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BISWorkingPapers
No1075
Overcomingoriginalsin:
insightsfromanew
dataset
byMertOnen,HyunSongShinandGoetzvonPeter
MonetaryandEconomicDepartment
February2023
JELclassification:F34,G15,H63.
Keywords:Emergingmarketeconomies,sovereign
bonds,internationallending,internationalfinancial
markets,foreigninvestors,originalsin.
BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomic
DepartmentoftheBankforInternationalSettlements,andfromtimetotimebyother
economists,andarepublishedbytheBank.Thepapersareonsubjectsoftopical
interestandaretechnicalincharacter.Theviewsexpressedinthemarethoseoftheir
authorsandnotnecessarilytheviewsoftheBIS.
ThispublicationisavailableontheBISwebsite().
©BankforInternationalSettlements2023.Allrightsreserved.Briefexcerptsmaybe
reproducedortranslatedprovidedthesourceisstated.
ISSN1020-0959(print)
ISSN1682-7678(online)
Overcomingoriginalsin:insightsfromanewdataset
MertOnen,HyunSongShinandGoetzvonPeter1
16February2023
Abstract:Thispaperintroducesanewdatasetonemergingmarketsovereignbonds,distinguishing
betweenthecurrencyofdenominationandtheresidenceofinvestors.Ourdatasetisonlong-term
governmentbondsandprovidesamorecompletecoverageofbondsissuedindomesticmarkets.We
documentseveralsalienttrends.Whileapreponderanceofforeigncurrencybondsisassociatedwith
greaterholdingsbyforeigninvestors,thecorrelationisweakatbest.Overtime,emergingmarket
governmentshaveenhancedtheirabilitytoborrowabroadintheirowncurrency,reducingtheirreliance
onforeigncurrencydebt.Inthissense,EMEsovereignshavemadeprogresstowardovercomingoriginal
sin.Nevert
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