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Debt Maturity and the Use of Short-term Debt: Evidence from Sovereigns and Firms

Debt Maturity and the Use of Short-term Debt: Evidence from Sovereigns and Firms »

Source: Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms

Volume/Issue: 2019/3

Series: Departmental Papers / Policy Papers

Author(s): Sophia Chen , Paola Ganum , Lucy Qian Liu , Leonardo Martinez , and Maria Martinez Peria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

ISBN: 9781484380536

Keywords: Sovereign debt, Corporate debt, Debt Maturity; Short-term Debt

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is as...

Spain

Spain »

Source: Spain : Unemployment, Debt Management, and Interest Rate Differentials

Volume/Issue: 1995/107

Series: IMF Working Papers

Author(s): Gustavo Cañonero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

ISBN: 9781451946819

Keywords: exchange rate, debt management, debt maturity, currency risk, public debt

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

Dollarization and Maturity Structure of Public Securities

Dollarization and Maturity Structure of Public Securities »

Source: Dollarization and Maturity Structure of Public Securities : The Experience of Bolivia

Volume/Issue: 2008/157

Series: IMF Working Papers

Author(s): Esteban Vesperoni , and Walter Orellana R.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870152

Keywords: debt profiles, maturity structure, currency composition, bonds, central bank, domestic currency, domestic debt, public debt,

The public debt profile has improved in Bolivia in recent years, with regard to both the maturity structure and the currency composition. This paper analyzes changes in the public debt profile in Bolivia since 2000...

Management of the Nominal Public Debt Theory and Applications

Management of the Nominal Public Debt Theory and Applications »

Source: Management of the Nominal Public Debt Theory and Applications

Volume/Issue: 1990/115

Series: IMF Working Papers

Author(s): Pablo Guidotti , and Guillermo Calvo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1990

ISBN: 9781451942798

Keywords: public debt, debt maturity, government expenditure, government debt, increase in government expenditure

Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is non—indexed, policy—makers are tempted to use inflation in...

Debt Maturity, Risk, and Asymmetric Information

Debt Maturity, Risk, and Asymmetric Information »

Source: Debt Maturity, Risk, and Asymmetric Information

Volume/Issue: 2005/201

Series: IMF Working Papers

Author(s): Marco Espinosa-Vega , Allen Berger , Nathan Miller , and W. Scott Frame

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

ISBN: 9781451862201

Keywords: Debt maturity, risk, asymmetric information, credit scoring, short-term debt, long-term debt, predictions, samples,

We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of information...

Government Debt in Emerging Market Countries

Government Debt in Emerging Market Countries »

Source: Government Debt in Emerging Market Countries : A New Data Set

Volume/Issue: 2006/98

Series: IMF Working Papers

Author(s): Anastasia Guscina , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2006

ISBN: 9781451863581

Keywords: Debt Maturity, inflation, government debt, international debt, currency debt, International Lending and Debt Problems, Financial Aspects of Economic Integration,

This paper presents a new database on government debt in 19 emerging market countries since 1980. The data set focuses on the structure of debt in terms of jurisdiction of insurance, maturity, currency composition...

Debt Maturity

Debt Maturity »

Source: Debt Maturity : Does It Matter for Fiscal Space?

Volume/Issue: 2015/257

Series: IMF Working Papers

Author(s): Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

ISBN: 9781513511931

Keywords: Debt sustainability, Fiscal policy, Public debt, Econometric models, Fiscal space, Sovereign debt defaults, sovereign default, debt maturity, debt limit, Deficit

This paper examines how debt maturity affects the debt limit, defined as the maximum amount of debt a government can afford without defaulting. We develop a model where investors are risk neutral, the primary balan...

Financial Reforms, Financial Openness, and Corporate Borrowing

Financial Reforms, Financial Openness, and Corporate Borrowing »

Source: Financial Reforms, Financial Openness, and Corporate Borrowing : International Evidence

Volume/Issue: 2007/186

Series: IMF Working Papers

Author(s): Enrica Detragiache , Gianni De Nicolo , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867503

Keywords: Corporate leverage, debt maturity, financial reforms, financial openness, international financial markets, financial liberalization, bond, bond rating,

We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the perio...

Sovereign Bond Prices, Haircuts and Maturity

Sovereign Bond Prices, Haircuts and Maturity »

Source: Sovereign Bond Prices, Haircuts and Maturity

Volume/Issue: 2017/119

Series: IMF Working Papers

Author(s): Tamon Asonuma , Dirk Niepelt , and Romain Ranciere

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

ISBN: 9781484301098

Keywords: Sovereign Debt; Default; Debt Restructuring; Bond Prices; Haircuts; Maturity; Default Probability, Sovereign Debt, Default, Debt Restructuring, Bond Prices, Haircuts, Maturity, Default Probability, International Lending and Debt Problems, Open Economy Macroeconomics

Rejecting a common assumption in the sovereign debt literature, we document that creditor losses ('haircuts') during sovereign restructuring episodes are asymmetric across debt instruments. We code a comprehensive...

Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes

Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes »

Source: Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes : Evidence From Thailand

Volume/Issue: 2007/11

Series: IMF Working Papers

Author(s): Hanan Morsy , Maria Pia Iannariello , and Akiko Terada-Hagiwara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865752

Keywords: Firm fixed asset, Short-term debt maturity structure, Asia financial crisis, fixed assets, debt maturity, short-term debt, debt obligations, current account, Open Economy Macroeconomics, Corporate Finance And Governance,

This paper studies the detrimental effect of sudden stops on the growth of Thai firms' fixed assets. We focus on the fixed assets adjustment that firms undertake at times of financial constraints. We derive our res...