Excessive Dollar Debt: Financial Development and Underinsurance
Excessive Dollar Debt: Financial Development and Underinsurance
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过多的美元债务：金融发展与保险不足
DOI：
10.2139/ssrn.306360
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
A. Krishnamurthy
中科院分区：
文献类型：
--
作者：
Ricardo J. Caballero;A. Krishnamurthy
我们认为，新兴市场的金融发展有限是这些市场中美元计价外债占很大比例的一个重要因素。我们表明，当金融约束影响国内代理人之间的借贷，代理人低估保险对汇率贬值。由于当外债以本国货币而不是美元计价时，这种保险更多，这一结果意味着国内代理人选择过多的美元债务。我们还表明，有限的金融发展减少了外国贷款人进入新兴市场的动机。延迟进入加剧了保险不足的问题。
We propose that the limited financial development of emerging markets is a significant factor behind the large share of dollar-denominated external debt present in these markets. We show that when financial constraints affect borrowing and lending between domestic agents, agents undervalue insuring against an exchange rate depreciation. Since more of this insurance is present when external debt is denominated in domestic currency rather than in dollars, this result implies that domestic agents choose excessive dollar debt. We also show that limited financial development reduces the incentives for foreign lenders to enter emerging markets. The retarded entry reinforces the underinsurance problem.