, reflecting the expected devaluation. Rather than selling debt at punitive rates, fiscal authorities will turn to temporary money … debt maturing during the crisis is sufficiently small - a condition that can be met by reducing the stock of public debt …

composition of public debt (i.e. rollover/sudden stop risk) than on its level per se. We also uncover significant nonlinear … effects at high levels of public debt as well as significantly negative risk premia for major reserve currencies, which enjoy …

High-debt countries may face the risk of self-fulfilling debt crises. If the public expects that in the future the … government will be unable to roll over the maturing debt, they may refuse to buy debt today and choose to hold foreign assets … confidence crisis is more likely if the average maturity of the debt is short. Conversely, a long and evenly distributed maturity …

further loans to help service the debt. Since deposits are mainly short-term and loans are long-term, the short-run demand for …

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory … argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset … changes in expected future deficits. This complete market approach to debt management is valid even when the government only …

additional intertemporal mechanism that makes taxes more volatile in order to achieve lower debt management costs. In other words …, fiscal policy is secondary to debt management. Modelling optimal policy with long term bonds is computationally demanding … of long bonds compared to one period debt. …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are …