I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …

economic exchanges since they face the possibility that debt default might also spill over to hinder their non …

10% per annum, the drop in trend growth of as much as 4% is insufficient to deter reneging. Debt relief generally … improves the relative attractiveness of debt repayment. With a 10% discount rate, however, even writing off 75% of India …'s external debt fails to make debt repayment incentive-compatible. …

of change of nominal depreciation. We examine the composition of the debt as well as its level, and a variety of other …; and the level of foreign interest rates is high. A low ratio of foreign direct investment to debt is consistently …

In this Paper we focus on the question: Will the HIPC debt reduction program help in the transformation of the … development assistance business and change the rules of the ‘debt game’ in Africa? We concentrate on the donor and official … creditor side, by exploring how the growing debt of African countries, over the last two decades, has affected the provision of …

and accumulate capital to accelerate their development. Only if the windfall is large relative to initial debt is it … optimal to build a SWF. We study the intricate dynamic trade-offs faced when using the windfall to pay off debt and possibly …

state and regulators are not necessarily independent. Among other things, we show that firms invest more, issue more debt …