Martina Jasova, 10 August 2018

Financial institutions rely on borrowing at short maturities, but when credit markets panic, banks are unable to roll over their short-term debt. Martina Jasova discusses how the ECB’s Very Long-Term Refinancing Operations revived lending in the euro area following the financial crisis, which in turn allowed firms to invest and hire more. The video was recorded at CEPR's Third Annual Spring Symposium.

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The conference, jointly organised with Horizon 2020 ADEMU and The European Stability Mechanism (ESM), aims to bring together leading scholars to discuss theoretical and empirical issues in sovereign debt sustainability. In particular, we are interested in papers that deal with debt maturity structure, official lending, crisis resolution frameworks, and multiple equilibria, among others. The goal is to identify priorities for both future research and policy-making as it relates to recent developments in the Euro Area and multilateral lending frameworks. The conference will be structured to facilitate interaction and discussion among leading academics and policymakers. 

Jagjit Chadha, 02 November 2014

The impact of the stock and maturity of government debt on longer-term bond yields matters for monetary policy. This column assesses the magnitude and relative importance of overall bond supply and maturity effects on longer-term US Treasury interest rates using data from 1976 to 2008. Both factors have a significant impact on both forwards and term premia, but maturity of public debt appears to matter more. The results have implications for exit from unconventional policies, and also for the links between monetary and fiscal policy and debt management.

S. M. Ali Abbas, Laura Blattner, Mark De Broeck, Asmaa El-Ganainy, Malin Hu, 27 October 2014

There has been renewed interest in sovereign debt since the Global Crisis, but relatively little attention has been paid to its composition. Sovereign debt can differ in terms of the currency it is denominated in, its maturity, its marketability, and who holds it – and these characteristics matter for debt sustainability. This column presents evidence from a new dataset on the composition of sovereign debt over the past century in 13 advanced economies.

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