原罪
The situation that "most developing countries are not able to borrow abroad in their domestic currency" is referred to "original sin" in economics literature. Original sin is present among most of the developing economies, especially in periods with high inflation rate and currency depreciation. This global capital market imperfection contributes a lot to the widespread liability dollarization phenomenon. International transaction costs, network externalities, lack of credible domestic policies and underdeveloped local bond market are claimed to be the main reasons to the original sin.