We explore the role of sectoral debt dynamics in shaping business cycles in a sample of 52 Emerging Market Economies (EMEs) and Frontier Market Economies (FMEs) from 2005 to 2021. Higher household debt levels and growth are associated with significantly slower GDP growth in more developed EMEs...

This paper reviews the patterns of sectoral debts and growth and the mechanisms explaining the adverse effects of debt burdens on growth rates. The empirical analysis covers a sample of 55 emerging and frontier market economies. Future economic growth is more sensitive to rising household debt...

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, 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 construct a dataset, which measures the external liability composition of emerging market economies in different instruments and currencies. Thus, the dataset shows, with reasonable precision, the original sin dissipation in emerging markets since the early-2000s and accordingly...

In this paper, I construct a dataset, which measures the external liability composition of emerging market economies in different instruments and currencies. Thus, the dataset shows, with reasonable precision, the original sin dissipation in emerging markets since the early 2000s and accordingly...

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...