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 …

this field of research is, how the time to maturity of loans affects the portfolio credit risk. In practice there is common … agreement that credit risk rises with the maturity of a loan, but only few solutions considering different maturities are … discussed. We present two new approaches, how to cope with the problem of the maturity in the Vasicek-model. We focus on the …