资源描述：
《The Pain of Original Sin》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、ThePainofOriginalSin*BarryEichengreen,RicardoHausmannandUgoPanizzaAugust2003*WearegratefultotheBankforInternationalSettlementsandtoJ.P.MorganandinparticulartoRainerWidera,DenisPêtreandMartinAnidjar.WearegratefultoFrankWarnockforpointingustotheUSTreasurydata,
2、toErnestoSteinforveryusefulcollaborationintheearlystagesofthisprojectandtoAlejandroRiañoforexcellentresearchassistance.11.IntroductionIfacountryisunabletoborrowabroadinitsowncurrency–ifitsuffersfromtheproblemthatwerefertoas“originalsin”–thenwhenitaccumulates
3、anetdebt,asdevelopingcountriesareexpectedtodo,itwillhaveanaggregatecurrencymismatchonitsbalancesheet.Ofcourse,suchacountrycantakevariousstepstoeliminatethatmismatchorpreventitfromarisinginthefirstplace.Mostobviously,itcandecidenottoborrow.Afinanciallyautarch
4、iccountrywillhavenocurrencymismatchbecauseithasnoexternaldebt,eventhoughitstillsuffersfromoriginalsinaswedefineit.Butthisresponseclearlyhascosts;thecountryinquestionwillforgoallthebenefits,intheformofadditionalinvestmentfinanceandconsumptionsmoothing,offered
5、byborrowingabroad.Alternatively,thegovernmentcanaccumulateforeignreservestomatchitsforeignobligations.Inthiscasethecountryeliminatesitscurrencymismatchbyeliminatingitsnetdebt(matchingitsforeigncurrencyborrowingwithforeigncurrencyreserves).Butthistooiscostly:
6、theyieldonreservesisgenerallysignificantlybelowtheopportunitycostoffunds.Allofthismightseemrelativelyinconsequential.Thecurrencydenominationoftheforeigndebthasnot,untilrecently,figuredprominentlyintheoriesofeconomicgrowthandcyclicalfluctuations.Macroeconomic
7、stability,accordingtotheconventionalwisdom,reflectsthestabilityandprudenceofacountry’smonetaryandfiscalpolicies.Therateofgrowthofpercapitaincomesdependsonratesofhumanandphysicalcapitalaccumulationandontheadequacyoftheinstitutionalarrangementsdetermininghowth
8、atcapitalisdeployed.Finepointslikethecurrencyinwhichacountry’sforeigndebtis2denominated,bycomparison,areregardedasspecializedconcernsofinterestprimarilytofinancialengineers.Inthischapterweshowth
