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00:01 | For Study Applicants | ONLINE
Since December 1st till March 31 you can apply to our programs:
Master in Economic Research and PhD in Economics
Entry requirements are:
- BA or MA degree or equivalent
- Proficiency in spoken and written English
- Solid background in mathematics
- Previous education in economics is recommended
Your online application must content following documents:
- Curriculum vitae
- Statement of motivation
- Copies of your diplomas and transcripts
- Proof of English proficiency level
- Contact details for two (or max. three) referees
For more information please see sections: How to apply to MAER or How to apply to PhD
In case of any question, please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
or see the FAQ sections for MAER or Phd
13:00 | For Study Applicants | ONLINE
Are you interested in studying economics at CERGE-EI?
Join us for Open Day on February 16 at 13.00 CET
and learn more about our programs: MA in Economic Research
and PhD in Economics, explore our campus in the center
of Prague (Politických vězňů 7, Prague 1),
meet our faculty and students and hear what our alumni have to
say about CERGE-EI enhancing their careers.
The open day will be hybrid. If you are currently
in the Czech Republic we´ll be happy to meet you
in person. Others can join us online.
In either case please fill out a short registration form
Program:
| 12.45 | Registration |
| 13.00 | Welcome address and presentation of CERGE-EI - Sergey Slobodyan, Director - Alena Bičáková, Deputy Director for Graduate Studies Study programs´presentation & admission proccess - Eva Kellnerová, Head of MA and PhD Study Affairs Office - Zdena Idriss, Admission Coordinator A word of faculty - Deborah Nováková, Head of Academic Skills Center - Ole Jann, Assistant Professor Q&A session |
| 14:00 | Tour around the building with a student representative |
| 14:30 | Coffee Break with faculty, students and alumni |
14:00 | Macro Research Seminar
Aix-Marseille School of Economics, France
Abstract: What debt maturities should governments issue when sovereign bonds serve as collateral? Standard Debt Management frameworks advocate for the issuance of long-term debt because of its hedging benefits for the government’s budget. These frameworks are premised on the assumption that public debt is solely used to finance fiscal deficits. In practice, government bonds play a central role in financial markets as they are used as collateral to borrow liquidity. This paper introduces the collateral role of public debt into a standard Debt Management model to analyze its impact on the optimal structure of debt maturity. My main finding is that optimal maturity management involves an additional objective which is the provision of collateral and thus liquidity. This raises a policy trade-off for the government. While long-term debt allows to reduce the debt borrowing costs, short-term debt proves more effective to enhance liquidity provision. I show that the optimal maturity structure depends on the extent to which private liquidity relies on collateral. For a plausible calibration, the government finds it optimal to issue short-term bonds to accommodate liquidity provision.
JEL Classification: E62, H63, H21, G18, D53
Keywords: Debt Management, Maturity Structure, Collateral, Financial Frictions
Full Text: Public Debt Maturity: The Role of Liquidity Provision
