{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,16]],"date-time":"2026-03-16T16:39:27Z","timestamp":1773679167943,"version":"3.50.1"},"reference-count":31,"publisher":"Wiley","license":[{"start":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T00:00:00Z","timestamp":1773446400000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/"},{"start":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T00:00:00Z","timestamp":1773446400000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/doi.wiley.com\/10.1002\/tdm_license_1.1"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Int. J Fin Econ"],"abstract":"<jats:title>ABSTRACT<\/jats:title>\n                  <jats:p>This study is the first to investigate the impact of the term structure of public debt on fiscal sustainability. We adopt the widely used backward\u2010looking measure of fiscal sustainability\u2014fiscal responsiveness as proposed by Bohn. Using data from De Graeve and Mazzolini and focusing on a sample of 19 most developed countries, we demonstrate that sovereign borrowing with maturity above 10\u2009years significantly reduces fiscal responsiveness. Conversely, public debt with maturity between 3 and 5\u2009years is associated with the highest responsiveness of the primary balance to public debt. The findings indicate that the increase of long\u2010term public debt since the beginning of this century has contributed to reducing fiscal responsiveness by half. Furthermore, unconventional monetary policy, by suppressing yields at longer maturities, has likely played a key role in the discovered relationship.<\/jats:p>","DOI":"10.1002\/ijfe.70193","type":"journal-article","created":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T07:35:21Z","timestamp":1773473721000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Impact of Sovereign Debt Maturity on Fiscal Sustainability"],"prefix":"10.1002","author":[{"given":"Ant\u00f3nio","family":"Afonso","sequence":"first","affiliation":[{"name":"ISEG Research, ISEG Lisbon School of Economics and Management Universidade de Lisboa  Lisbon Portugal"},{"name":"UECE\u2014Research Unit on Complexity and Economics CESifo (Center for Economic Studies and Ifo Institute)  Munich Germany"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9979-7544","authenticated-orcid":false,"given":"Jos\u00e9","family":"Alves","sequence":"additional","affiliation":[{"name":"ISEG Research, ISEG Lisbon School of Economics and Management Universidade de Lisboa  Lisbon Portugal"},{"name":"UECE\u2014Research Unit on Complexity and Economics CESifo (Center for Economic Studies and Ifo Institute)  Munich Germany"}]},{"given":"O\u013cegs","family":"Matvejevs","sequence":"additional","affiliation":[{"name":"Monetary Policy Department Latvijas Banka  R\u012bga Latvia"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6233-1153","authenticated-orcid":false,"given":"O\u013cegs","family":"Tka\u010devs","sequence":"additional","affiliation":[{"name":"Monetary Policy Department Latvijas Banka  R\u012bga Latvia"}]}],"member":"311","published-online":{"date-parts":[[2026,3,14]]},"reference":[{"key":"e_1_2_12_2_1","doi-asserted-by":"publisher","DOI":"10.3917\/rfe.213.0065"},{"issue":"4","key":"e_1_2_12_3_1","first-page":"3320","article-title":"Appraising Fiscal Reaction Functions","volume":"31","author":"Afonso A.","year":"2011","journal-title":"Economics Bulletin"},{"key":"e_1_2_12_4_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.najef.2017.07.008"},{"key":"e_1_2_12_5_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297968"},{"key":"e_1_2_12_6_1","doi-asserted-by":"crossref","unstructured":"Arslanalp M. S. andM. T.Tsuda.2014.\u201cTracking Global Demand for Emerging Market Sovereign Debt.\u201dIMF Working Paper WP\/14\/39. International Monetary Fund March 5.","DOI":"10.5089\/9781484326541.001"},{"key":"e_1_2_12_7_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2018.10.002"},{"key":"e_1_2_12_8_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304\u20104076(98)00009\u20108"},{"key":"e_1_2_12_9_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555793"},{"key":"e_1_2_12_10_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542\u20104774.2012.01094.x"},{"key":"e_1_2_12_11_1","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X0500500401"},{"key":"e_1_2_12_12_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.econmod.2017.05.017"},{"key":"e_1_2_12_13_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2023.104438"},{"key":"e_1_2_12_14_1","doi-asserted-by":"crossref","unstructured":"Debrun X. J. D.Ostry T.Willems andC.Wyplosz.2019.\u201cPublic Debt Sustainability.\u201dCEPR Discussion Papers 14010 CEPR September 18.","DOI":"10.1093\/oso\/9780198850823.003.0005"},{"key":"e_1_2_12_15_1","doi-asserted-by":"publisher","DOI":"10.1162\/003465398557825"},{"key":"e_1_2_12_16_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.econmod.2017.10.014"},{"key":"e_1_2_12_17_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12253"},{"key":"e_1_2_12_18_1","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpl035"},{"key":"e_1_2_12_19_1","doi-asserted-by":"publisher","DOI":"10.1080\/13504850701719785"},{"key":"e_1_2_12_20_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304\u20104076(94)01643\u2010E"},{"key":"e_1_2_12_21_1","doi-asserted-by":"publisher","DOI":"10.1007\/s42973\u2010025\u201000201\u2010z"},{"key":"e_1_2_12_22_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2020.03.015"},{"key":"e_1_2_12_23_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2013.09.011"},{"key":"e_1_2_12_24_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.06.003"},{"issue":"1","key":"e_1_2_12_25_1","first-page":"309","article-title":"The Debt Burden and Debt Maturity","volume":"84","author":"Missale A.","year":"1994","journal-title":"American Economic Review"},{"key":"e_1_2_12_26_1","doi-asserted-by":"publisher","DOI":"10.2307\/1911408"},{"key":"e_1_2_12_27_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.573"},{"key":"e_1_2_12_28_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.36.4.103"},{"key":"e_1_2_12_29_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.36.4.147"},{"key":"e_1_2_12_30_1","doi-asserted-by":"publisher","DOI":"10.1111\/kykl.12207"},{"key":"e_1_2_12_31_1","volume-title":"A World of Debt: A Growing Burden to Global Prosperity. UN Trade and Development Report 2024","author":"UN GCRG","year":"2024"},{"key":"e_1_2_12_32_1","doi-asserted-by":"publisher","DOI":"10.1080\/15140326.2024.2336706"}],"container-title":["International Journal of Finance &amp; Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/ijfe.70193","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/full-xml\/10.1002\/ijfe.70193","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/ijfe.70193","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,3,16]],"date-time":"2026-03-16T15:39:04Z","timestamp":1773675544000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/ijfe.70193"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,3,14]]},"references-count":31,"alternative-id":["10.1002\/ijfe.70193"],"URL":"https:\/\/doi.org\/10.1002\/ijfe.70193","archive":["Portico"],"relation":{},"ISSN":["1076-9307","1099-1158"],"issn-type":[{"value":"1076-9307","type":"print"},{"value":"1099-1158","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,3,14]]},"assertion":[{"value":"2025-10-03","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2026-03-02","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2026-03-14","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}],"article-number":"ijfe.70193"}}