This study constructs a dataset of the maturity structure of Japanese government bond for the past half century. Using … the maturity composition data at the end of each fiscal year, this study structurally estimates a canonical preferred … maturity-composition changes …

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 …