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Title:Determinants of Short-Term Debt PDF Logo
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:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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