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 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 …

relies on detailed information about debt maturity and claimholders, and that uses option prices to construct risk … instead inflation is combined with financial repression that ex post extends the maturity of the debt, then the reduction in …

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 …

maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse … relation for those OECD Countries which have reached very high levels of debt. We then provide a theory of the joint movements … of debt and maturity which can explain both sets of facts. It is based on the idea that, at high levels of debt, the …

paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and … crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called …