The thing here is impedance towards the power source, the less impedance, the more flash
For quick evaluation :
In many cases when not too close to the transformer, it is fair enough (and it is erring on the safe side) to assume that the distribution transformer is a zero impedance source, so the short circuit current is dictated exclusively by the low voltage cable length and gauge up to the point of short circuit
If very close to the transformer, then the transformer's own impedance becomes a significant or dominant limiting factor. The transformer impedance for distribution transformers is given as a percent impedance %Z, or as a voltage %V (they both have the same value). For the short circuit calculation purposes, Isc = 1/%Z In where In is the nominal load current (the current in the Phase conductor of the grid, not the current in some delta-connected loads)
%Z can be defined as : The transformer impedance is %Z of the impedance of a load you would normally power from this transformer (under full load)
%V can be defined as : When the transformer primary is supplied with %V of the rated voltage and secondary is dead shorted, the current (in both primary and secondary) will be same as the transformer's nominal current rating
Normal values for %Z are between 1% .. 5%. (This does not apply to small few VA transformers in appliances, those often have way higher %Z)
%Z consists of %X - The transformer's leakage inductance, and %R - The winding resistance, such that %Z = sqrt( %X^2 + %R^2 ). For virtually all distribution transformers, %X >> %R therefore you can assume %Z = %X. This does not matter much when the transformer's impedance alone is your limiting factor (when you are shorting the transfromer terminals), but if you are trying to estimate a total impedance of transformer + cable (for shorts close, but not very close to the transformer), you must add them as Zshort = sqrt( Ztransformer^2 + Rcable^2 ) and not Zshort = Ztransformer + Rcable
In some systems you do have to account for especially big motors (powered on and having mechanical momentum) powered from the grid backfeeding into the grid in case of a short, adding to potential short circuit current. Unless you actually have some such motors on the same part of the system where the short is, or at most a transformer away, most likely it's not your case
Here is a document that explains the thing very well :
http://www.cooperindustries.com/content/dam/public/bussmann/Electrical/Resources/solution-center/technical_library/BUS_Ele_Tech_Lib_Short_Circuit_Current_Calculations.pdf