government may need to decrease the maturity of the debt as debt increases, in order to maintain the credibility of its anti-inflation … 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 …

This paper studies the maturity and stream of payments of sovereign debt. Using Bloomberg bond data for eleven emerging … economies, we document that countries react to crises by issuing debt with shortened maturity but back-load payment schedules …. To account for this pattern, we develop a sovereign default model with an endogenous choice of debt maturity and payment …

maturity in the event of crises, and show that both necessarily improve ex ante welfare if they do not decrease expected …

maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are … generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in …--effects that we also confirm empirically in a panel of OECD countries. Moreover, under the optimal maturity structure, catering to …

instead inflation is combined with financial repression that ex post extends the maturity of the debt, then the reduction in …-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that … relies on detailed information about debt maturity and claimholders, and that uses option prices to construct risk …

economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is … a developing country that uses inflation tax and external borrowing as the residual means for fiscal financing. The … model predicts a convex dependency of inflation on output, where inflation skewness depends positively on inflation …

macroeconomic targets, such as output growth and the rate of inflation. The model centers around the government budget constraint … and can be used to either derive the financeable deficit given inflation targets, or to derive an equilibrium inflation … require more financing than is compatible with sustainable external and internal borrowing, and existing targets for inflation …