For EM countries without a liquid xccy curve, how I can imply it from local government bonds or swaps?
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2$\begingroup$ There's always some liquid Xccy curve, even for EM: I have never come across an example of a currency with a non-existent xccy curve. Anyway, for tenors up to two years, if the xccy curve doesn't trade outright, it can be implied from FX swaps; see the formula in this post here: quant.stackexchange.com/questions/61482/aud-funding-rates/… $\endgroup$– Jan StullerJun 29, 2021 at 16:22
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5$\begingroup$ Does this answer your question? Question on Xccy swaps curve observability $\endgroup$– Dimitri VulisJun 29, 2021 at 17:00
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1$\begingroup$ Also related quant.stackexchange.com/questions/55203 $\endgroup$– Dimitri VulisJun 29, 2021 at 21:50
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