The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.
Default and the Maturity Structure in Sovereign Bonds
Open accessAbstract
This paper studies the maturity composition and the term structure of interest rate spreads of government debt in emerging markets. In the data, when interest rate spreads rise, debt maturity shortens and the spread on short-term bonds rises more than the spread on long-term bonds. We build a dynamic model of international borrowing with endogenous default and multiple debt maturities. Long-term debt provides a hedge against future fluctuations in spreads, whereas short-term debt is more effective at providing incentives to repay. The trade-off between these hedging and incentive benefits is quantitatively important for understanding the maturity structure in emerging markets.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*
Merton, R. C. (1974) · The Journal of Finance · doi:10.1111/j.1540-6261.1974.tb03058.x · Cited by 10,581
MYERS, S. C. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03646.x · Cited by 7,526
Managerial discretion and optimal financing policies
Stulz, R. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90011-n · Cited by 3,675
Parsimonious Modeling of Yield Curves
Nelson, C. R., & Siegel, A. F. (1987) · The Journal of Business · doi:10.1086/296409 · Cited by 2,909
Debt with Potential Repudiation: Theoretical and Empirical Analysis
Eaton, J., & Gersovitz, M. (1981) · The Review of Economic Studies · doi:10.2307/2296886 · Cited by 2,603
Modeling Term Structures of Defaultable Bonds
Duffie, D., & Singleton, K. J. (1999) · Review of Financial Studies · doi:10.1093/rfs/12.4.687 · Cited by 2,542
Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking
Diamond, D. W., & Rajan, R. G. (2001) · Journal of Political Economy · doi:10.1086/319552 · Cited by 2,002
Optimal fiscal and monetary policy in an economy without capital
Lucas, R. E., & Stokey, N. L. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90049-1 · Cited by 1,875
Metadata
- Authors
- Arellano, C., & Ramanarayanan, A.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2012-04
- Volume
- 120
- Issue
- 2
- Pages
- 187-232
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2009949201
- Cited by
- 428
- References
- 41
- FWCI
- 48.82
- Type
- journal article
- Language
- en
- Open access
- gold
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