Financial reforms, financial openness, and corporate debt maturity: International evidence
We study how credit market deregulation and financial openness have changed corporate debt maturity. The evidence comes from a large panel of publicly traded firms in 38 countries in the post 1994 period. Reforms are measured with a comprehensive index that tracks six separate dimensions. We find th...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2015-06-01
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| Series: | Borsa Istanbul Review |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2214845014000520 |
| _version_ | 1811236683158388736 |
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| author | Şenay Ağca Gianni De Nicolò Enrica Detragiache |
| author_facet | Şenay Ağca Gianni De Nicolò Enrica Detragiache |
| author_sort | Şenay Ağca |
| collection | DOAJ |
| description | We study how credit market deregulation and financial openness have changed corporate debt maturity. The evidence comes from a large panel of publicly traded firms in 38 countries in the post 1994 period. Reforms are measured with a comprehensive index that tracks six separate dimensions. We find that these transformations have lengthened debt maturity in advanced economies as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to shorter debt maturity. The effects of financial sector reforms on debt maturity differ depending on the type of reform. |
| first_indexed | 2024-04-12T12:13:21Z |
| format | Article |
| id | doaj.art-4494872831f04a5b9e8e12e0371f1813 |
| institution | Directory Open Access Journal |
| issn | 2214-8450 |
| language | English |
| last_indexed | 2024-04-12T12:13:21Z |
| publishDate | 2015-06-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Borsa Istanbul Review |
| spelling | doaj.art-4494872831f04a5b9e8e12e0371f18132022-12-22T03:33:31ZengElsevierBorsa Istanbul Review2214-84502015-06-01152617510.1016/j.bir.2014.12.002Financial reforms, financial openness, and corporate debt maturity: International evidenceŞenay Ağca0Gianni De Nicolò1Enrica Detragiache2School of Business, George Washington University, 2201 G street NW, Funger Hall 505, Washington, DC 20052, USAInternational Monetary Fund, 700 19th Street, N.W., Washington, DC 20431, USAInternational Monetary Fund, 700 19th Street, N.W., Washington, DC 20431, USAWe study how credit market deregulation and financial openness have changed corporate debt maturity. The evidence comes from a large panel of publicly traded firms in 38 countries in the post 1994 period. Reforms are measured with a comprehensive index that tracks six separate dimensions. We find that these transformations have lengthened debt maturity in advanced economies as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to shorter debt maturity. The effects of financial sector reforms on debt maturity differ depending on the type of reform.http://www.sciencedirect.com/science/article/pii/S2214845014000520Corporate debt maturityFinancial reformsFinancial opennessInternational financial markets |
| spellingShingle | Şenay Ağca Gianni De Nicolò Enrica Detragiache Financial reforms, financial openness, and corporate debt maturity: International evidence Borsa Istanbul Review Corporate debt maturity Financial reforms Financial openness International financial markets |
| title | Financial reforms, financial openness, and corporate debt maturity: International evidence |
| title_full | Financial reforms, financial openness, and corporate debt maturity: International evidence |
| title_fullStr | Financial reforms, financial openness, and corporate debt maturity: International evidence |
| title_full_unstemmed | Financial reforms, financial openness, and corporate debt maturity: International evidence |
| title_short | Financial reforms, financial openness, and corporate debt maturity: International evidence |
| title_sort | financial reforms financial openness and corporate debt maturity international evidence |
| topic | Corporate debt maturity Financial reforms Financial openness International financial markets |
| url | http://www.sciencedirect.com/science/article/pii/S2214845014000520 |
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