Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun; … - 2022
, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be … smaller in size, shorter in maturity, or lower in coupon rate than foreign currency bonds; (ii) EMs are more likely to issue … local-currency sovereign bonds if their currencies appreciated before the global financial crisis of 2008 (GFC); (iii …