The payment schedule of sovereign debt

Yan Bai; Seon Tae Kim; Gabriel Mihalache

doi:10.1016/j.econlet.2017.09.003

The payment schedule of sovereign debt

Yan Bai, Seon Tae Kim^*, Gabriel Mihalache

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Resum

We document cyclical fluctuations in scheduled payments of newly issued sovereign debt. During recessions, scheduled payments become more back-loaded. Our results provide direct evidence on a key parameter governing the functional form of cash flows in the long-term debt literature.

Idioma original	Anglès
Pàgines (de-a)	19-23
Nombre de pàgines	5
Revista	Economics Letters
Volum	161
DOIs	https://doi.org/10.1016/j.econlet.2017.09.003
Estat de la publicació	Publicada - de des. 2017
Publicat externament	Sí

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10.1016/j.econlet.2017.09.003

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@article{eb3571ece7c348f1b1710c7d7358adcf,

title = "The payment schedule of sovereign debt",

abstract = "We document cyclical fluctuations in scheduled payments of newly issued sovereign debt. During recessions, scheduled payments become more back-loaded. Our results provide direct evidence on a key parameter governing the functional form of cash flows in the long-term debt literature.",

keywords = "Debt management, Emerging market, Maturity, Payment schedule, Sovereign debt",

author = "Yan Bai and Kim, {Seon Tae} and Gabriel Mihalache",

note = "Publisher Copyright: {\textcopyright} 2017 Elsevier B.V.",

year = "2017",

month = dec,

doi = "10.1016/j.econlet.2017.09.003",

language = "English",

volume = "161",

pages = "19--23",

journal = "Economics Letters",

issn = "0165-1765",

publisher = "Elsevier B.V.",

}

TY - JOUR

T1 - The payment schedule of sovereign debt

AU - Bai, Yan

AU - Kim, Seon Tae

AU - Mihalache, Gabriel

PY - 2017/12

Y1 - 2017/12

N2 - We document cyclical fluctuations in scheduled payments of newly issued sovereign debt. During recessions, scheduled payments become more back-loaded. Our results provide direct evidence on a key parameter governing the functional form of cash flows in the long-term debt literature.

AB - We document cyclical fluctuations in scheduled payments of newly issued sovereign debt. During recessions, scheduled payments become more back-loaded. Our results provide direct evidence on a key parameter governing the functional form of cash flows in the long-term debt literature.

KW - Debt management

KW - Emerging market

KW - Maturity

KW - Payment schedule

KW - Sovereign debt

UR - http://www.scopus.com/inward/record.url?scp=85033569957&partnerID=8YFLogxK

U2 - 10.1016/j.econlet.2017.09.003

DO - 10.1016/j.econlet.2017.09.003

M3 - Article

AN - SCOPUS:85033569957

SN - 0165-1765

VL - 161

SP - 19

EP - 23

JO - Economics Letters

JF - Economics Letters

ER -

The payment schedule of sovereign debt

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