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.

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