185:
that no country (having an original sin ratio higher than 0.75) with high domestic original sin had low international original sin suggesting that if a country could not persuade its own citizens to lend in local currency at long maturities, it could not convince foreigners to do the same. On the other hand, they reported that seven countries, among the 21 emerging countries included in their sample, had low domestic original sin but relatively high international original sin, suggesting that dominant use of local currency in domestic markets is not a sufficient condition for dominant use internationally.
153:
determinants of original sin. Using this expanded measure, they showed that emerging markets economies could develop local bond markets (in which they can borrow in domestic currency) and attract global investors with stronger institutions and credible domestic policies. Reinhart, Rogoff and
Savastano (2003) criticized the suggested international solution for the original sin problem by claiming that the main problem of emerging market economies is to learn how to borrow
1092:. Therefore, governments face a trade-off between cheaper funding costs, which tilts the duration towards short-term maturities and refinancing risk, which tilts the duration towards longer-term maturities. Generally, an upward-sloping yield curve is associated with higher long-term borrowing to meet investor demand and, hence, lower original sin.
1030:. Such situations reduce their credibility. Therefore, governments will tend to have a shorter maturity debt composition to enhance credibility when the debt burden is high. Most commonly, the ability to service debt is proxied with an array of macroeconomic indicators including the ratios of the fiscal balance to
492:
1006:
and the imposition of capital controls, are associated with lower domestic original sin in emerging economies. On the international side, their study shows that if the monetary and fiscal authorities are inflation prone, foreign investors will lend only in foreign currency, which is protected against
197:
in the relevant total. Original sin measures range between 0 and 1. A high measure of original sin indicates that a country suffers from high level of original sin. Thus, a country that issues all of its securities in foreign currency would have an original sin measure of one, while a country that
184:
In their last version of their original sin hypothesis, Eichengreen, Hausmann and
Panizza defined domestic component of original sin as the "inability to borrow domestically long-term at fixed rates in local currency" while keeping the definition of (international) original sin same. They reported
152:
could issue debt denominated in this index until a liquid-market in this index had developed. Burger and
Warnock (2003) suggested inclusion of information on domestic bond markets to account for the possibility that foreign investors were holding local-currency emerging market bonds to analyze the
63:
The original sin hypothesis was first defined as a situation "in which the domestic currency cannot be used to borrow abroad or to borrow long term even domestically" by Barry
Eichengreen and Ricardo Hausmann in 1999. Based on their measure of original sin (shares of home currency-denominated bank
663:
206:
The first measure of original sin (OSIN1) is defined as one minus the ratio of the stock of international securities issued by a country in its own currency and the total stock of international securities issued by the country. As this measure tends to 1, the greater the original sin. This index
168:
In these two earlier versions of original sin hypothesis, Eichengreen, Hausmann and
Panizza argued that in the presence of high levels of original sin, domestic investments will have a currency mismatch (projects that generate domestic currency will be financed with a foreign currency) so that
278:
140:
imperfections were the main reasons (which are beyond the control of an individual country) for original sin. Hence, as a solution for the original sin problem, they proposed an international initiative and recommended development of a
668:
These measures of original sin suggest that the United States, United
Kingdom, Japan, Switzerland (financial centers), and Euroland countries are more successful in issuing their securities in their own domestic currencies relative to
418:
99:
in 2002 discarded the domestic element of original sin and redefined (international) original sin as a situation in which most countries cannot borrow abroad in their own currency. They showed that almost all countries (except
607:
989:
The second determinant of the original sin is monetary credibility. This is important for both domestic and international original sin. The monetary credibility is proxied usually by inflation. Generally, the ratio of
1099:
base is another determinant of the domestic original sin. This concept actually indicates the level of financial development which is measured most of the time by a ratio of total domestic credits to
998:
is higher in countries with lower and less volatile inflation indicating that inflation can change the composition of public debt and make it riskier. Hausmann and
Panizza (2003) find that monetary
225:
128:
and institutions are not statistically related to original sin and found that the only statistically robust determinant of original sin was country size. Moreover, they claimed that international
405:
1018:
The third determinant is the level of debt burden. High public indebtedness gives rise to an inability to service debt. Consequently, governments attempt to reduce debt service costs through
601:
where INDEXB is defined as one minus the ratio between international securities issued in a given currency and the amount of the international securities issued by the corresponding country.
596:
1344:
Goldstein, M., and Turner, P., (2003). "Currency
Mismatching in Emerging Economies", paper presented at an Institute for International Economics seminar, August 14, Washington.
193:
There are three different measures of original sin in economics literature. These measures are defined mathematically as one minus the fraction of own currency-denominated
173:
are used interchangeable in these early studies. Goldstein and Turner (2003) criticized this by showing that large output losses due to the currency mismatches during
1234:
Hausmann, R., and
Panizza, U., (2002). `"The Mystery of Original Sin: The Case of the Missing Apple", Harvard University, Kennedy School of Government. Mimeographed .
487:{\displaystyle INDEXA_{i}={{\text{Securities}}+{\text{loans issued by country i in major currencies}} \over {\text{Securities}}+{\text{loans issued by country i}}}}
1210:
Eichengreen, B.; Hausmann, R.; Panizza, U. (2007). "Currency
Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters".
658:{\displaystyle INDEXB_{i}=1-{\frac {\text{Securities in currency i (regardless of the nationality of the issuer)}}{\text{Securities issued by country i}}}}
296:. Thus, OSIN2 has the advantage of wider coverage; however, it is a less precise measure of original sin because of data limitations of bank loans.
288:
The second version of the original sin index (OSIN2) is based on two intermediate measures: INDEXA and OSIN3. Unlike OSIN1, INDEXA accounts for
955:
Empirical studies mainly focus on a few parameters as being the determinants of the original sin: (i) the level of development, (ii) monetary
1370:
1414:
1197:, paper presented at a conference on Currency and Maturity Matchmaking: Redeeming Debt from Original Sin, Inter-American Development Bank
1057:
regime experience larger exchange rate volatility. This creates differences in the structures of borrowing. Empirical studies show that
1554:, in G.A. Calvo and M. King (editors), The Debt Burden and Its Consequences for Monetary Policy, Chapter 7; London: Manmillon Pres Ltd.
1538:"External Vulnerability in Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and The Effects of Contagion"
207:
suffers from two shortcomings. First, it is based solely on securities but no other debts. Second, it ignores the effect of other
45:
in a series of papers to refer to a situation in which "most countries are not able to borrow abroad in their domestic currency."
273:{\displaystyle OSIN1_{i}=1-{\frac {\text{Securities issued by country i in currency i}}{\text{Securities issued by country i}}}}
1624:
1219:
149:
1184:, In New Challenges for Monetary Policy. Proceedings of a symposium sponsored by the Federal Reserve Bank of Kansas City.
503:
The last measure of the original sin is based on an intermediate index (INDEXB) which aims to capture the effects of the
303:
1131:
177:
could not be attributed to original sin. Hence, they claimed that the original sin is not a sufficient condition for a
673:. Moreover, these measures indicate that the original sin is persistent over 1993-2001 period in all country groups.
1161:
513:
1496:
Bolton, Patrick; Jeanne, Olivier (2009). "Structuring and Restructuring Sovereign Debt: The Role of Seniority".
1049:
The fourth determinant is the exchange rate regime. As indicated by Hausmann and Panizza (2003), countries with
1619:
20:
1557:
1053:
regime experience large volatility in their domestic-currency interest rate, while countries that have a
1011:
risk, or at short maturities, so that the interest rates can be adjusted quickly to any acceleration of
982:
is significantly correlated with original sin. However, this result is not robust to inclusion of other
1498:
1088:
is higher for short-term debt and frequent refinancing implies a larger risk of financing with higher
1387:
Hausmann, R.; Panizza, U. (2003). "On the determinants of Original Sin: An empirical investigation".
1354:
1512:
1568:
1121:
198:
issues all of its securities in its domestic currency would have an original sin measure of zero.
1551:
1367:
1103:. Finally, a special care to the level of openness which is generally measured by total foreign
1507:
1054:
125:
1212:
Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences
1561:
1194:
208:
133:
81:
1307:
1296:, International Finance Discussion Papers. Board of Governors of the Federal Reserve System.
1596:
1070:
1066:
670:
73:
1544:
8:
1058:
1050:
1525:
1474:
1327:
1278:
60:
The original sin hypothesis has undergone a series of changes since its introduction.
1521:
1470:
1331:
1265:
1215:
1156:
1027:
178:
170:
169:
macroeconomic and financial instability will be unavoidable. Hence, original sin and
129:
88:
34:
1529:
1478:
1428:
1586:
1562:"Sustainability Assessments: Review of Application and Methodological Refinements?"
1517:
1466:
1400:
1396:
1319:
1273:
1257:
1136:
1116:
1085:
174:
158:
92:
38:
1069:
have been able to attract capital because they have often operated under fixed or
1575:
1543:
Borensztein, E., Chamon, M., Jeanne, O., Mauro, P., and Zettelmeyer, J., (2004).
1537:
1374:
1151:
1081:
1043:
1035:
504:
293:
212:
145:
142:
84:. However, this early study left the causes of original sin as an open question.
1181:
1293:
1261:
1089:
1023:
979:
975:
137:
69:
1613:
1269:
1245:
1126:
1062:
991:
964:
216:
101:
49:
1323:
675:
1141:
1077:
999:
995:
968:
956:
117:
96:
42:
1603:
1451:
1429:"The Determinants of Domestic Original Sin in Emerging Market Economies"
974:
The first determinant is level of development; measured generally with
194:
1306:
Reinhart, Carmen M.; Rogoff, Kenneth S.; Savastano, Miguel A. (2003).
648:
Securities in currency i (regardless of the nationality of the issuer)
1019:
1012:
1008:
1003:
983:
289:
120:) suffered from (international) original sin over time. Eichengreen,
105:
77:
30:
1450:
Broner, Fernando A.; Lorenzoni, Guido; Schmukler, Sergio L. (2013).
1096:
1590:
1294:"Diversification, Original Sin, and International Bond Portfolios"
1146:
1205:
1203:
1195:"Original Sin: The Pain, the Mystery and the Road to Redemption"
72:
debt), they showed that original sin was present in most of the
1080:. In theory, and given the existence of term premiums, issuing
1599:, Speech at Sovereign Debt Restructuring Mechanism Conference.
1576:"Government Debt in Emerging Market Countries: A new Data Set"
1581:
Rodrik, D., Valesco, A., (1999). "Short-term Capital Flows",
1200:
1104:
109:
65:
1244:
Eichengreen, Barry; Hausmann, Ricardo; Panizza, Ugo (2023).
678:
Measures of original sin by country grouping, simple average
16:
Inability of countries to borrow abroad in domestic currency
960:
1243:
1209:
1100:
1039:
1031:
1449:
1366:
Eichengreen, B., Hausmann, R., and Panizza, U., (2003).
1193:
Eichengreen, B., Hausmann, R., and Panizza, U., (2002).
1305:
113:
1604:"Overcoming original sin: insights from a new dataset"
87:
In the second version of the original sin hypothesis,
610:
516:
421:
306:
228:
1415:
Controlling Currency Mismatches in Emerging Markets"
1046:to GDP (Hausman et al.,2003 and Mehl et al.,2005).
400:{\displaystyle OSIN2_{i}=max(INDEXA_{i},OSIN3_{i})}
1569:"Public Debt in Emerging Markets: Is It too High?"
940:Source: Eichengreen, Hausmann, and Panizza (2002)
657:
590:
486:
399:
272:
1246:"Yet it Endures: The Persistence of Original Sin"
1214:. University of Chicago Press. pp. 121–170.
1084:is cheaper than issuing long-term debt. However,
1611:
1545:"Sovereign Debt Structure for Crisis Prevention"
1065:. Despite these common weaknesses, emerging and
292:in addition to bond debt and OSIN3 accounts for
1386:
950:
1452:"Why Do Emerging Economies Borrow Short Term?"
1602:Onen, M., H S Shin, and G von Peter, (2023).
463:loans issued by country i in major currencies
1597:"Emerging Market Debt. What is the Problem?"
1495:
1459:Journal of the European Economic Association
263:Securities issued by country i in currency i
1564:, Policy Development and Review Department.
1426:
1353:Eichengreen, B., and Hausmann, R., (2003).
1180:Eichengreen, B., and Hausmann, R., (1999).
591:{\displaystyle OSIN3_{i}=max(INDEXB_{i},0)}
188:
1389:Journal of International Money and Finance
55:
48:The name is a reference to the concept of
1511:
1277:
930:
927:
924:
921:
918:
915:
1417:, Institute for International Economics.
1413:Goldstein, M., and Turner, P., (2004). "
1182:"Exchange Rates and Financial Fragility"
935:
1061:regime is the main reason of liability
76:and independent from histories of high
1612:
1355:"Original Sin: The Road to Redemption"
1076:The fifth attempt is the slope of the
971:, and (vi) size of the investor base.
124:concluded that weaknesses of national
1567:International Monetary Fund, (2003).
1312:Brookings Papers on Economic Activity
1292:Burger, J., and Warnock, F., (2003).
1552:"Varieties of Capital Market Crises"
215:, which are widely used for hedging
150:international financial institutions
1433:European Central Bank Working Paper
13:
1536:Bussiere, M., Mulder, C., (1999).
1489:
1132:List of countries by external debt
978:. Empirical studies indicate that
507:on original sin and is defined as
161:) rather than learn how to borrow
14:
1636:
1042:, government debt to exports and
1026:, explicit taxation, or outright
1574:Jeanne O., Guscina, A., (2006).
1522:10.1111/j.1467-937X.2009.00541.x
1471:10.1111/j.1542-4774.2012.01094.x
1162:Domestic liability dollarization
1107:, should be taken into account.
1443:
1420:
1407:
1380:
1360:
1073:regimes until the early 2000s.
1427:Mehl, A.; Reynaud, J. (2005).
1401:10.1016/j.jimonfin.2003.09.006
1347:
1338:
1299:
1286:
1237:
1228:
1187:
1174:
986:(Hausmann and Panizza, 2003).
651:Securities issued by country i
585:
551:
394:
341:
266:Securities issued by country i
1:
1606:, BIS Working Papers no 1075.
1368:"The Mystery of Original Sin"
1167:
844:Latin American and Caribbean
21:Original Sin (disambiguation)
1625:International macroeconomics
951:Determinants of original sin
907:
904:
901:
898:
895:
892:
884:
881:
878:
875:
872:
869:
861:
858:
855:
852:
849:
846:
838:
835:
832:
829:
826:
823:
815:
812:
809:
806:
803:
800:
792:
789:
786:
783:
780:
777:
769:
766:
763:
760:
757:
754:
746:
743:
740:
737:
734:
731:
165:in their domestic currency.
7:
1583:NBER Working Paper No. 7364
1578:, IMF Working Paper, 06/98.
1558:International Monetary Fund
1540:, IMF Working Paper, 99/88.
1110:
936:
10:
1641:
1499:Review of Economic Studies
1262:10.1007/s11079-022-09704-3
939:
912:
889:
866:
843:
820:
797:
774:
751:
728:
18:
1571:, World Economic Outlook.
967:regime, (v) slope of the
478:loans issued by country i
1122:Asset liability mismatch
1022:, unexpected changes in
498:
283:
201:
189:Measures of original sin
33:literature, proposed by
1002:, as measured by lower
867:Middle East and Africa
56:Original sin hypothesis
1095:Moreover, size of the
1055:floating exchange rate
659:
592:
488:
401:
274:
126:macroeconomic policies
1620:International finance
1550:Calvo, G.A., (1998).
1324:10.1353/eca.2003.0018
1250:Open Economies Review
660:
593:
489:
402:
275:
209:financial instruments
134:network externalities
82:currency depreciation
1595:Rogoff, K., (2003).
1547:, IMF Working Paper.
1465:(Suppl. 1): 67–100.
1071:pegged exchange rate
1067:developing economies
671:developing countries
608:
514:
419:
304:
226:
74:developing economies
19:For other uses, see
1377:, unpublished paper
1357:, unpublished paper
1059:fixed exchange rate
1051:fixed exchange rate
680:
148:currencies so that
1373:2012-09-27 at the
1308:"Debt Intolerance"
729:Financial centers
676:
655:
588:
484:
397:
270:
68:and international
1221:978-0-226-18497-5
1157:Sovereign default
963:burden, (iv) the
959:, (iii) level of
948:
947:
944:
943:
653:
652:
649:
482:
479:
471:
464:
456:
268:
267:
264:
179:currency mismatch
171:currency mismatch
130:transaction costs
89:Barry Eichengreen
52:in Christianity.
35:Barry Eichengreen
1632:
1533:
1515:
1483:
1482:
1456:
1447:
1441:
1440:
1424:
1418:
1411:
1405:
1404:
1384:
1378:
1364:
1358:
1351:
1345:
1342:
1336:
1335:
1318:(2003–1): 1–74.
1303:
1297:
1290:
1284:
1283:
1281:
1241:
1235:
1232:
1226:
1225:
1207:
1198:
1191:
1185:
1178:
1137:Third world debt
1117:Debt intolerance
1086:refinancing risk
937:
775:Other developed
681:
664:
662:
661:
656:
654:
650:
647:
646:
635:
634:
597:
595:
594:
589:
578:
577:
538:
537:
493:
491:
490:
485:
483:
481:
480:
477:
472:
469:
466:
465:
462:
457:
454:
451:
446:
445:
406:
404:
403:
398:
393:
392:
368:
367:
328:
327:
279:
277:
276:
271:
269:
265:
262:
261:
250:
249:
175:financial crises
159:debt intolerance
93:Ricardo Hausmann
39:Ricardo Hausmann
1640:
1639:
1635:
1634:
1633:
1631:
1630:
1629:
1610:
1609:
1513:10.1.1.511.7552
1492:
1490:Further reading
1487:
1486:
1454:
1448:
1444:
1425:
1421:
1412:
1408:
1385:
1381:
1375:Wayback Machine
1365:
1361:
1352:
1348:
1343:
1339:
1304:
1300:
1291:
1287:
1242:
1238:
1233:
1229:
1222:
1208:
1201:
1192:
1188:
1179:
1175:
1170:
1152:Currency crisis
1113:
1082:short-term debt
1044:government debt
1036:primary balance
953:
913:Eastern Europe
666:
645:
630:
626:
609:
606:
605:
599:
573:
569:
533:
529:
515:
512:
511:
501:
496:
476:
468:
467:
461:
453:
452:
450:
441:
437:
420:
417:
416:
409:
388:
384:
363:
359:
323:
319:
305:
302:
301:
286:
281:
260:
245:
241:
227:
224:
223:
204:
191:
146:emerging-market
143:basket index of
58:
24:
17:
12:
11:
5:
1638:
1628:
1627:
1622:
1608:
1607:
1600:
1593:
1579:
1572:
1565:
1555:
1548:
1541:
1534:
1506:(3): 879–902.
1491:
1488:
1485:
1484:
1442:
1419:
1406:
1379:
1359:
1346:
1337:
1298:
1285:
1236:
1227:
1220:
1199:
1186:
1172:
1171:
1169:
1166:
1165:
1164:
1159:
1154:
1149:
1144:
1139:
1134:
1129:
1124:
1119:
1112:
1109:
1090:interest rates
1024:interest rates
980:GDP per capita
976:GDP per capita
952:
949:
946:
945:
942:
941:
933:
932:
929:
926:
923:
920:
917:
914:
910:
909:
906:
903:
900:
897:
894:
891:
887:
886:
883:
880:
877:
874:
871:
868:
864:
863:
860:
857:
854:
851:
848:
845:
841:
840:
837:
834:
831:
828:
825:
822:
818:
817:
814:
811:
808:
805:
802:
799:
795:
794:
791:
788:
785:
782:
779:
776:
772:
771:
768:
765:
762:
759:
756:
753:
749:
748:
745:
742:
739:
736:
733:
730:
726:
725:
722:
719:
716:
713:
710:
707:
703:
702:
699:
696:
693:
690:
687:
684:
644:
641:
638:
633:
629:
625:
622:
619:
616:
613:
603:
587:
584:
581:
576:
572:
568:
565:
562:
559:
556:
553:
550:
547:
544:
541:
536:
532:
528:
525:
522:
519:
509:
500:
497:
495:
494:
475:
460:
449:
444:
440:
436:
433:
430:
427:
424:
413:
408:
407:
396:
391:
387:
383:
380:
377:
374:
371:
366:
362:
358:
355:
352:
349:
346:
343:
340:
337:
334:
331:
326:
322:
318:
315:
312:
309:
298:
285:
282:
259:
256:
253:
248:
244:
240:
237:
234:
231:
221:
203:
200:
190:
187:
138:capital market
57:
54:
15:
9:
6:
4:
3:
2:
1637:
1626:
1623:
1621:
1618:
1617:
1615:
1605:
1601:
1598:
1594:
1592:
1591:10.3386/w7364
1588:
1584:
1580:
1577:
1573:
1570:
1566:
1563:
1559:
1556:
1553:
1549:
1546:
1542:
1539:
1535:
1531:
1527:
1523:
1519:
1514:
1509:
1505:
1501:
1500:
1494:
1493:
1480:
1476:
1472:
1468:
1464:
1460:
1453:
1446:
1438:
1434:
1430:
1423:
1416:
1410:
1402:
1398:
1394:
1390:
1383:
1376:
1372:
1369:
1363:
1356:
1350:
1341:
1333:
1329:
1325:
1321:
1317:
1313:
1309:
1302:
1295:
1289:
1280:
1275:
1271:
1267:
1263:
1259:
1255:
1251:
1247:
1240:
1231:
1223:
1217:
1213:
1206:
1204:
1196:
1190:
1183:
1177:
1173:
1163:
1160:
1158:
1155:
1153:
1150:
1148:
1145:
1143:
1140:
1138:
1135:
1133:
1130:
1128:
1127:External debt
1125:
1123:
1120:
1118:
1115:
1114:
1108:
1106:
1102:
1098:
1093:
1091:
1087:
1083:
1079:
1074:
1072:
1068:
1064:
1063:dollarization
1060:
1056:
1052:
1047:
1045:
1041:
1037:
1033:
1029:
1025:
1021:
1016:
1014:
1010:
1005:
1001:
997:
993:
992:domestic debt
987:
985:
981:
977:
972:
970:
966:
965:exchange rate
962:
958:
938:
934:
911:
890:Asia Pacific
888:
865:
842:
819:
796:
773:
750:
727:
723:
720:
717:
714:
711:
708:
705:
704:
700:
697:
694:
691:
688:
685:
683:
682:
679:
674:
672:
665:
642:
639:
636:
631:
627:
623:
620:
617:
614:
611:
602:
598:
582:
579:
574:
570:
566:
563:
560:
557:
554:
548:
545:
542:
539:
534:
530:
526:
523:
520:
517:
508:
506:
473:
458:
447:
442:
438:
434:
431:
428:
425:
422:
415:
414:
412:
389:
385:
381:
378:
375:
372:
369:
364:
360:
356:
353:
350:
347:
344:
338:
335:
332:
329:
324:
320:
316:
313:
310:
307:
300:
299:
297:
295:
291:
280:
257:
254:
251:
246:
242:
238:
235:
232:
229:
220:
218:
217:currency risk
214:
210:
199:
196:
186:
182:
180:
176:
172:
166:
164:
160:
156:
151:
147:
144:
139:
136:, and global
135:
131:
127:
123:
119:
115:
111:
107:
103:
98:
94:
90:
85:
83:
79:
75:
71:
67:
61:
53:
51:
46:
44:
40:
36:
32:
29:is a term in
28:
22:
1582:
1503:
1497:
1462:
1458:
1445:
1436:
1432:
1422:
1409:
1392:
1388:
1382:
1362:
1349:
1340:
1315:
1311:
1301:
1288:
1253:
1249:
1239:
1230:
1211:
1189:
1176:
1094:
1075:
1048:
1017:
988:
973:
954:
677:
667:
604:
600:
510:
502:
410:
287:
222:
205:
192:
183:
167:
162:
154:
121:
86:
62:
59:
50:original sin
47:
27:Original sin
26:
25:
1256:(1): 1–42.
1142:Odious debt
1078:yield curve
1000:credibility
996:public debt
969:yield curve
957:credibility
821:Developing
118:Switzerland
97:Ugo Panizza
43:Ugo Panizza
1614:Categories
1560:, (2003).
1395:(7): 957.
1168:References
984:regressors
724:1999-2001
718:1999-2001
712:1999-2001
470:Securities
455:Securities
290:bank loans
195:securities
1508:CiteSeerX
1332:201772840
1270:1573-708X
1020:inflation
1013:inflation
1009:inflation
1004:inflation
994:to total
798:Offshore
752:Euroland
643:−
258:−
106:Euro area
78:inflation
31:economics
1530:14284189
1479:14447892
1371:Archived
1111:See also
1097:investor
721:1993-98
715:1993-98
709:1993-98
211:, e.g.,
1279:9768781
1147:Eurodad
1028:default
411:where;
1528:
1510:
1477:
1330:
1276:
1268:
1218:
706:Group
701:OSIN3
698:OSIN3
695:OSIN2
692:OSIN2
689:OSIN1
686:OSIN1
122:et al.
116:, and
41:, and
1526:S2CID
1475:S2CID
1455:(PDF)
1328:S2CID
1105:trade
931:0.84
928:0.91
925:0.98
922:0.97
919:1.00
916:0.99
908:0.94
905:0.99
902:0.99
899:0.95
896:0.99
893:1.00
885:0.90
882:0.95
879:0.99
876:0.97
873:0.99
870:1.00
862:1.00
859:0.98
856:1.00
853:1.00
850:1.00
847:1.00
839:0.93
836:0.96
833:0.98
830:0.98
827:0.99
824:1.00
816:0.87
813:0.96
810:0.98
807:0.95
804:0.97
801:0.98
793:0.72
790:0.78
787:0.82
784:0.80
781:0.94
778:0.90
770:0.09
767:0.53
764:0.72
761:0.55
758:0.53
755:0.86
747:0.08
744:0.07
741:0.37
738:0.34
735:0.53
732:0.58
505:swaps
499:OSIN3
294:swaps
284:OSIN2
213:swaps
202:OSIN1
110:Japan
66:loans
1266:ISSN
1216:ISBN
961:debt
163:more
155:less
95:and
80:and
70:bond
1587:doi
1518:doi
1467:doi
1437:560
1397:doi
1320:doi
1274:PMC
1258:doi
1101:GDP
1040:GDP
1038:to
1032:GDP
1616::
1585:.
1524:.
1516:.
1504:76
1502:.
1473:.
1463:11
1461:.
1457:.
1435:.
1431:.
1393:22
1391:.
1326:.
1316:34
1314:.
1310:.
1272:.
1264:.
1254:34
1252:.
1248:.
1202:^
1034:,
1015:.
219:.
181:.
132:,
114:UK
112:,
108:,
104:,
102:US
91:,
37:,
1589::
1532:.
1520::
1481:.
1469::
1439:.
1403:.
1399::
1334:.
1322::
1282:.
1260::
1224:.
640:1
637:=
632:i
628:B
624:X
621:E
618:D
615:N
612:I
586:)
583:0
580:,
575:i
571:B
567:X
564:E
561:D
558:N
555:I
552:(
549:x
546:a
543:m
540:=
535:i
531:3
527:N
524:I
521:S
518:O
474:+
459:+
448:=
443:i
439:A
435:X
432:E
429:D
426:N
423:I
395:)
390:i
386:3
382:N
379:I
376:S
373:O
370:,
365:i
361:A
357:X
354:E
351:D
348:N
345:I
342:(
339:x
336:a
333:m
330:=
325:i
321:2
317:N
314:I
311:S
308:O
255:1
252:=
247:i
243:1
239:N
236:I
233:S
230:O
157:(
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.