I think time has come that Emerging countries must create their own domestic Debt market or better to say fixed income market. It will be good also for investors to trade on those.
This will help them to issue debt in their own currencies. That is going to reduce their currency risk and mostly they will less dependent on currencies like US dollar and Euro. I think through this there will be no wastage of taxpayer’s money too. On the other hand they will be immune from any sudden drop in the value of those foreign debt or treasuries.
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