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Seeds of the next financial crisis – EM dollar borrowing

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Dollar bond issuance by non-US corporates has dominated forex borrowing since 2008.
In many EMs, both leverage and currency mismatches have increased.
Both increase the risk of corporate insolvencies.
And they create new and growing threats to the balance sheets of local b...

 

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Seeds of the next financial crisis – EM dollar borrowing

Dollar bond issuance by non-US corporates has dominated forex borrowing since 2008. In many EMs, both leverage and currency mismatches have increased. Both increase