NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why Do Emerging Economies Borrow Short Term?

Fernando A. Broner, Guido Lorenzoni, Sergio L. Schmukler

NBER Working Paper No. 13076
Issued in May 2007

---- Acknowledgements -----

We are grateful to Marina Halac, Tatiana Didier, Juan Carlos Gozzi Valdez, and Lishan Shi for superb research assistance. For valuable comments, we thank Mark Aguiar, Ricardo Caballero, Olivier Jeanne, Roberto Rigobon, Jaume Ventura, Jeromin Zettelmeyer, and participants at presentations held at the AEA Meetings (Washington, DC), the Conference on Sovereign Debt at the Dallas Fed, CREI-Universitat Pompeu Fabra, George Washington University, the Inter-American Development Bank, the IMF Annual Research Conference, the LACEA Meetings (Madrid and Puebla), MIT, the NBER Summer Institute, the SED Meetings (Vancouver), and the XII Finance Forum (Barcelona). For financial support, we thank the World Bank Latin American and Caribbean Research Studies Program and Research Support Budget and the IMF Research Department. Broner thanks the Spanish Ministry of Education and Sciences (grant SEJ2005-01126), the Generalitat de Catalunya (DURSI, SGR2005 0049), and CREA-Barcelona Economics. This paper was finished while Schmukler was visiting the IMF Research Department. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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