This paper studies the maturity and stream of payments of sovereign debt. Using Bloomberg bond data for eleven emerging … economies, we document that countries react to crises by issuing debt with shortened maturity but back-load payment schedules …. To account for this pattern, we develop a sovereign default model with an endogenous choice of debt maturity and payment …

maturity in the event of crises, and show that both necessarily improve ex ante welfare if they do not decrease expected …

maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are … generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in …--effects that we also confirm empirically in a panel of OECD countries. Moreover, under the optimal maturity structure, catering to …

This paper develops a model of optimal government debt maturity in which the government cannot issue state … expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post. In contrast, a flat maturity … policy distortions. We show that the optimal time-consistent maturity structure is nearly flat because reducing average …

We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for …-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates …

. Standard models impose precise internal consistency conditions on the joint behavior of long and short maturity claims and … these are strongly rejected in the data. In particular, long maturity prices are significantly more variable than justified …

liquidity, which depends on both the firm fundamental and the time-to-maturity of the bond. Corporate default decisions interact … premium and default premium for credit spreads, we also study the optimal maturity implied by the model based on the tradeoff …

-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt … liquidity costs changing over the business cycle, our calibrated model implies that debt maturity is pro-cyclical, firms with … high systematic risk favor longer debt maturity, and that these firms will have more stable maturity structures over the …