Financial Liberalization and Corporate Debt Maturity in Thailand, 1993-97
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.
|Date of creation:||Nov 2006|
|Date of revision:|
|Contact details of provider:|| Postal: Mail Stop 030, Reno, NV 89557-0207|
Phone: (775) 784-6450
Fax: (775) 784-4728
Web page: http://www.business.unr.edu/econ/
More information through EDIRC
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.:
- Geert Bekaert & Campbell R. Harvey, 1997.
"Foreign Speculators and Emerging Equity Markets,"
NBER Working Papers
6312, National Bureau of Economic Research, Inc.
- Sergio L. Schmukler & Esteban Vesperoni, 2001.
"Globalization and Firms' Financing Choices; Evidence From Emerging Economies,"
IMF Working Papers
01/95, International Monetary Fund.
- 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.
- Schmukler, Sergio & Versperoni, Esteban, 2000. "Globalization and firms'financing choices - evidence from emerging economies," Policy Research Working Paper Series 2323, The World Bank.
- Isard,Peter, 2005. "Globalization and the International Financial System," Cambridge Books, Cambridge University Press, number 9780521605076, October.
- Laurence Booth, 2001.
"Capital Structures in Developing Countries,"
Journal of Finance,
American Finance Association, vol. 56(1), pages 87-130, 02.
- 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.
- 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.
- Isard,Peter, 2005. "Globalization and the International Financial System," Cambridge Books, Cambridge University Press, number 9780521843898, October.
- Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153.
- 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.
- 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.
- Aydin Ozkan, 2000. "An empirical analysis of corporate debt maturity structure," European Financial Management, European Financial Management Association, vol. 6(2), pages 197-212.
- 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.
- Graciela Kaminsky & Sergio Schmukler, 2003.
"Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization,"
NBER Working Papers
9787, National Bureau of Economic Research, Inc.
- Sergio L. Schmukler & Graciela Laura Kaminsky, 2003. "Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization," IMF Working Papers 03/34, International Monetary Fund.
- 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.
- Miller, Victoria, 1997. "Political Instability and Debt Maturity," Economic Inquiry, Western Economic Association International, vol. 35(1), pages 12-27, January.
- 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.
- 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.
- 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.
- 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.
- Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
When requesting a correction, please mention this item's handle: RePEc:unr:wpaper:06-001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mehmet Tosun)
If references are entirely missing, you can add them using this form.