Template-type: ReDIF-Paper 1.0
Author-Name: Neven Valev 
Author-Email: nvalev@gsu.edu
Author-Homepage: http://aysps.gsu.edu/ValevN.html
Author-Workplace-Name:  International Studies Program. Andrew Young School of Policy Studies, Georgia State University
Author-Workplace-Homepage:  https://icepp.gsu.edu/
Title: Lender Heterogeneity and the Maturity of International Loans
Abstract: International capital markets are populated by heterogeneous investors. Some 
 have better facilities to evaluate foreign borrowers and are more permanent players on 
 the international scene. They are also more likely to invest longer-term. Others are more 
 occasional, smaller-scale investors, and are more prone to shorter-term financing. As a 
 country becomes more attractive for investment, the proportion of capital supplied by the
 latter type increases. Since those investors supply mostly short-term debt, the average
 maturity of loans becomes shorter. Therefore, higher levels of investment are associated 
 with shorter maturity. Data on international lending by U.S. banks lend support to that
 hypothesis. 
Keywords: heterogeneity, international loans
Length: 29 pages
Creation-Date: 2002-05-01
File-URL: http://icepp.gsu.edu/files/2015/03/ispwp0211.pdf
Handle: RePEc:ays:ispwps:paper0211