Financial globalization and debt maturity in emerging economies

• 成果类型: Article
• 署名作者: Schmukler, SL; Vesperoni, E
• 署名单位: The World Bank; International Monetary Fund
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2004.12.006
• 发表日期: 2006
• 页码: 183-207
• 关键词: financing choices; debt structure; Financial integration; financial liberalization; international financial markets

摘要

This paper studies how financial globalization affects debt structure in emerging economies. We find that by accessing international markets, firms increase their long-term debt and extend their debt maturity. In contrast, with financial liberalization, long-term debt decreases and the maturity structure shifts to the short term for the average firm. These effects are stronger in economies with less developed domestic financial systems. The evidence is consistent with financial integration having opposite effects on the firms that are able to integrate with world markets and obtain financing globally, relative to the firms that rely on domestic financing only. circle dot 2005 Elsevier B.V. All rights reserved.