Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/251869 
Autor:innen: 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 23/2020
Versionsangabe: 
This version: April 8, 2022
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
Capital inflow surges destabilise the economy through a maturity shortening mechanism. The underlying reason is that firms have incentives to redeem their debt on demand to accommodate the potential liquidity needs of global investors, which makes international borrowing endogenously fragile. Based on a theoretical model and empirical evidence at both the firm and macro levels, our main findings are twofold. First, a significant association exists between surges and shortened corporate debt maturity, especially for firms with foreign bank relationships and higher redeployability. Second, the probability of a crisis following surges with a flattened yield curve is significantly higher than that following surges without one. Our study suggests that debt maturity is the key to understand the financial instability consequences of capital inflow bonanzas.
Schlagwörter: 
capital inflow surges
corporate maturity structure
systemic financial crisis
term structure
JEL: 
F32
F34
F38
F65
G32
Dokumentart: 
Working Paper

Datei(en):
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