TY  - BOOK
AU  - Missale,Alessandro
AU  - Blanchard,Olivier Jean
ED  - National Bureau of Economic Research.
TI  - The Debt Burden and Debt Maturity
T2  - NBER working paper series
PY  - 1991///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - December 1991; Hardcopy version available to institutional subscribers
N2  - At low and moderate levels of government debt, there appears to be little relation between the level of debt and its maturity. But at high levels of debt, a strong inverse relation emerges. We start the paper by documenting this inverse relation for those OECD Countries which have reached very high levels of debt. We then provide a theory of the joint movements of debt and maturity which can explain both sets of facts. It is based on the idea that, at high levels of debt, the government may need to decrease the maturity of the debt as debt increases, in order to maintain the credibility of its anti-inflation stance
UR  - https://www.nber.org/papers/w3944
UR  - http://dx.doi.org/10.3386/w3944
ER  -