WHY DO EMERGING ECONOMIES BORROW SHORT TERM?
研究发现新兴经济体借短期债务是因为它比长期债务便宜，尤其在危机期间长期借款成本更高。基于11个国家1990-2009年的债券数据，揭示了期限溢价与发行行为的关系。
We argue that one reason why emerging economies borrow short term is that it is cheaper than borrowing long term. This is especially the case during crises, as in these episodes the relative cost of long-term borrowing increases. We construct a unique database of sovereign bond prices, returns, and issuances at di¤erent maturities for 11 emerging economies from 1990 to 2009 and present a set of new stylized facts. On average, these countries pay a higher risk premium on long-term than on short-term bonds. During crises, the difference between the two risk premia increases and issuance shifts towards shorter maturities. To illustrate our argument, we present a simple model in which the maturity structure is the outcome of a risk sharing problem between an emerging economy subject to rollover crises and risk averse international investors.