Missale, Alessandro; Blanchard, Olivier J. - 2021
maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse … of debt and maturity which can explain both sets of facts. It is based on the idea that, at high levels of debt, the … government may need to decrease the maturity of the debt as debt increases, in order to maintain the credibility of its anti …
