关键词: 主权债务期限结构, 非对称冲击, 跨期平滑, 收敛

Abstract: This paper makes an empirical study on member counties in Eurozone for the correlation between long-term sovereign debt percentage in total debt and macroeconomic index,the main finding shows that,current financing ability based on tax income of GDP radio and debt of GDP ratio has significant negative correlation to long-term debt,every country within Eurozone embodies in different features because of asymmetric shock effect.This paper also builds a governmental debt utility function model in order to indicate that sovereign debt maturity structure arrangement could be intertemporal smoothing by macro-regulatory in preventing debt crisis.

Key words: sovereign debt maturity structure, asymmetric shock, intertemporal smoothing, convergence