This is equivalent to foreign currency debt.

Foreign financing fueled foreign currency credit growth, even for borrowers without foreign currency income.

The first salvos in this war came in the form foreign exchange intervention.

Is Italian euro debt denominated in local or foreign currency?

Russia needed to borrow, and it was borrowing heavily in foreign currency.

This is particularly true with respect to lending in foreign currencies to economic agents that do not have revenues in those currencies.

Its huge foreign currency reserves give it the freedom to ignore the IMF and the US Treasury.

But those foreign exchange balances have grown far beyond the level needed as emergency reserves.

As a result, the exchange rate risk was passed on to those least able to manage it households.

Prohibition of certain transactions for prudential reasons also makes sense, particularly for borrowing in foreign currencies by economic agents that do not have revenues in those currencies.

Thanks to large fields of recoverable natural gas located offshore, Burma now earns substantial foreign exchange revenues.

America depends on China s trade surplus and savings to finance its outsize budget deficits, while China relies on its huge exports to the US to sustain its economic growth and finance its military modernization. By plowing more than two thirds of its mammoth foreign currency reserves into US dollar denominated assets, China has gained significant political leverage.

By plowing more than two thirds of its mammoth foreign currency reserves into US dollar denominated assets, China has gained significant political leverage.

An unwillingness to lend and expensive loans in foreign currencies are a real burden to eastern balance sheets.

The most striking development, however, was the loss of international reserves in the year following the Tahrir Square revolution.

But, by ceding that authority to an independent central bank, the eurozone s members put themselves in the position of a developing country that has borrowed in foreign currency.

Indeed, that supposed solution leaves half the eurozone relegated to the status of Third World countries that have become highly indebted in a foreign currency.

Court public opinion.

Instead, the question to ask is whether the reserves can comfortably service the public and private sectors debt denominated in foreign currencies.

Government Accountability or Government Accounting?

D. Recognition of language knowledge

Emerging markets currencies also collapsed, even in economies with huge foreign exchange reserves and relatively little debt.

The wealth seized from people will be cashed out in foreign currency, invested overseas or deposited in some offshore bank accounts in Caribbean, Panama and Switzerland.

We're paying on time, and we're paying in hard currency.

Foreign Aid Follies

The notable exceptions to this trend are countries that manage cross border capital flows, especially the corporate sector s exposure to foreign currency debt.

Then panic spread to credit markets, money markets, and currency markets, highlighting the vulnerabilities of many developing countries financial systems and corporate sectors, which had experienced credit booms and had borrowed short and in foreign currencies.

Countries with large current account deficits and or large fiscal deficits and with large short term foreign currency liabilities have been the most fragile.

These countries can, of course, resist upward pressure on their currencies by accumulating foreign exchange reserves, like they did before the global financial crisis. The result is, of course, paradoxical private funds that flow into these countries are recycled into US Treasury securities via investment of accumulated reserves.

These countries can, of course, resist upward pressure on their currencies by accumulating foreign exchange reserves, like they did before the global financial crisis.

The 2004 reforms, with their elimination of restrictions on access to foreign exchange and reduction of import tariffs, gradually improved the business and investment climate.

Currently, the euro is strengthening against the US dollar, because central banks in Asia and the Middle East are increasing the euro component of their foreign exchange reserves a clear vote of confidence in the new currency and the ECB.

The authors conclude that, by reducing the share of short term foreign currency debt in a country s total liabilities, capital controls can reduce vulnerability to financial crises.

Moreover, the region had relied excessively on foreign savings to support growth, with many countries running large long term current account deficits.

As a result, postcommunists prefer to place their offspring in lucrative commercial jobs where they can pile up foreign currency fortunes.

Accounting for systemic risk has several implications.

Countries that save too much export too much, according to conventional wisdom, resulting in high trade surpluses and growing foreign exchange reserves.

By transferring their right to print money to the European Central Bank (ECB), member countries exposed themselves to the risk of default, like Third World countries heavily indebted in a foreign currency.

And they certainly don t want to be pressed to apologize for holding hostage over 800 billion in foreign currency reserves, acquired to resist yen appreciation.

Yet, revealingly, the Bank of Korea, the central bank hit hardest, negotiated a 30 billion foreign currency swap with the United States Federal Reserve, not with its ASEAN 3 partners.

Both Standard and Poor's and Moody's downgraded India's sovereign creditworthiness by revising the outlook on long term foreign currency debt from stable to negative, and from positive to stable respectively.

(Russia s Pirate Party has been keeping track of them here .)

But, while government officials do not deny that sanctions worry them, they point to Iran s high foreign currency reserves and the Iranians creativity in coping with the effects.

Indeed, certain types of capital flow management including limiting domestic debt denominated in foreign currency for both firms and households have been shown to increase resilience.

At the same time, integration into the wider European and global economy has no doubt contributed to excessively fast expansion in private sector and foreign currency debt, which has complicated the crisis in many countries.