In an economy in which debt obligations are fixed in nominal terms, but there are otherwise no nominal rigidities, a …

business cycle co-movement while credit market integration (debt) has a positive effect. We then construct a model that can …

Breaches in intercreditor equity are common ground during sovereign debt restructurings. In this paper I explore … residence-based breaches by studying patterns of discrimination between residents and foreign creditors during debt … of its domestic and its external debt. In the model, the basic trade-off facing the authorities is to default on external …

from the International Monetary Fund. I first present a model of sovereign debt issuance at various maturities featuring … IMF lending during debt crises on the sovereign's optimal maturity structure. Within the model, although IMF assistance is … able to catalyse private flows, this provides incentives for government to issue larger amounts of short-term debt, making …

This paper studies the maturity composition and the term structure of interest rate spreads of government debt in … emerging markets. We document that in Argentina, Brazil, Mexico, and Russia, when interest rate spreads rise, debt maturity … model of international borrowing with endogenous default and multiple maturities of debt. Short-term debt can deliver higher …

We examine the effects of foreign currency-indexed debt upon inflationary expectations in Brazil and Mexico …. Conjecturing that markets will view increasing overhangs of foreign currency-indexed debt as a commitment technology that fiscally … results are consistent with the notion that increasing the share of dollar indexed debt may also permit some temporary …