-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by …I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped …I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped …I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

In Greece and other countries of the eurozone there are a number of misconceptions about the debt crisis. I argue … against seven of such misconceptions (or, myths) about the effects of default, the primary cause of the crisis, the likely …/ECB/IMF troika, and others. Default and exit from the eurozone appears to be the most viable alternative in the long run; such a move …

-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by …I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

the gains from default induced redistribution against the cost of defaulting. Ex ante, the government issues debt of …I analyze how lack of commitment affects the maturity structure of sovereign debt. Ex post, the government trades off … of government assets (tax collections) and liabilities (debt redemption) and avoids dilution as well as debt rollovers …

-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by …I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently … yields 1.20 Euro per year. I tell the story of this unique debt, which serves as an anecdotal but symbolic summary of French …

Sovereign debt restructurings can be implemented preemptively - prior to a payment default. We code a comprehensive new … sovereign debt model that incorporates preemptive and post-default renegotiations. The model improves the fit with the data and … explains the sovereign’s optimal choice: preemptive restructurings occur when default risk is high ex-ante, while defaults …

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of offcial funds increases the probability of default on existing debt …, such as reduced ex-post flexibility. The model implies that official lending to sovereigns takes place in times of debt …