Debt crises in emerging market countries have led to a focus on how government debt is structured. A study using the Jeanne-Guscina EM Government Debt Database 2006 found that unstable economies, weak institutions, and uncertain politics make it harder for countries to develop local debt markets. This instability pushes countries towards short-term debt or debt tied to foreign currency, interest rates, or inflation. However, more countries are now issuing local currency debt with longer maturities, thanks to better economic policies and lessons from past crises.