When governments in emerging markets borrowed money in dollars a decade ago, they risked sharp repayment rates when the value of their home currencies decreased. That resulted in a host of problems: large tax increases, cuts in government budgets, higher interest rates and corporate bankruptcies, The Wall Street Journal reports. Thailand, Indonesia, Korea, Russia and Brazil were some of the areas hardest hit.

But today, they are increasingly borrowing in their own currencies, which should result in greater stability.

There are a number of reasons why they are doing so, one of which is that foreign investors are more willing to accept repayment in home currency, since inflation rates around the world are in check. Low interest rates, as well, are prompting foreign investors to accept more risk.

New financial instruments also allow investment firms to better handle risk. “The growth in derivatives markets and credit default swaps means that you can better cover exchange rate risk and credit event risk internationally than in the past,” said Vincent Truglia, who handles sovereign risk ratings at Moody’s Investors Services.

Finally, the governments and economies of emerging market countries are stronger.

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