The aim of this article is to investigate the relationship between the exposition of emerging countries to original sin and the internationalization process of their currency in a nonlinear framework. For that purpose, we use a panel dataset of 12 emerging countries from 2005Q4 to 2018Q3, and we implement two complementary methodologies: a multiplicative interaction model and a dynamic panel threshold model. We investigate the impact of the measures of the currency internationalization process on the ability of emerging countries to issue debt in local currency. We show that the Economic size and the institutional quality of emerging countries, as well as the FX turnover of their currency, interact when explaining the share of local-currency external debt. Moreover, our results reveal the existence of thresholds beyond which there is a change in the evolution of original sin, notably for the economic size and the governance index of emerging countries.

本文的目的是在非线性框架中研究新兴国家对原罪的揭露与其货币国际化进程之间的关系。为此，我们使用了 2005 年第四季度至 2018 年第三季度 12 个新兴国家的面板数据集，并实施了两种互补的方法：乘法交互模型和动态面板阈值模型。我们研究了货币国际化进程的措施对新兴国家以本币发行债务能力的影响。我们表明，在解释本币外债份额时，新兴国家的经济规模和制度质量，以及其货币的外汇周转率，相互影响。而且，