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Stéphane Colliac and Nader Akmar
''A primer on the empirics of original sin''
( 2005, Vol. 6 No.23 )
The empirical literature on "original sin" could be misleading. Eichengreen and Hausmann (1999) defined "original sin" as a liability dollarization bias and as a short term maturity bias. This is a source of concern for all emerging borrowers. However, the existing estimators of "original sin" only account for the dollarization bias and ignore the maturity bias. In this paper, we provide a new estimator, accounting for the two accepts of "original sin".
JEL: F3 - International Finance: General
Manuscript Received : Nov 18 2005 Manuscript Accepted : Dec 06 2005

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