| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16607 |
| 来源ID | Working Paper 16607 |
| The Maturity Rat Race | |
| Markus K. Brunnermeier; Martin Oehmke | |
| 发表日期 | 2010-12-16 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We develop a model of endogenous maturity structure for financial institutions that borrow from multiple creditors. We show that a maturity rat race can occur: an individual creditor can have an incentive to shorten the maturity of his own loan to the institution, allowing him to adjust his financing terms or pull out before other creditors can. This, in turn, causes all other lenders to shorten their maturity as well, leading to excessively short-term financing. This rat race occurs when interim information is mostly about the probability of default rather than the recovery in default, and is most pronounced during volatile periods and crises. Overall, firms are exposed to unnecessary rollover risk. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w16607 |
| 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/574282 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Martin Oehmke. The Maturity Rat Race. 2010. |
| 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 | ||
| w16607.pdf（530KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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