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The payment schedule of sovereign debt

Yan Bai, Seon Tae Kim and Gabriel Mihalache ()

Economics Letters, 2017, vol. 161, issue C, 19-23

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: 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)
Date: 2017
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DOI: 10.1016/j.econlet.2017.09.003

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