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ECAs and local currency financing – what we have learnt so far

By Michal Ron, head of international relations and network at SACE, and Alessandro Terzulli, head of economic research at SACE.

One major lesson learned from the financial crises in emerging markets since the 1980s is that large currency mismatches, both at a public and private sector level, strongly increase the vulnerability of a country to adverse shocks. The financing of local-currency activities by foreign currency denominated liabilities is therefore an inherent weakness

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