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

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 …

effect, while maturity extensions that increase only liquidity have large effects. Our results suggest that liquidity drives …

the roles played by volatility, illiquidity and debt maturity in driving debt runs, as well as on firms' capital adequacy …

reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating …

heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our …. This relative decline in investment is statistically significant and economically large, representing approximately one … credit supply shocks on corporate policies. For example, in the absence of a credit shock ("normal times"), the maturity …

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 …