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American Economic Review: Vol. 99 No. 5 (December 2009)
AER Volume. 99, Issue 5 | 
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Debt Maturity and the International Financial Architecture
Article Citation
Jeanne, Olivier. 2009. "Debt Maturity and the International Financial Architecture."
American Economic Review,
99(5): 2135-48.
DOI: 10.1257/aer.99.5.2135
DOI: 10.1257/aer.99.5.2135
Abstract
This paper presents a theory of the maturity of international sovereign debt, and derives its implications for the reform of the international financial architecture. The analysis is based on a model in which the need to roll over external debt disciplines the policies of debtor countries, but makes them vulnerable to unwarranted debt crises due to bad shocks. The paper presents a welfare analysis of several measures that have been discussed in recent debates, such as international lending-in-last-resort or the establishment of a mechanism for suspending payments on the external debt of crisis countries. (JEL F34, O19)
Article Full-Text Access
Full-text Article
Authors
Jeanne, Olivier (Johns Hopkins U)
JEL Classifications
F34: International Lending and Debt Problems
O19: International Linkages to Development; Role of International Organizations
O19: International Linkages to Development; Role of International Organizations
