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Early-Stage Globalization and Corporate Debt Maturity: The Case of South Korea, 1980-94

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

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Abstract

Using data from publicly traded South Korean corporations for the period 1980-94, this paper finds evidence that increases in financial liberalization that accompanied the more general process of financial globalization have significantly reduced the maturity structure of corporate debt contracts, thus lending partial empirical support to the idea that financial liberalization can be well described as “short-term pain, long-term gain”. This effect of financial liberalization on corporate debt maturity is robust to changes in econometric specification, and does not seem to be counteracted by opposing forces that tended to lengthen the maturity of corporate debt during the same period.

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File URL: http://www.business.unr.edu/econ/wp/papers/UNRECONWP06016.pdf
File Format: application/pdf
File Function: First version, 2006
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Publisher 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 06-016.

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Length: 20 pages
Date of creation: Dec 2006
Date of revision:
Handle: RePEc:unr:wpaper:06-016

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Related research
Keywords: Globalization; corporate debt maturity; South Korea;

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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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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)
  2. Ozkan, Aydin, 2002. "The Determinants of Corporate Debt Maturity: Evidence from UK Firms," Applied Financial Economics, Taylor and Francis Journals, vol. 12(1), pages 19-24, January. [Downloadable!] (restricted)
  3. 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. [Downloadable!]
    Other versions:
  4. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153. [Downloadable!] (restricted)
  5. 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!]
    Other versions:
  6. Aydin Ozkan, 2000. "An empirical analysis of corporate debt maturity structure," European Financial Management, Blackwell Publishing Ltd, vol. 6(2), pages 197-212. [Downloadable!] (restricted)
  7. 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)
    Other versions:
  8. 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:
  9. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Federico Guerrero & Elliott Parker, 2006. "Financial Liberalization and Corporate Debt Maturity in Thailand, 1993-97," Working Papers 06-001, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics. [Downloadable!]
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