Good-bye original sin, hello risk on-off, financial fragility, and crises?

We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend be smaller in size, shorter maturity, or lower coupon rate than foreign bonds; (ii) EMs are more likely issue local-currency if their currencies appreciated before global financial crisis 2008 (GFC); (iii) inflation-targeting monetary policy increases likelihood issuing debt GFC but not after; (iv) offer higher yields after GFC. Future will allow us test identify structural changes associated with COVID-19 pandemic its aftermath.