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Debt Maturity and the Global Financial Architecture

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Jeanne, Olivier

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Abstract

The paper starts from the premise that the debate on the ‘new architecture’ of the international financial system should be based on a theory that endogenizes the structure of countries' external liabilities. I present a model in which the maturity of a country's external sovereign debt is the solution to an incentives problem, which may lead to reliance on short-term debt and vulnerability to runs. I study, in the context of this model, the welfare effects of an international lender of last resort, measures aimed at coordinating creditors in crises, and a tax on short-term capital flows. These measures may increase or decrease global welfare, and always leave it strictly below the first-best level.

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Publisher Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2520.

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Date of creation: Aug 2000
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Handle: RePEc:cpr:ceprdp:2520

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Related research
Keywords: Capital Controls; Debt Maturity; International Debt; Lending In Last Resort; Liquidity Crises;

Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems

Cited by:
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  1. Uluc Aysun, 2006. "Capital Flows, Maturity Mismatches and Profitability in Emerging Markets: Evidence from Bank Level Data," Working papers 2006-29, University of Connecticut, Department of Economics, revised Oct 2007. [Downloadable!]
  2. Enisse Kharroubi, 2004. "Liquidity, volatility and growth," DELTA Working Papers 2004-26, DELTA (Ecole normale supérieure). [Downloadable!]
  3. Winfried Koeniger & Matthieu Bussiere & Marcel Fratzscher, 2004. "Currency Mismatch, Uncertainty and Debt Structure," Econometric Society 2004 North American Summer Meetings 181, Econometric Society. [Downloadable!]
  4. Marcos Chamon, 2004. "Can Debt Crises Be Self-Fulfilling?," IMF Working Papers 04/99, International Monetary Fund. [Downloadable!]
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  5. Paolo Manasse & Nouriel Roubini, 2005. "'Rules of Thumb' for Sovereign Debt Crises," International Finance 0509003, EconWPA. [Downloadable!]
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  6. Matthieu Bussière & Marcel Fratzscher & Winfried Koeniger, 2004. "Currency mismatch, uncertainty and debt maturity structure," Working Paper Series 409, European Central Bank. [Downloadable!]
  7. Olivier Jeanne & Charles Wyplosz, 2001. "The International Lender of Last Resort: How Large is Large Enough?," NBER Working Papers 8381, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2003. "Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors," CEPR Discussion Papers 3789, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Broner, Fernando A. & Lorenzoni, Guido & Schmukler, Sergio L., 2004. "Why do emerging economies borrow short term?," Policy Research Working Paper Series 3389, The World Bank. [Downloadable!]
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  10. Kharroubi, E., 2006. "Illiquidity, Financial Development and the Growth-Volatility Relationship Illiquidity, Financial Development and the Growth-Volatility Relationship," Documents de Travail 139, Banque de France. [Downloadable!]
  11. Eswar S. Prasad & Raghuram Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," NBER Working Papers 14051, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. de la Torre, Augusto & Schmukler & Sergio L., 2004. "Coping with risk through mismatches : domestic and international financial contracts for emerging economies," Policy Research Working Paper Series 3212, The World Bank. [Downloadable!]
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  13. Enrica Detragiache & Antonio Spilimbergo, 2001. "Crises and Liquidity - Evidence and Interpretation," IMF Working Papers 01/2, International Monetary Fund. [Downloadable!]
  14. Sergio Schmukler & Esteban Vesperoni, 2001. "Globalization and Firms' Financing Choices: Evidence from Emerging Economies," William Davidson Institute Working Papers Series 388, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  15. Mark M. Spiegel, 2001. "Solvency runs, sunspot runs, and international bailouts," Working Papers in Applied Economic Theory 2001-05, Federal Reserve Bank of San Francisco. [Downloadable!]
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  16. Eduardo Levy Yeyati, 2005. "Financial Dollarisation: Evaluating The Consequences," Business School Working Papers findollarisation, Universidad Torcuato Di Tella. [Downloadable!]
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  17. Hector Butts, 2009. "Short Term External Debt and Economic Growth—Granger Causality: Evidence from Latin America and the Caribbean," The Review of Black Political Economy, Springer, vol. 36(2), pages 93-111, June. [Downloadable!] (restricted)
  18. Enisse Kharroubi, 2004. "Macroeconomic Volatility and endogenous debt maturity choice," Money Macro and Finance (MMF) Research Group Conference 2004 22, Money Macro and Finance Research Group. [Downloadable!]
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