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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/17694
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| Title: | | Determinants of Short-Term Debt  |
| Authors: | | Lusinyan, Lusine Buch, Claudia M. |
| Issue Date: | | 2000 |
| Series/Report no.: | | Kieler Arbeitspapiere 994 |
| Abstract: | | One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of foreign debt. Short-term debt is typically considered to be volatile and thus a potential trigger of currency crises. In contrast to the vivid policy debate on these issues, there is relatively little theoretical and empirical evidence on the determinants of short-term debt. This paper summarizes the theoretical literature on the issue and presents a stylized theoretical model, which focuses on the risks and benefits of short-term debt under conditions of uncertainty. Empirical evidence shows that the level of economic development, the presence of financial centres, and the share of loans to banks have a positive impact on the share of short-term loans. OECD membership, in contrast, has a negative influence. |
| Subjects: | | foreign debt maturity |
| JEL: | | F21 F23 G21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW
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