Abstract We present a model that accounts for the “mystery of original sin” and surge in local-currency borrowing by emerging economies recent decade. quantitatively investigate currency composition sovereign debt presence two types limited enforcement frictions arising from government's monetary policy: strategic debasement default on debt. Local-currency obligations act as better consumption ...

We analyzed a BHK cell line persistently infected with Sindbis virus for 16 months and a virus (Sin-16) cloned from these cells. Sin-16 virus was resistant to the defective interfering particles present in the original infection. We found that (i) cells infected with Sin-16 were impaired in the processing of a viral precursor glycoprotein, (ii) high-multiplicity passaging of Sin-16 gave rise to...