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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Home currency issuance in global debt markets
Galina Hale
Peter Jones
Mark M. Spiegel
Abstract

Historically, businesses in most countries have not been able to sell bonds denominated in their home currencies to foreign investors. In recent decades this trend has been changing. Research shows that bonds denominated in currencies other than the major global currencies have increased, particularly following the global financial crisis. However, not all countries were affected equally. Countries that were able to take advantage of the temporary disruption and near-zero interest rates in global financial markets were the ones with a combination of low government debt and a history of stable inflation.


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Galina Hale & Peter Jones & Mark M. Spiegel, "Home currency issuance in global debt markets", Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 24, 2014.
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