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Do governments strategically choose debt maturity to fill supply gaps across maturities? Building on a new panel data …-year LTRO in 2011-2012 as an event study, I find that core governments filled the supply gap of longer maturity debt, which …
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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 …
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We develop a model with financial frictions and sovereign default risk where the maturity of public debt is allowed to … crisis depend on the average maturity of the debt portfolio …
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maturity in the event of crises, and show that both necessarily improve ex ante welfare if they do not decrease expected …
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