The implementation of this strategy needs a minimum level of credibility for government which relates with the previous paragraph. International financial institutions (IFIs) have a role to play as well.
They could collaborate with the acceleration of the deepening process of the local markets debt, enlarging the group of available instruments in local currencies both within emerging countries as well as in international financial markets. In addition, the issuance of IFIs has a "signaling effect", improving confidence on macroeconomic and financial conditions of that market, attracting the presence of international investors and potential issuers.