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 …

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 characterize the values of government debt and the debt's maturity structure under which financial crises brought on … can be gradual if debt is high or the probability of a crisisis low. We also show that, while lengthening the maturity of …