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EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/26545
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Niepelt, Dirk | | en_US |
| dc.date.accessioned | | 2009-02-18 | | en_US |
| dc.date.accessioned | | 2009-07-28T08:48:07Z | | - |
| dc.date.available | | 2009-07-28T08:48:07Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/26545 | | - |
| dc.description.abstract | | I 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.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper 2500 | | en_US |
| dc.subject.jel | | E62 | | en_US |
| dc.subject.jel | | F34 | | en_US |
| dc.subject.jel | | H63 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Debt | | en_US |
| dc.subject.keyword | | maturity structure | | en_US |
| dc.subject.keyword | | no commitment | | en_US |
| dc.subject.keyword | | default | | en_US |
| dc.subject.stw | | Öffentliche Anleihe | | en_US |
| dc.subject.stw | | Laufzeit | | en_US |
| dc.subject.stw | | Debt Management | | en_US |
| dc.subject.stw | | Steuerpolitik | | en_US |
| dc.subject.stw | | Kreditrisiko | | en_US |
| dc.subject.stw | | Soziale Kosten | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Debt maturity without commitment | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 592002136 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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