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Market Access, Corporate Borrowing, and Debt Maturity

September 21, 2017

DECRG Kuala Lumpur Seminar Series

  • This seminar will present two related papers on corporate bond and syndicated loan financing and maturity in developed and developing countries during 1991-2016. The first paper studies whether firms from developing countries borrow shorter term than those from developed countries. The second paper studies how crises impact corporate debt financing and maturity. Contrary to what many expect, firms from developing countries borrow at similar maturities than those from developed ones. This is partly explained by large firms borrowing in international bond markets and by firms borrowing domestically from banks for infrastructure projects, both involving longer-term financing. During crises, the largest firms switch from the most affected markets (typically bank loans) to the less affected domestic or international markets. Consequently, overall debt maturity remains stable for those firms and for the overall countries. But smaller firms that do not switch experience shorter borrowing maturities, declining financing, and crowding out effects.

    Download the paper

  • Sergio Schmukler

    Lead Economist, Development Research Group, World Bank

    Sergio Schmukler is Lead Economist at the World Bank’s Development Research Group. His research area is international finance and international financial markets and institutions. He obtained his Ph.D. in Economics from the University of California at Berkeley in 1997, when he joined the World Bank's Young Economist and Young Professionals Programs. He currently teaches financial development at Columbia University. He is a member of the Money and Finance Research (Mo.Fi.R) group and Treasurer of the Latin America and Caribbean Economic Association (LACEA) since 2004. In recent years, he has visited the Bank for International Settlements (BIS), the Central Bank of Chile, CREI at Universitat Pompeu Fabra, the Dutch Central Bank, and the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. He has taught at the Department of Economics, University of Maryland (1999-2003), worked at the International Monetary Fund Research Department (2004-2005), was Associate Editor of the Journal of Development Economics (2001-2004), and has participated in several other editorial boards. In earlier years, he worked at the Argentine Central Bank, the US Board of Governors of the Federal Reserve System, and the Inter-American Development Bank Research Department.

EVENT DETAILS

  • WHEN: Thursday, September 21, 2017; 12:30-2:00PM
  • WHERE: World Bank Malaysia Office, Level 3, Sasana Kijang, No. 2, Jalan Dato’ Onn
  • RSVP: Kindly RSVP by Wednesday, September 20, 2017
RSVP