| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22847 |
| 来源ID | Working Paper 22847 |
| Take the Short Route: Equilibrium Default and Debt Maturity | |
| Mark Aguiar; Manuel Amador; Hugo Hopenhayn; Iván Werning | |
| 发表日期 | 2016-11-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for repayment as well as future debt issuances. Our main finding is that under a wide range of conditions the sovereign should, as long as default is not preferable, remain passive in long-term bond markets, making payments and retiring long-term bonds as they mature but never actively issuing or buying back such bonds. The only active debt-management margin is the short-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates losses, as bond prices move against the sovereign. Our results hold regardless of the shape of the yield curve. The yield curve captures the average costs of financing at different maturities but is misleading regarding the marginal costs. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22847 |
| 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/580521 |
| 推荐引用方式 GB/T 7714 | Mark Aguiar,Manuel Amador,Hugo Hopenhayn,et al. Take the Short Route: Equilibrium Default and Debt Maturity. 2016. |
| 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 | ||
| w22847.pdf（645KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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