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 by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …

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 … by revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an …

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 … by revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an …

This article reviews the origin and spread of the distressed debt problem in the transition region. We argue that while … the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects … home-grown vulnerabilities. As in the West, the root causes of the debt problem were abundant and cheap funding and a …

In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

This paper reviews the patterns of sectoral debts and growth and the mechanisms explaining the adverse effects of debt … growth is more sensitive to rising household debt than corporate debt. However, these effects are highly heterogenous across …