Emerging markets are more resilient to global shocks when a diverse and deep resident investor base holds a larger share of local currency government debt. Learn more on the launch of GFSR Chapter 3 on the changing landscape of emerging market sovereign debt: https://www.imf.org/en/Publications/GFSR/Issues/2025/10/14/global-financial-stability-report-october-2025?cid=sm-com-x-AM2025-GFSREA2025002(IMF)