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In: NBER macroeconomics annual, Band 31, Heft 1, S. 92-99
ISSN: 1537-2642
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In: NBER macroeconomics annual, Band 31, Heft 1, S. 92-99
ISSN: 1537-2642
In: ProQuest Ebook Central
In: NBER working paper series 16607
"We develop a model of endogenous maturity structure for financial institutions that borrow from multiple creditors. We show that a maturity rat race can occur: an individual creditor can have an incentive to shorten the maturity of his own loan to the institution, allowing him to adjust his financing terms or pull out before other creditors can. This, in turn, causes all other lenders to shorten their maturity as well, leading to excessively short-term financing. This rat race occurs when interim information is mostly about the probability of default rather than the recovery in default, and is most pronounced during volatile periods and crises. Overall, firms are exposed to unnecessary rollover risk"--National Bureau of Economic Research web site
In: NBER working paper series 10707
In: NBER Working Paper No. w14612
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In: The economic journal: the journal of the Royal Economic Society, Band 113, Heft 491, S. F665-F666
ISSN: 1468-0297
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In: Journal of Monetary Economics, Band 106, S. 27-41
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Working paper
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Working paper
In: CESifo Working Paper No. 7741
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Working paper
In: NBER Working Paper No. w25877
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