Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/17694 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Kiel Working Paper No. 994
Verlag: 
Kiel Institute of World Economics (IfW), Kiel
Zusammenfassung: 
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.
Schlagwörter: 
foreign debt maturity
JEL: 
F21
F23
G21
Dokumentart: 
Working Paper

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