Rollover Risk and Credit Risk
---- Acknowledgements ----
An earlier draft of this paper was circulated under the title "Liquidity and Short-term Debt Crises". We thank Long Chen, Douglas Diamond, Jennifer Huang, Erwan Morellec, Raghu Rajan, Andrew Robinson, Xing Zhou and seminar participants at Boston University, NBER Market Microstructure Meeting, Rutgers University, Swiss Finance Institute, Washington University, and University of Chicago for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.