The payment schedule of sovereign debt
Seon Tae Kim and
Gabriel Mihalache ()
Economics Letters, 2017, vol. 161, issue C, 19-23
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: Sovereign debt; Debt management; Maturity; Payment schedule; Emerging market (search for similar items in EconPapers)
JEL-codes: E32 F34 G15 H63 (search for similar items in EconPapers)
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Working Paper: The Payment Schedule of Sovereign Debt (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:161:y:2017:i:c:p:19-23
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