Lender Heterogeneity and the Maturity of International Loans

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Lender Heterogeneity and the Maturity of International Loans

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Neven Valev () (International Studies Program. Andrew Young School of Policy Studies, Georgia State University)

Abstract

International capital markets are populated by heterogeneous investors. Some have better facilities to evaluate foreign borrowers and are more permanent players on the international scene. They are also more likely to invest longer-term. Others are more occasional, smaller-scale investors, and are more prone to shorter-term financing. As a country becomes more attractive for investment, the proportion of capital supplied by the latter type increases. Since those investors supply mostly short-term debt, the average maturity of loans becomes shorter. Therefore, higher levels of investment are associated with shorter maturity. Data on international lending by U.S. banks lend support to that hypothesis.

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Paper provided by International Studies Program, Andrew Young School of Policy Studies, Georgia State University in its series International Studies Program Working Paper Series, at AYSPS, GSU with number paper0211.

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Length: 29 pages
Date of creation: 01 May 2002
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Handle: RePEc:ays:ispwps:paper0211

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NEP-ALL-2003-10-20 (All new papers)
NEP-RMG-2003-10-20 (Risk Management)

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Other versions:
- Douglas W. Diamond & Raghuram G. Rajan, . "Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications."," CRSP working papers 518, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Diamond, Douglas W. & Rajan, Raghuram G., 2001. "Banks, short-term debt and financial crises: theory, policy implications and applications," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 37-71, June. [Downloadable!] (restricted)
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Other versions:
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- King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank. [Downloadable!]
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