) 11 The ‘Original Sin’ Problem
Source:
Private Sector Involvement and International Financial Crises
Author(s):

Michael Chui

Prasanna Gai (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199267758.003.0011

Explores the reasons why emerging market economies have been unable to borrow internationally in their own currency, the so-called ‘original sin’ problem. It focuses on the role played by central bank reputation and credibility in influencing the choice of currency composition and applies insights from the new literature on the theory of reputation to shed light on the question.

Keywords:   central bank credibility, models of reputation, original sin problem

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