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The Payment Schedule of Sovereign Debt

Yan Bai, Seon Tae Kim and Gabriel Mihalache ()

Department of Economics Working Papers from Stony Brook University, Department of Economics

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.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:nys:sunysb:17-09

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