Determinants of short-term debt: a note |
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Affiliation: | 1. Department of Accounting and Finance, College of Business, University of Wyoming, Laramie, WY, USA;2. Department of Finance and Business Law, James Madison University, USA;1. Mike Ilitch School of Business, Wayne State University, Detroit, MI 48202, United States;2. Penn State University Lehigh Valley, Center Valley, PA 18034, United States |
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Abstract: | Although various measures to lengthen the maturity of foreign debt are being discussed, there is relatively little evidence on the determinants of short-term debt. This paper briefly reviews the theoretical literature and discusses a stylized model which stresses the role of short-term debt under conditions of uncertainty. We then complement earlier empirical work by Rodrik and Velasco. Using a new dataset, we find that the determinants of short-term bank lending do not differ significantly between developed and developing countries. The level of economic development and the share of loans to banks are found to have a positive, OECD membership to have a negative impact on the share of short-term loans. |
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