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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17694| Title: | Determinants of Short-Term Debt |
| Keywords: | F21 F23 G21 ddc:330 foreign debt maturity Auslandsverschuldung Laufzeit Geldmarktpapier Internationale Kapitalmobilität Kreditrisiko Liquide Mittel Schätzung Sozialprodukt Finanzplatz Eigenkapitalvorschriften Theorie Welt |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17694 |
| Other Identifiers: | http://hdl.handle.net/10419/17694 ppn:318130149 |
| Appears in Collections: | EconStor |
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