Maturity, Indebtedness, and Default Risk
证明了长期债务存在向下倾斜的均衡价格函数，并发现纳入长期债务能更好地匹配阿根廷的外部债务比率、利差及其波动性，同时指出考虑展期危机时长期债务优于短期债务。
We advance quantitative-theoretic models of sovereign debt by proving the existence of a downward sloping equilibrium price function for long-term debt and implementing a novel method to accurately compute it. We show that incorporating long-term debt allows the model to match Argentina's average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads, and simultaneously improve upon the model's ability to account for Argentina's other cyclical facts. We also investigated the welfare properties of maturity length and showed that if the possibility of self-fulfilling rollover crises is taken into account, long-term debt is superior to short-term debt.