I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped … interior maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high …

for all participating nations which is Pareto improving. Since collateral requirements are calculated on individual risk …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …

decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral …

some collateral requirement for financial assets; second, information among players about the structure of uncertainty is …