productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impulse responses … precision of news allows the government to improve its debt maturity management, especially during periods of high stress in …

Sovereign debt crises involve debt restructurings characterized by a mix of face-value haircuts and maturity extensions …. The prevalence of maturity extensions has been hard to reconcile with economic theory. We develop a model of endogenous … negative maturity extensions, three factors are important in overcoming the effects of dilution and generating maturity …

renegotiation in sovereign debt restructurings. Critically, the model also endogenizes the choice of debt maturity, an essential …