IMF GFSR: Navigating the Currency Mismatch Indicator
The International Monetary Fund (IMF) regularly assesses the resilience of the global financial system through its Global Financial Stability Report (GFSR). One of the critical metrics tracked within this report is the Currency Mismatch Indicator, a vital tool for identifying systemic vulnerabilities in emerging markets and developing economies.
What is the IMF Currency Mismatch Indicator?
The IMF Currency Mismatch Indicator is a metric used to measure the extent to which a country's or sector’s assets and liabilities are denominated in different currencies. It specifically highlights the risk where liabilities are held in foreign currency (often the US dollar) while assets or income streams are in the local currency, making the entity vulnerable to a sudden domestic currency depreciation.
In the context of the GFSR, this indicator serves as a "red flag" for potential balance sheet crises. If a local currency loses value, the cost of servicing foreign-denominated debt spikes, which can lead to widespread insolvencies, even if the underlying business or government was previously stable.
Why it Matters for Global Stability
Currency mismatches are often cited as a primary driver of financial contagion. When multiple sectors—such as banks, non-financial corporations, or the sovereign government—suffer from high mismatches, a simple exchange rate fluctuation can escalate into a full-scale economic collapse.
Solvency Risk: A weaker local currency increases the real value of foreign debt, potentially wiping out equity.
Liquidity Pressure: As debt costs rise, demand for foreign currency increases, further devaluing the local currency in a "vicious cycle."
Policy Constraints: High mismatch levels often prevent central banks from lowering interest rates during a recession, as they must keep rates high to defend the currency and prevent debt defaults.
Key Components of the Indicator
The IMF evaluates currency mismatch through several lenses to provide a comprehensive view of risk:
| Component | Focus Area | High-Risk Signal |
| Net Foreign Assets | The difference between total foreign assets and total foreign liabilities. | Large negative values (Net Debtor). |
| Short-Term Debt Ratio | The portion of foreign currency debt due within one year relative to reserves. | Ratio > 1.0 (Debt exceeds liquid reserves). |
| Export Openness | A country's ability to generate foreign currency through trade. | Low exports relative to foreign debt service. |
| Sectoral Analysis | Distribution of mismatch across Banks, Corporates, and Government. | Concentrated mismatch in the private sector (harder to bail out). |
The "Original Sin" Concept
In IMF literature, currency mismatch is frequently linked to "Original Sin"—the inability of emerging markets to borrow abroad in their own local currency. Because international investors often demand repayment in "hard" currencies like the Dollar or Euro, emerging economies are structurally forced into currency mismatches, regardless of their fiscal discipline.
The GFSR monitors how these countries transition toward Local Currency Bond Markets (LCBMs). Success in developing these markets is generally reflected as an improvement (reduction) in the Currency Mismatch Indicator, signaling a more resilient financial architecture.
Top-Tier Resilience: The Best Performing Countries
While many emerging markets face "Original Sin" (the inability to borrow in their own currency), the October 2025 and January 2026 IMF reports highlight a group of "Resilient Reformers." These countries have successfully reduced their Currency Mismatch Indicators by deepening their Local Currency Bond Markets (LCBMs) and maintaining robust policy frameworks.
🏆 2026 Currency Mismatch Scorecard: Best Performers
This scorecard features countries with the lowest vulnerability to exchange rate shocks, characterized by high domestic-to-foreign debt ratios and strong FX reserves.
| Status | Country | Strength Factor | 2026 Outlook |
| 🟢 Elite | 🇮🇳 India | Deepest LCBM: Over 95% of sovereign debt is in Rupees; minimal foreign currency mismatch. | Superior: Entry into global bond indices has fueled record local inflows. |
| 🟢 Elite | 🇧🇷 Brazil | Real Yield Leader: High positive real interest rates have stabilized the Real; low foreign-denominated debt. | Robust: Central bank credibility remains a global benchmark for EM. |
| 🟢 Strong | 🇲🇽 Mexico | Near-shoring Boost: Strong US dollar inflows and a high share of fixed-rate local debt. | Stable: "Super Peso" resilience backed by prudent fiscal limits. |
| 🟢 Strong | 🇵🇭 Philippines | Positive Rating Momentum: S&P upgraded outlook to "Positive" in early 2026; strong reserve buffers. | Improving: Targeted reduction in private sector FX exposure. |
| 🟡 Stable | 🇵🇱 Poland | EU Convergence: High integration with Euro-area trade reduces structural mismatch risks. | Solid: Disinflation is allowing for safe interest rate cuts. |
Why These Countries Lead the Pack
The IMF’s 2026 analysis, “Shifting Ground beneath the Calm,” identifies three "Good Policies" that separate these winners from the rest of the world:
Institutional Quality: Countries like India and Mexico have created predictable issuance calendars, allowing domestic pension funds and insurance companies to absorb government debt.
Active FX Management: Brazil and Indonesia (despite some IDR volatility) use sophisticated intervention toolkits that prevent "vicious cycles" of depreciation without depleting all reserves.
Inflation Differentials: Most of the "Best Performers" now have inflation rates approaching those of advanced economies, which reduces the "risk premium" investors demand for holding local currency bonds.
The "Asia-Pacific Pivot"
A notable trend in 2026 is the resilience of South and Southeast Asia. While countries like Laos struggle, the Philippines and Vietnam have utilized strong trade surpluses to build "fortress balance sheets." By ensuring that their infrastructure projects are financed via local banks rather than USD-denominated Eurobonds, they have effectively neutralized the threat of the Currency Mismatch Indicator.
IMF Insight: "Resilience is no longer a matter of luck; it is a structural choice. Countries that have replaced foreign debt with local savings are now the new 'safe havens' of the emerging world."
India’s Shield: Managing Currency Mismatch in 2026
While many emerging markets struggle with the "Original Sin" of borrowing in foreign currencies they cannot print, India has emerged as a global leader in mitigating Currency Mismatch. In the context of the IMF's 2026 surveillance, India is frequently cited as a "fortress economy" due to its strategic shift toward local currency financing and massive foreign exchange buffers.
🇮🇳 India’s Currency Risk Scorecard (2026)
This scorecard reflects India's standing in the Global Financial Stability Report (GFSR) metrics, highlighting why its systemic risk remains low despite global volatility.
| Metric | Status | 2026 Data / Level | Strategic Advantage |
| Sovereign Mismatch | 🟢 Elite | ~95% Debt in INR | Government is not vulnerable to USD spikes. |
| FX Reserve Buffer | 🟢 Strong | $701.4 Billion | Covers ~11 months of imports & 94% of external debt. |
| External Debt/GDP | 🟢 Safe | 19.2% | Significantly lower than G7 and EM peers. |
| Exchange Regime | 🟡 Monitor | "Crawl-like" | IMF reclassified the Rupee (INR) from "Stabilized." |
The Three Pillars of India's Resilience
1. The Local Currency Bond Market (LCBM)
India's greatest defense against currency mismatch is its deep domestic bond market. Unlike countries that must issue "Eurobonds" in USD, the Indian government borrows almost exclusively in Indian Rupees.
The Result: Even if the Rupee depreciates against the Dollar, the government’s debt-to-GDP ratio remains stable because the debt value doesn't "balloon" in local terms.
2. Corporate Hedging & RBI Oversight
The Reserve Bank of India (RBI) strictly monitors "External Commercial Borrowings" (ECB). Indian corporates that borrow in USD are often mandated to hedge their exposure using derivatives.
The Result: When the Rupee hit ₹91.50/USD in early 2026, the systemic "shock" was absorbed by hedges rather than triggering corporate bankruptcies.
3. The "Crawl-like" Buffer
In late 2025, the IMF reclassified India’s exchange rate regime as a "Crawl-like Arrangement." This means the RBI allows the Rupee to depreciate gradually rather than defending a fixed peg.
The Result: A slow, predictable "crawl" prevents the sudden, 20-30% devaluations that destroy balance sheets in other emerging markets.
Emerging Risks to Watch in 2026
Despite its strengths, the IMF’s 2026 Article IV Consultation points to two specific areas of concern for India:
Trade Impasse: Stalled trade deals and high reciprocal tariffs (up to 50% in some sectors) have slowed the inflow of trade-related Dollars.
FPI Volatility: Foreign Portfolio Investors (FPIs) remain sensitive to US Federal Reserve rates. If capital exits India too quickly, the "cost of hedging" for Indian companies spikes, indirectly increasing their currency mismatch risk.
Key Takeaway: India has effectively "cured" the sovereign version of currency mismatch. Its 2026 challenge is ensuring that its private sector doesn't become over-leveraged in foreign debt during periods of low volatility.
India’s Shield: Managing Currency Mismatch in 2026
While many emerging markets struggle with the "Original Sin" of borrowing in foreign currencies they cannot print, India has emerged as a global leader in mitigating Currency Mismatch. In the context of the IMF's 2026 surveillance, India is frequently cited as a "fortress economy" due to its strategic shift toward local currency financing and massive foreign exchange buffers.
🇮🇳 India’s Currency Risk Scorecard (2026)
This scorecard reflects India's standing in the Global Financial Stability Report (GFSR) metrics, highlighting why its systemic risk remains low despite global volatility.
| Metric | Status | 2026 Data / Level | Strategic Advantage |
| Sovereign Mismatch | 🟢 Elite | ~95% Debt in INR | Government is not vulnerable to USD spikes. |
| FX Reserve Buffer | 🟢 Strong | $701.4 Billion | Covers ~11 months of imports & 94% of external debt. |
| External Debt/GDP | 🟢 Safe | 19.2% | Significantly lower than G7 and EM peers. |
| Exchange Regime | 🟡 Monitor | "Crawl-like" | IMF reclassified the Rupee (INR) from "Stabilized." |
The Three Pillars of India's Resilience
1. The Local Currency Bond Market (LCBM)
India's greatest defense against currency mismatch is its deep domestic bond market. Unlike countries that must issue "Eurobonds" in USD, the Indian government borrows almost exclusively in Indian Rupees.
The Result: Even if the Rupee depreciates against the Dollar, the government’s debt-to-GDP ratio remains stable because the debt value doesn't "balloon" in local terms.
2. Corporate Hedging & RBI Oversight
The Reserve Bank of India (RBI) strictly monitors "External Commercial Borrowings" (ECB). Indian corporates that borrow in USD are often mandated to hedge their exposure using derivatives.
The Result: When the Rupee hit ₹91.50/USD in early 2026, the systemic "shock" was absorbed by hedges rather than triggering corporate bankruptcies.
3. The "Crawl-like" Buffer
In late 2025, the IMF reclassified India’s exchange rate regime as a "Crawl-like Arrangement." This means the RBI allows the Rupee to depreciate gradually rather than defending a fixed peg.
The Result: A slow, predictable "crawl" prevents the sudden, 20-30% devaluations that destroy balance sheets in other emerging markets.
Emerging Risks to Watch in 2026
Despite its strengths, the IMF’s 2026 Article IV Consultation points to two specific areas of concern for India:
Trade Impasse: Stalled trade deals and high reciprocal tariffs (up to 50% in some sectors) have slowed the inflow of trade-related Dollars.
FPI Volatility: Foreign Portfolio Investors (FPIs) remain sensitive to US Federal Reserve rates. If capital exits India too quickly, the "cost of hedging" for Indian companies spikes, indirectly increasing their currency mismatch risk.
Key Takeaway: India has effectively "cured" the sovereign version of currency mismatch. Its 2026 challenge is ensuring that its private sector doesn't become over-leveraged in foreign debt during periods of low volatility.
Mexico’s Resilience: Balancing the Peso and Global Trade
In the IMF’s 2026 surveillance cycle, Mexico stands as a prime example of an emerging market that has significantly neutralized the threat of Currency Mismatch. Through decades of institutional reform, a free-floating exchange rate, and a deep local-currency bond market, Mexico has transformed the Peso from a source of vulnerability into a powerful shock absorber.
🇲🇽 Mexico’s Currency Risk Scorecard (2026)
This scorecard evaluates Mexico’s standing in the Global Financial Stability Report (GFSR), highlighting its ability to withstand external trade shocks and USD volatility.
| Metric | Status | 2026 Status / Data | Strategic Advantage |
| Sovereign Mismatch | 🟢 Resilient | ~80% Debt in MXN | Most government debt is local; insulating the budget from USD spikes. |
| FX Reserve Buffer | 🟢 Strong | $256.2 Billion | High liquidity levels act as a deterrent against speculative attacks. |
| Exchange Rate | 🟢 Flexible | Free-Floating | The Peso serves as a "natural valve" to absorb trade and tariff shocks. |
| External Support | 🔵 Exceptional | IMF Flexible Credit Line | Immediate access to ~$35bn in emergency liquidity if needed. |
The Three Pillars of Mexican Stability
1. The "Super Peso" and Market Liquidity
The Mexican Peso (MXN) is one of the most liquid and actively traded currencies in the world, accounting for nearly 2% of global FX turnover. Unlike "pegged" currencies that collapse suddenly, the Peso adjusts daily.
The Result: In early 2026, when trade uncertainty regarding the USMCA review increased, the Peso depreciated gracefully, helping Mexican exports remain competitive without triggering a debt crisis.
2. Local Currency Debt Deepening
Mexico has successfully moved away from foreign-denominated "Eurobonds" for its domestic needs. Today, Mexican private pension funds (Afores) hold twice as much government debt as foreign investors.
The Result: Even if foreign capital exits (a "sudden stop"), the domestic financial system has the depth to absorb government issuance in Pesos, preventing a currency-driven solvency crisis.
3. The Pemex "Liability Shield"
The state-owned oil giant Pemex has historically been Mexico's largest source of currency mismatch risk due to its high USD debt. However, in 2025 and 2026, the Mexican government shifted significant portions of Pemex’s debt onto the sovereign balance sheet.
The Result: By converting corporate USD liabilities into sovereign-backed obligations (and increasingly local currency), the government has reduced the risk of a "corporate-led" currency collapse.
Risks to Watch: The 2026 Outlook
Despite its strengths, the IMF identifies two specific "Red Flags" for the coming year:
USMCA Review Uncertainty: As the 2026 review of the trade agreement approaches, any signal of increased tariffs from the U.S. could lead to sharp capital outflows, testing Mexico's FX buffers.
Fiscal Consolidation: The 2026 budget targets a deficit reduction to 4.3% of GDP. If the government fails to meet this target, investor confidence could wane, increasing the "risk premium" on Peso-denominated assets.
IMF Insight: "Mexico's record of very strong policies... has proved to be an important asset. The exchange rate should continue to be a shock absorber, supported by healthy external buffers."
Resilience in the Archipelago: Philippines' Currency Mismatch
The Philippines has historically been vulnerable to "Original Sin"—the inability to borrow in local currency—leading to severe crises in the late 20th century. However, as of 2026, the Philippines is recognized by the IMF as having "moderate" systemic risk, having successfully utilized its massive foreign exchange buffers and a burgeoning local bond market to insulate its economy.
🇵🇭 Philippines Currency Risk Scorecard (2026)
This scorecard reflects the Philippines’ resilience metrics based on the latest Article IV Consultation and GFSR data.
| Metric | Status | 2026 Level / Data | Strategic Advantage |
| Sovereign Mismatch | 🟢 Resilient | 68% Debt in PHP | Shift to local funding reduces "ballooning" debt during USD spikes. |
| FX Reserve Buffer | 🟢 Exceptional | $112.6 Billion | Covers 7.5 months of imports and 4.1x short-term debt. |
| Bank Mismatch | 🟢 Controlled | Tight NOP Limits | BSP strictly regulates banks' Net Open Positions (NOP). |
| Debt-to-GDP | 🟡 Monitor | 63.2% | Elevated since the pandemic; requires fiscal consolidation. |
The Pillars of Philippine Protection
1. The "Fortress" Reserves (GIR)
The Bangko Sentral ng Pilipinas (BSP) maintains a Gross International Reserve (GIR) level that reached a 16-month high of $112.6 billion in early 2026.
The Result: This buffer is so large that it provides nearly four times the liquidity needed to cover all foreign debt due within a year. It acts as a primary defense, allowing the BSP to intervene during "disorderly" market conditions without depleting its core wealth.
2. Local Currency Bond Market (LCBM) Growth
The Philippines has aggressively deepened its domestic capital markets. Outstanding local currency bonds reached ₱13.8 trillion in late 2025.
The Result: By borrowing from Filipino citizens and institutions in Pesos rather than global markets in Dollars, the government has decoupled its solvency from the volatility of the PHP/USD exchange rate.
3. The Remittance "Natural Hedge"
A unique structural advantage for the Philippines is the steady flow of Overseas Filipino Worker (OFW) remittances.
The Result: When the Peso weakens, the value of remittances in local terms increases, providing a counter-cyclical boost to household consumption. This "natural hedge" helps stabilize the economy's income stream even when the balance sheet shows a currency mismatch.
Key Risks & "The Conglomerate Factor"
Despite sovereign strength, the IMF’s 2025 Article IV report and 2026 updates highlight specific vulnerabilities:
Corporate Mismatch: While banks are safe, large Philippine conglomerates often borrow in USD for infrastructure projects. If these entities do not hedge their exposure, a sharp depreciation of the Peso (which hit ₱58.00 in early 2026) could squeeze their profit margins.
Dominant Currency Pricing (DCP): Most Philippine exports are priced in Dollars. This means a weaker Peso doesn't immediately boost export volumes as much as expected, but it does immediately make imports (like fuel) more expensive, fueling inflation.
IMF Insight (2026): "The Philippines' exchange rate continues to serve as an effective shock absorber. However, close monitoring of the interconnectedness between banks and complex conglomerate structures is essential to prevent hidden currency risks."
Poland’s Equilibrium: Mastering Currency Mismatch in 2026
In the IMF’s 2026 Financial Stability assessments, Poland stands out as a resilient "Convergence Economy." Unlike many emerging markets that struggle with foreign debt dependencies, Poland has leveraged its integration with the Eurozone and a disciplined domestic bond market to keep its Currency Mismatch Indicator at manageable levels.
🇵🇱 Poland Currency Risk Scorecard (2026)
This scorecard evaluates Poland's stability based on the February 2026 IMF Article IV Consultation and the National Bank of Poland (NBP) reserve data.
| Metric | Status | 2026 Level / Data | Strategic Advantage |
| Sovereign Mismatch | 🟢 Stable | ~24% Debt in FX | Most debt is in Zloty (PLN), limiting "ballooning" risk. |
| FX Reserve Buffer | 🟢 Superior | $293.9 Billion | Significant jump in 2026; provides massive liquidity cover. |
| Banking Sector | 🟢 Strong | High Capitalization | Banks are well-buffered against PLN/EUR volatility. |
| Fiscal Health | 🔴 High Risk | ~7% Deficit | Largest fiscal imbalance in Europe; the primary source of risk. |
The Pillars of Polish Resilience
1. "Fortress" Foreign Exchange Reserves
In early 2026, the National Bank of Poland (NBP) reported a record surge in official reserve assets, reaching $293.9 billion (EUR 246.8bn).
The Result: This massive liquidity pool serves as a "war chest." It ensures that even during periods of regional geopolitical tension, Poland can meet all foreign currency obligations and intervene to stabilize the Zloty if market movements become disorderly.
2. Managed Foreign Debt Exposure
Poland’s Ministry of Finance follows a strict rule: foreign-denominated debt should not exceed 25% of the total state debt.
The Result: By ensuring that 75%+ of borrowing happens in Zloty, the government prevents a "vicious cycle" where a weaker currency automatically increases the debt-to-GDP ratio. While Poland remains active in the Eurobond market to diversify, it does so from a position of strength rather than necessity.
3. Natural Eurozone Convergence
Poland's economy is deeply integrated with the Eurozone (especially Germany). Most of its export revenues are in Euros, which provides a natural hedge for any Euro-denominated liabilities.
The Result: For many Polish firms, "mismatch" is less of a risk because their income streams (EUR) match their debt obligations (EUR), even if the domestic currency is the Zloty.
The 2026 Challenge: Fiscal vs. Currency Risk
While currency mismatch is low, the IMF's February 2026 report highlights a shifting profile of risk:
The "Twin Deficit" Threat: Poland's fiscal deficit (projected at 7% of GDP for 2025) and a widening current account deficit could eventually put pressure on the Zloty. If the currency depreciates significantly due to fiscal mismanagement, the 24% of debt held in foreign currency will still become more expensive to service.
The "Swiss Franc" Legacy: While the systemic risk of FX-denominated mortgages (Swiss Franc loans) has been largely neutralized through legal settlements and bank provisioning by 2026, it remains a "frictional" cost that has historically constrained bank lending.
IMF Insight (2026): "Poland's external position is broadly in line with fundamentals. However, the lack of meaningful fiscal adjustment remains a visible crack in an otherwise robust economic picture. Stabilizing public debt must be the key priority to prevent future currency volatility."
Global Best Practices: The 2026 Gold Standard for Currency Resilience
The IMF’s 2026 Global Financial Stability Report (GFSR) underscores that the most resilient nations are those that have shifted from "defensive hoarding" (simply accumulating USD reserves) to "structural autonomy" (eliminating the need for USD in the first place).
Below is a detailed breakdown of the country-specific best practices that have redefined global financial stability this year.
🏛️ Best Practice Scorecard: Leading Country Strategies
This table summarizes the specific policy "playbooks" used by the top-performing nations to neutralize currency mismatch.
| Country | Core Best Practice | Implementation Strategy | Impact in 2026 |
| 🇮🇳 India | Index Inclusion & LCBM | Successfully integrated Rupee-denominated bonds into global indices (GGP/GBI-EM). | 95% of sovereign debt is now in local currency; reduced sensitivity to US Fed rate hikes. |
| 🇧🇷 Brazil | Onshore Hedging Platforms | Developed the "Eco Invest Brasil" platform to subsidize and facilitate local currency hedging for green projects. | Dramatically lowered the cost of capital for long-term infrastructure without USD exposure. |
| 🇲🇽 Mexico | Flexible Credit Line (FCL) | Maintains a permanent, "pre-approved" $35bn liquidity line with the IMF as a top-tier performer. | Eliminates the "precautionary" need to hoard excessive cash, allowing for higher domestic investment. |
| 🇵🇭 Philippines | Reserve Adequacy 2.0 | Maintains Gross International Reserves (GIR) at over 4x short-term debt obligations. | Created a "Fortress Balance Sheet" that deterred speculative attacks during the early 2026 trade volatility. |
| 🇵🇱 Poland | Institutional Integration | Strict adherence to EU-standard prudential limits, capping foreign debt at 25% of the state total. | Ensured that even with a high fiscal deficit, the Zloty remains a stable "Convergence Currency." |
| Best Practice | India | Mexico | Poland | Philippines |
| Sovereign Debt in Local Currency | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐ |
| FX Reserve Adequacy | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Corporate Hedging Mandates | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐ |
| Market Infrastructure (mBridge/mBond) | ⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
🔍 Key Components of the "2026 Playbook"
1. The Local Currency Bond Market (LCBM)
Leading countries have moved their "capital stack" toward domestic investors.
The Rule: "Borrow where you earn." By ensuring domestic pension funds and insurance companies are the primary buyers of debt, countries like India have decoupled their solvency from exchange rate fluctuations.
2. Macroprudential "Speed Limits"
Rather than banning foreign borrowing, successful nations use "price-based" deterrents.
The Rule: Mexico and the Philippines use tight Net Open Position (NOP) limits, requiring banks to hold capital buffers specifically against foreign currency volatility. This prevents the "vicious cycle" where a local currency drop triggers a banking collapse.
3. High-Tech Settlement (mBridge & Digital Assets)
A 2026 breakthrough highlighted in the GFSR is the use of Multi-CBDC (Central Bank Digital Currency) platforms like Project mBridge.
The Rule: By settling trade directly in local currencies (e.g., Baht to Dirham) without using the US Dollar as an intermediary, countries reduce their structural demand for USD, naturally lowering their mismatch risk.
🏁 Conclusion: From Resilience to Sovereignty
The lesson for 2026 is clear: Resilience is no longer a matter of luck; it is a matter of institutional design. The leading countries—India, Brazil, Mexico, Poland, and the Philippines—have successfully "cured" the Original Sin of emerging markets.
By building deep local markets, maintaining "fortress" reserves, and utilizing new digital settlement technologies, these nations have transformed their currencies from liabilities into assets. As the IMF concludes in its latest report:
"The global financial map has been redrawn. The new safe havens are not necessarily the wealthiest nations, but those that have mastered the art of borrowing in the currency they print."