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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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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 …
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We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...
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