Dataset
The authors 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 during these episodes the relative cost of long-term borrowing increases.
They have constructed a unique database of sovereign bond prices, returns, and issuances at different 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 the argument, the authors 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.
There are no views created for this resource yet.
Additional Information
| Field | Value |
|---|---|
| Data last updated | August 27, 2025 |
| Metadata last updated | September 18, 2025 |
| Created | August 27, 2025 |
| Format | XLS |
| License | CC-BY-4.0 |
| Datastore active | False |
| Harvest source | https://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/Why_do_Emerging_Economies_Borrow_Short_Term-Data_Series_3-6-9-12-year_spreads_Jan2012.xlsx |
| Harvest system reference | https://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/Why_do_Emerging_Economies_Borrow_Short_Term-Data_Series_3-6-9-12-year_spreads_Jan2012.xlsx |
| Has views | False |
| Id | bf648da2-bfe4-4865-8cdc-6f26ebb7977f |
| Package id | 38df71ff-5ede-49dc-a1f9-d159cfbd8ba7 |
| Position | 1 |
| Resource id | 29eb87a0-56cc-eb11-bacc-000d3a596ff0 |
| Resource type | Download |
| Resource unique id | DR0051227 |
| State | active |
| Website url | https://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/Why_do_Emerging_Economies_Borrow_Short_Term-Data_Series_3-6-9-12-year_spreads_Jan2012.xlsx |