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

maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse … of debt and maturity which can explain both sets of facts. It is based on the idea that, at high levels of debt, the … government may need to decrease the maturity of the debt as debt increases, in order to maintain the credibility of its anti …

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

-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the …

of the joint determination of the maturity and cost of external borrowing highlights the role played by self …

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 …

include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and … government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the … solve for the optimal debt maturity for Brazil as an example of a developing country and the U.S. as an example of a mature …

We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government …

We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our …