{"id":7326,"date":"2023-12-07T00:44:42","date_gmt":"2023-12-07T00:44:42","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=7326"},"modified":"2023-12-07T00:44:44","modified_gmt":"2023-12-07T00:44:44","slug":"local-currency-loans-in-the-global-development-finance-architecture","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=7326","title":{"rendered":"Local Currency Loans in the Global Development Finance Architecture"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2023\/4692.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We analyze how multilateral development banks (MDBs) can lend in local currency to investment projects that are \u201cdomestic-oriented\u201d (DOIPs), i.e., which do not generate hard currency, without incurring in currency mismatches between their assets and liabilities, which would downgrade their credit ratings. Further, we compare two funding strategies for MDBs; one that involves buying local currency and one that involves issuing local currency bonds. The main policy conclusion is that there are tradeoffs between these two funding strategies and MDBs should consider the particular exchange rate risks and balance of payments crisis risks for the real investment projects that are financed and the host countries.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[31],"class_list":["post-7326","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2023"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"We analyze how multilateral development banks (MDBs) can lend in local currency to investment projects that are \u201cdomestic-oriented\u201d (DOIPs), i.e., which do not generate hard currency, without incurring in currency mismatches between their assets and liabilities, which would downgrade their credit ratings. Further, we compare two funding strategies for MDBs; one that involves buying local currency and one that involves issuing local currency bonds. The main policy conclusion is that there are tradeoffs between these two funding strategies and MDBs should consider the particular exchange rate risks and balance of payments crisis risks for the real investment projects that are financed and the host countries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aaep.org.ar\/?p=7326\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-07T00:44:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-07T00:44:44+00:00\" \/>\n<meta name=\"author\" content=\"aaepolitica\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:site\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"aaepolitica\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326\"},\"author\":{\"name\":\"aaepolitica\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\"},\"headline\":\"Local Currency Loans in the Global Development Finance Architecture\",\"datePublished\":\"2023-12-07T00:44:42+00:00\",\"dateModified\":\"2023-12-07T00:44:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326\"},\"wordCount\":24,\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"keywords\":[\"AAEP Anales 2023\"],\"articleSection\":[\"Anales\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326\",\"name\":\"Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\"},\"datePublished\":\"2023-12-07T00:44:42+00:00\",\"dateModified\":\"2023-12-07T00:44:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aaep.org.ar\\\/?p=7326\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=7326#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\\\/\\\/aaep.org.ar\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Local Currency Loans in the Global Development Finance Architecture\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"description\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aaep.org.ar\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"contentUrl\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"width\":74,\"height\":49,\"caption\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\"},\"image\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/aaepoficial\",\"https:\\\/\\\/www.instagram.com\\\/aaepoficial\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\",\"name\":\"aaepolitica\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"caption\":\"aaepolitica\"},\"sameAs\":[\"https:\\\/\\\/aaep.org.ar\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","robots":{"index":"noindex","follow":"follow"},"og_locale":"es_ES","og_type":"article","og_title":"Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","og_description":"We analyze how multilateral development banks (MDBs) can lend in local currency to investment projects that are \u201cdomestic-oriented\u201d (DOIPs), i.e., which do not generate hard currency, without incurring in currency mismatches between their assets and liabilities, which would downgrade their credit ratings. Further, we compare two funding strategies for MDBs; one that involves buying local currency and one that involves issuing local currency bonds. The main policy conclusion is that there are tradeoffs between these two funding strategies and MDBs should consider the particular exchange rate risks and balance of payments crisis risks for the real investment projects that are financed and the host countries.","og_url":"https:\/\/aaep.org.ar\/?p=7326","og_site_name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","article_published_time":"2023-12-07T00:44:42+00:00","article_modified_time":"2023-12-07T00:44:44+00:00","author":"aaepolitica","twitter_card":"summary_large_image","twitter_creator":"@aaepoficial","twitter_site":"@aaepoficial","twitter_misc":{"Escrito por":"aaepolitica"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aaep.org.ar\/?p=7326#article","isPartOf":{"@id":"https:\/\/aaep.org.ar\/?p=7326"},"author":{"name":"aaepolitica","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c"},"headline":"Local Currency Loans in the Global Development Finance Architecture","datePublished":"2023-12-07T00:44:42+00:00","dateModified":"2023-12-07T00:44:44+00:00","mainEntityOfPage":{"@id":"https:\/\/aaep.org.ar\/?p=7326"},"wordCount":24,"publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"keywords":["AAEP Anales 2023"],"articleSection":["Anales"],"inLanguage":"es"},{"@type":"WebPage","@id":"https:\/\/aaep.org.ar\/?p=7326","url":"https:\/\/aaep.org.ar\/?p=7326","name":"Local Currency Loans in the Global Development Finance Architecture - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","isPartOf":{"@id":"https:\/\/aaep.org.ar\/#website"},"datePublished":"2023-12-07T00:44:42+00:00","dateModified":"2023-12-07T00:44:44+00:00","breadcrumb":{"@id":"https:\/\/aaep.org.ar\/?p=7326#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aaep.org.ar\/?p=7326"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aaep.org.ar\/?p=7326#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/aaep.org.ar\/"},{"@type":"ListItem","position":2,"name":"Local Currency Loans in the Global Development Finance Architecture"}]},{"@type":"WebSite","@id":"https:\/\/aaep.org.ar\/#website","url":"https:\/\/aaep.org.ar\/","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","description":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aaep.org.ar\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/aaep.org.ar\/#organization","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","url":"https:\/\/aaep.org.ar\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/","url":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","contentUrl":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","width":74,"height":49,"caption":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica"},"image":{"@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/aaepoficial","https:\/\/www.instagram.com\/aaepoficial\/"]},{"@type":"Person","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c","name":"aaepolitica","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","caption":"aaepolitica"},"sameAs":["https:\/\/aaep.org.ar"]}]}},"_links":{"self":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/7326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7326"}],"version-history":[{"count":2,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/7326\/revisions"}],"predecessor-version":[{"id":7328,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/7326\/revisions\/7328"}],"wp:attachment":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}