全球智库信息集成服务系统(G2TT): Debt Maturity: Is Long-Term Debt Optimal?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13119
来源ID	Working Paper 13119
	Debt Maturity: Is Long-Term Debt Optimal?
	Laura Alfaro; Fabio Kanczuk
发表日期	2007-05-24
出版年	2007
语种	英语
摘要	We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve for the optimal debt maturity for Brazil as an example of a developing country and the U.S. as an example of a mature economy. We obtain that the calibrated costs from defaulting on long-term debt more than offset costs associated with short-term debt. Therefore, short-term debt implies higher welfare levels.
主题	Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w13119
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/570787
推荐引用方式 GB/T 7714	Laura Alfaro,Fabio Kanczuk. Debt Maturity: Is Long-Term Debt Optimal?. 2007.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w13119.pdf（260KB）	智库出版物		限制开放	CC BY-NC-SA	浏览