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Short-run pain, long-run gain : the effects of financial liberalization

Kaminsky, Graciela L.; Schmukler, Sergio L. - 2003

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Capital inflows, equity issuance activity, and corporate investment

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Why do emerging economies borrow short term?

Broner, Fernando; Lorenzoni, Guido; Schmukler, Sergio L. - 2007

We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing long-term debt, the...