increases in home currency foreign bond issuance was larger in countries with stable inflation and lower government debt, and in … financial crisis could have a persistent impact on home currency bond issuance. Firms that issue for the first time in their … remain lower after conditions return to normal, due to the increased depth of the home currency market. Empirically, we show …

-maturity, domestic-currency bond market. Bond holders are exposed to capital losses through inflation and therefore represent a potential … similar effect for short-term or foreign-currency bonds. …