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Dollar vs EM currencies is as important if not more for EM policy space as Fed rates.
Great presentation by @HyunSongShin
ecb.europa.eu/pub/conference…
Great presentation by @HyunSongShin
ecb.europa.eu/pub/conference…
Capital flow intemediation has from banks to bond markets mostly held by institutional asset managers. 
Local market development in #EmergingMarkets should have helped them to move away from the “original sin” @upanizza of borrowing in foreign currency. But holdings of local markets are significantly dominated by global asset managers.
