Uncertainty and international debt maturity |
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| Institution: | 1. Department of Economics, Society, Politics, University of Urbino, Italy;2. DG-Economics, European Central Bank, Frankfurt am Main, Germany;1. College of Business Administration, Florida International University, 11200 SW 8th St, Miami, FL 33199, United States;2. Hanken School of Economics, P.O. Box 479, 00101 Helsinki, Finland;3. College of Business Administration, Florida International University, 11200 SW 8th St, Miami, FL 33199, United States;1. School of Business, University of Connecticut, USA;2. Edwards School of Business, University of Saskatchewan, Canada |
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| Abstract: | This paper shows that high macroeconomic volatility, lax rule of law, and inefficient bureaucracy in foreign countries contributes to a tilt toward short-term maturity of international debt. The results are important as short-term debt has been linked to several financial crises in recent years. The paper explores factors that contribute to short-term lending. The results are obtained using data on international lending by three groups of U.S. banks: large, medium-sized, and small. The effect of uncertainty on debt maturity is particularly strong in emerging economies and for smaller banks. |
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