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

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  • Gong Cheng

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.

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  • Gong Cheng, 2021. "L'évolution des émissions de dette en devise et les nouveaux défis révélés par la pandémie de Covid-19," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 139-158.
    • Handle: RePEc:cai:refaef:ecofi_141_0139
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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