haku: @author Velasco, A. / yhteensä: 10
viite: 4 / 10
| Tekijä: | Chang, R. Velasco, A. |
| Otsikko: | Banks, debt maturity and financial crises |
| Lehti: | Journal of International Economics
2000 : JUN, VOL. 51:1, p. 169-194 |
| Asiasana: | Economic theory International Banking Assets Debt Crises Management Models |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a model in which the maturity of external debt of banks, their level of international reserves and a term structure of interest rates are jointly determined. Self-fulfilling runs may occur, and banks take this possibility into account when choosing the structure of their assets and liabilities. If the probability of a run is sufficiently small, banks will deliberately choose an illiquid asset-liability position and expose themselves to a run. In that case, short-term debt will be cheaper than long-term debt, and the maturity structure of foreign debt will depend on attitudes toward risk. |
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