An Empirical Analysis of the Maturity of Debt Supply in Uruguay

Miguel Mello Costa ()

No 2018005, Documentos de trabajo from Banco Central del Uruguay

Abstract: The present work carries out an analysis of the credit operations from 2005 to 2017 of all the financial institutions that report to the Central Bank of Uruguay, except the Banco Hipotecario del Uruguay, in order to understand the characteristics of the financing offer focused on the maturity of the credits. The investigation allows to distinguish by credit term and cost the preferred operation to finance longer maturity investments. Depreciable loans and leasing in indexed units arise as the preferred instruments for longer loans. Models were controlled by fixed effects in order to explain the term of credit operations concluding that a marginal increase in the interest rate reduces the duration of the credit and in turn the size of the debt is positively correlated with the maturity term.

Keywords: Financial structure; leverage; indebtedness; panel data; corporate finance; Estructura financiera; duración del crédito; endeudamiento; apalancamiento; datos de panel; tasas de interés (search for similar items in EconPapers)
JEL-codes: G30 G32 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:bku:doctra:2018005

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