enhance both domestic currency bond markets and increase countries’ ability to issue foreign currency bonds, while they raise …The development of government bond markets and, in particular, their currency composition have recently received much … composition of government bond markets for a panel of developed and developing countries. We find that countries with larger …

including global equities, global bonds, commodities, US Treasuries, credit, and options. This predictability rejects a …

We show how to model portfolio models in the presence of long bonds. Specifically we study optimal fiscal policy under … incomplete markets where the government issues bonds of maturity N > 1. Assuming the existence of long bonds introduces an …, fiscal policy is secondary to debt management. Modelling optimal policy with long term bonds is computationally demanding …

-averse than log, then an increase in the long-horizon clientele raises the price and optimal supply of long-term bonds … clienteles is limited and long-term bonds earn negative expected excess returns. …

issues non-contingent bonds. A number of authors conclude from this approach that governments should issue long term debt and … recommendations. This is because bonds at different maturities have highly correlated returns, causing the determination of the … the specification of shocks or small variations in the maturity of bonds issued. We further extend the literature by …