ADB; Park, Donghyun; Shin, Kwanho; Tian, Shu2021-10-052021-10-052018-10N/AN/A2313-65372313-6545https://www.adb.org/publications/local-currency-markets-financial-stabilityhttps://hdl.handle.net/20.500.14540/5353This publication analyzes the financial vulnerability of developing countries during the global financial crisis. This publication analyzes the financial vulnerability of developing countries during the global financial crisis and taper tantrum. It finds that currency depreciation, as a measure of financial vulnerability, was more limited in countries with faster growing local currency bond markets.28EconomicsFinance sector development