| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13076 |
| 来源ID | Working Paper 13076 |
| Why Do Emerging Economies Borrow Short Term? | |
| Fernando A. Broner; Guido Lorenzoni; Sergio L. Schmukler | |
| 发表日期 | 2007-05-09 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing long-term debt, the government lowers the probability of a rollover crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a trade-off between safer long-term debt and cheaper short-term debt. Second, we construct a new database of sovereign bond prices and issuance. We show that emerging economies pay a positive term premium (a higher risk premium on long-term bonds than on short-term bonds). During crises, the term premium increases, with issuance shifting towards shorter maturities. The evidence suggests that international investors' time-varying risk aversion is crucial to understand the debt structure in emerging economies. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w13076 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570744 |
| 推荐引用方式 GB/T 7714 | Fernando A. Broner,Guido Lorenzoni,Sergio L. Schmukler. Why Do Emerging Economies Borrow Short Term?. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13076.pdf（566KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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