The Importance of a Well-Developed Domestic Debt Market

In the 1980s, when I started working at the IMF, seriously, they had no domestic debt. But what's happened in the last 20, 25 years, you have countries like Brazil, all the countries that I mentioned before. Now, they have really well-functioning domestic debt market, much to their credit. This is completely different than the 1980s. And that's why a country like Argentina, which does not have that domestic debt market for reasons that we probably all know pretty well why in Argentina, we have 100% inflation now.