Why do emerging economies borrow short term?:
"Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk-sharing problem between the government...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2004]
|
| Schriftenreihe: | Policy research working paper
3389 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first 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 liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They 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 toward shorter maturities. This suggests that changes in bondholders' risk aversion are important to understand emerging market crises. This paper--a product of the Investment Climate Team, Development Research Group--is part of a larger effort in the group to understand financial markets in emerging economies"--World Bank web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 9/8/2004 |
| Beschreibung: | 1 Online-Ressource |
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| 520 | 3 | |a "Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first 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 liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They 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 toward shorter maturities. This suggests that changes in bondholders' risk aversion are important to understand emerging market crises. This paper--a product of the Investment Climate Team, Development Research Group--is part of a larger effort in the group to understand financial markets in emerging economies"--World Bank web site | |
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Datensatz im Suchindex
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| author | Broner, Fernando |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV049075234 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:48Z |
| indexdate | 2024-07-10T09:54:32Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034337125 |
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| publishDate | 2004 |
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| publisher | World Bank |
| record_format | marc |
| series2 | Policy research working paper |
| spelling | Broner, Fernando Verfasser aut Why do emerging economies borrow short term? Fernando Broner, Guido Lorenzoni, and Sergio Schmukler [Washington, D.C] World Bank [2004] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 3389 Includes bibliographical references Title from PDF file as viewed on 9/8/2004 "Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first 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 liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They 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 toward shorter maturities. This suggests that changes in bondholders' risk aversion are important to understand emerging market crises. This paper--a product of the Investment Climate Team, Development Research Group--is part of a larger effort in the group to understand financial markets in emerging economies"--World Bank web site Online-Ausg Also available in print Debts, External Developing countries Lorenzoni, Guido Sonstige oth World Bank Sonstige oth Broner, Fernando Why do emerging economies borrow short term? http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3389 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Broner, Fernando Why do emerging economies borrow short term? Debts, External Developing countries |
| title | Why do emerging economies borrow short term? |
| title_auth | Why do emerging economies borrow short term? |
| title_exact_search | Why do emerging economies borrow short term? |
| title_exact_search_txtP | Why do emerging economies borrow short term? |
| title_full | Why do emerging economies borrow short term? Fernando Broner, Guido Lorenzoni, and Sergio Schmukler |
| title_fullStr | Why do emerging economies borrow short term? Fernando Broner, Guido Lorenzoni, and Sergio Schmukler |
| title_full_unstemmed | Why do emerging economies borrow short term? Fernando Broner, Guido Lorenzoni, and Sergio Schmukler |
| title_short | Why do emerging economies borrow short term? |
| title_sort | why do emerging economies borrow short term |
| topic | Debts, External Developing countries |
| topic_facet | Debts, External Developing countries |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3389 |
| work_keys_str_mv | AT bronerfernando whydoemergingeconomiesborrowshortterm AT lorenzoniguido whydoemergingeconomiesborrowshortterm AT worldbank whydoemergingeconomiesborrowshortterm |