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Financial Liberalization and Corporate Debt Maturity in Thailand, 1993-97

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Author Info
Federico Guerrero () (Department of Economics, University of Nevada, Reno)
Elliott Parker () (Department of Economics, University of Nevada, Reno)

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Abstract

Excessive short-term debt is thought to be one of the major causes of the Asian financial crisis, and this paper documents the changes in the maturity of corporate debt in Thailand during a period of rapid integration with international capital markets. Using data from publicly-traded Thai corporations for the period 1993-97, we find that the evidence is weak at best that financial liberalization brought about by globalization reduced the maturity of corporate debt contracts, and the evidence may in fact support an increase in maturity. This result casts some doubts on the generality of the idea that financial liberalization created the short-term debt problem.

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File URL: http://www.business.unr.edu/econ/wp/papers/UNRECONWP06001.pdf
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File Function: First version, 2006
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Paper provided by University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics in its series Working Papers with number 06-001.

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Length: 20 pages
Date of creation: Nov 2006
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Handle: RePEc:unr:wpaper:06-001

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Related research
Keywords: Globalization; financial liberalization; corporate debt maturity; Thailand;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
F39 - International Economics - - International Finance - - - Other

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  1. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July. [Downloadable!] (restricted)
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    Other versions:
  3. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02. [Downloadable!] (restricted)
    Other versions:
  4. D. Heyman & M. Deloof & H. Ooghe, 2003. "The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/197, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
    Other versions:
  5. Schmukler, Sergio L. & Vesperoni, Esteban, 2006. "Financial globalization and debt maturity in emerging economies," Journal of Development Economics, Elsevier, vol. 79(1), pages 183-207, February. [Downloadable!] (restricted)
  6. Federico Guerrero, 2006. "Early-Stage Globalization and Corporate Debt Maturity: The Case of South Korea, 1980-94," Working Papers 06-016, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics. [Downloadable!]
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    Other versions:
  9. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153. [Downloadable!] (restricted)
  10. Chen, Sheng-Syan & Ho, Kim Wai & Yeo, Gillian H H, 1999. " The Determinants of Debt Maturity: The Case of Bank Financing in Singapore," Review of Quantitative Finance and Accounting, Springer, vol. 12(4), pages 341-50, June. [Downloadable!] (restricted)
  11. Miller, Victoria, 1997. "Political Instability and Debt Maturity," Economic Inquiry, Oxford University Press, vol. 35(1), pages 12-27, January.
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  14. Geert Bekaert & Campbell R. Harvey, 2000. "Foreign Speculators and Emerging Equity Markets," Journal of Finance, American Finance Association, vol. 55(2), pages 565-613, 04. [Downloadable!] (restricted)
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  15. Sudip Datta & Mai Iskandar-Datta & Kartik Raman, 2005. "Managerial Stock Ownership and the Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 60(5), pages 2333-2350, October. [Downloadable!] (restricted)
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