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

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  • Federico Guerrero

    ()
    (Department of Economics, University of Nevada, Reno)

  • Elliott Parker

    ()
    (Department of Economics, University of Nevada, Reno)

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
File Function: First version, 2006
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Bibliographic Info

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
Date of revision:
Handle: RePEc:unr:wpaper:06-001

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

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  1. 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.
  2. 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.
  3. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," The Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July.
  4. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June.
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  6. Kaminsky, Graciela Laura & Schmukler, Sergio L., 2002. "Short-run pain, long-run gain : the effects of financial liberalization," Policy Research Working Paper Series 2912, The World Bank.
  7. Geert Bekaert & Campbell R. Harvey, 1997. "Foreign Speculators and Emerging Equity Markets," William Davidson Institute Working Papers Series 79, William Davidson Institute at the University of Michigan.
  8. Aydin Ozkan, 2000. "An empirical analysis of corporate debt maturity structure," European Financial Management, European Financial Management Association, vol. 6(2), pages 197-212.
  9. Schmukler, Sergio & Versperoni, Esteban, 2000. "Globalization and firms'financing choices - evidence from emerging economies," Policy Research Working Paper Series 2323, The World Bank.
  10. 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.
  11. Isard,Peter, 2005. "Globalization and the International Financial System," Cambridge Books, Cambridge University Press, number 9780521605076, April.
  12. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
  13. 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.
  14. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153.
  15. Aydin Ozkan, 2002. "The determinants of corporate debt maturity: evidence from UK firms," Applied Financial Economics, Taylor & Francis Journals, vol. 12(1), pages 19-24.
  16. Isard,Peter, 2005. "Globalization and the International Financial System," Cambridge Books, Cambridge University Press, number 9780521843898, April.
  17. Miller, Victoria, 1997. "Political Instability and Debt Maturity," Economic Inquiry, Western Economic Association International, vol. 35(1), pages 12-27, January.
  18. Sergio L. Schmukler & Esteban Vesperoni, 2001. "Globalization and Firms' Financing Choices," IMF Working Papers 01/95, International Monetary Fund.
  19. Dries Heyman & Marc Deloof & Hubert Ooghe, 2003. "The debt-maturity structure of small firms in a creditor-oriented environment," Vlerick Leuven Gent Management School Working Paper Series 2003-24, Vlerick Leuven Gent Management School.
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