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dc.contributor.authorNiepelt, Dirken_US
dc.date.accessioned2009-02-18en_US
dc.date.accessioned2009-07-28T08:48:07Z-
dc.date.available2009-07-28T08:48:07Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26545-
dc.description.abstractI analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long-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 maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high, output low, or a cross default more likely. These predictions are consistent with empirical evidence.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2500en_US
dc.subject.jelE62en_US
dc.subject.jelF34en_US
dc.subject.jelH63en_US
dc.subject.ddc330en_US
dc.subject.keywordDebten_US
dc.subject.keywordmaturity structureen_US
dc.subject.keywordno commitmenten_US
dc.subject.keyworddefaulten_US
dc.subject.stwÖffentliche Anleiheen_US
dc.subject.stwLaufzeiten_US
dc.subject.stwDebt Managementen_US
dc.subject.stwSteuerpolitiken_US
dc.subject.stwKreditrisikoen_US
dc.subject.stwSoziale Kostenen_US
dc.subject.stwTheorieen_US
dc.titleDebt maturity without commitmenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn592002136en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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