In this paper, we examine how emerging market economies have gained the ability to borrow abroad in local currency, as opposed to the 'original sin' hypothesis. We empirically analyze various economic variables in relation to the association with local currency debt and identify three crucial...

In this paper, we examine how, contrary to the 'original sin' hypothesis, emerging market economies have gained the ability to borrow abroad in their local currency. We empirically analyze the relationship of various economic variables with local currency debt and identify three crucial...

The Kimchi premium - the gap in cryptocurrency prices in Korean exchanges compared to US counterparts - soared up to 20.8% on 19 May 2021. However, due to capital controls, it seemed that most profits from the Kimchi premium were exploited by foreign arbitrageurs. This study reveals that the...

In this paper, I study channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies(EMEs). I focus on how transmission channels have changed as EMEs have become able to borrow abroad in the form of equity and local...

In this paper, I study channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies (EMEs). I focus on how transmission channels have changed as EMEs have become able to borrow abroad in the form of equity and local...

In this dissertation, I study the changes in external liabilities and assets of emerging market economies since the early-2000s and the following implications of the changes for the financial stability and the optimal policies of the economies. In chapter 1, I construct a dataset, which measures...