This article investigates the impact of the internationalisation of emerging market currencies on original sin, which is the inability of emerging countries to borrow abroad in local currency. The objective is to assess the role of measures of internationalisation on the currency structure of debt for a set of emerging market countries. We show the favourable impact of the internationalisation process on original sin for the period 2005–2018 using two different measures with a dynamic panel data empirical analysis. The main determinants are the foreign exchange (FX) turnover of the currencies, the economic size of the issuing country, and the Volatility Index (VIX). In this way, we highlight network effects between the functions of a currency. The tests also highlight the existence of inertia in the use of a currency for financial transactions. Finally, the results provide evidence on the role of derivative instruments in supporting the use of emerging market currencies in bond markets.

中文翻译：

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新兴市场货币的国际化与原罪：经验证据

本文考察了新兴市场货币国际化对原罪的影响，即新兴国家无法以本国货币向国外借款。目标是评估国际化措施对一组新兴市场国家债务货币结构的作用。我们使用两种不同的衡量标准和动态面板数据实证分析，展示了国际化进程对 2005 年至 2018 年期间原罪的有利影响。主要决定因素是货币的外汇 (FX) 交易额、发行国的经济规模和波动率指数 (VIX)。通过这种方式，我们突出了货币功能之间的网络效应。测试还强调了使用货币进行金融交易时存在惯性。