The Relation between Corporate and Government Debt Maturity in Europe
研究欧洲企业如何根据国内外政府债务期限的变动调整自身债务期限，发现市场整合程度影响这种调整，对政府利用债务期限作为政策工具有启示。
This article investigates the gap-filling explanation for corporate debt maturity choices in a multi-country setting. We argue that companies adjust their debt maturity in response to shocks in government debt maturity both at home and abroad; the difference between the two effects depends on the markets’ relative size and level of integration. Focusing on the European case and treating the Economic and Monetary Union as a shock in market integration, we find strong empirical support for our predictions. Our results have relevant implications for the opportunity for individual governments to use their debt maturity structure as a policy tool.