Maturity mismatches

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  • The authors of this Geneva Report on the World Economy are predominantly macroeconomists. In our view macro-economic analysis and insight has, in the past, been insufficiently applied to the design of financial regulation. The purpose of this paper is to help rectify that lacuna.

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  • Financial development is important for fostering economic growth and stability. This is a feature of the development process that has been extensively documented in the literatures (see Levine). 1 One of key components in this process is capital market development. For example, deepening the long-term local bond market facilitates the reduction of currency and maturity mismatches on corporations’ balance sheets. This also creates alternatives to bank financing that can support efficiency and stability.

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  • Since the 1997 Asian financial crisis, bond market development has become a high priority for Asian policymakers. The development of local currency bond markets has often been seen as a way to avoid crisis, with these markets helping reduce potential currency and maturity mismatches in the economy. Indeed, several Asian economies have succeeded in developing fairly active primary and secondary markets in domestic government bonds.

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  • In section 1 the developments of the mortgage markets have already been extensively discussed. In this section attention is being drawn to the well-known fact of maturity mismatches. The mortgage product requires a risk commitment from one bank, non-bank or another for nearly always 25 years or longer. Banks and building societies in the U.K., as elsewhere, do not have funds available which are committed for 25 years, not even their own equity resources as recent banking losses have shown. Individual households are generally unable to repay their mortgages any faster.

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