| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20896 |
| 来源ID | Working Paper 20896 |
| The Maturity and Payment Schedule of Sovereign Debt | |
| Yan Bai; Seon Tae Kim; Gabriel P. Mihalache | |
| 发表日期 | 2015-02-09 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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 schedule. During recessions, the country prefers its payments to be more back-loaded—delaying relatively larger payments—to smooth consumption. However, such a back-loaded schedule is expensive given that later payments carry higher default risk. To reduce borrowing costs, the country optimally shortens maturity. When calibrated to the Brazilian data, the model can rationalize the observed patterns of maturity and payment schedule, as an optimal trade-off between consumption smoothing and endogenous borrowing cost. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w20896 |
| 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/578597 |
| 推荐引用方式 GB/T 7714 | Yan Bai,Seon Tae Kim,Gabriel P. Mihalache. The Maturity and Payment Schedule of Sovereign Debt. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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