Programme

Programme overview

PDF programme available here

25 May

12.00 – 13.30

Welcome Lunch

13.30 – 14.45
Opening panel led by George Papaconstantinou (EUI-STG) and Anna Gelpern (Georgetown Law)
with Jim Ho (Cleary Gottlieb), Sony Kapoor (EUI), Yannis Manuelides (Allen & Overy), and Layna Mosley (Princeton)

14.45 – 16.15
Plenary Policy Roundtable on: Climate and Debt, moderated by Jean Pisani-Ferry (EUI and Sciences Po)

  • Zsolt Darvas (Bruegel)
  • Jill Dauchy (Potomac)
  • Ugo Panizza (GIG)

16.15 – 16.45
Coffee break

16.45 – 18.00
Parallel sessions (1a, 1b, 1c)

Session 1a – Sovereign debt and its consequences, chaired by Jill Dauchy (Potomac)

  1. Tamon Asonuma (IMF) and Hyungseok Joo (University of Surrey) – Fiscal Austerity and Sovereign Debt Relief – Slides
  2. Clemens Graf Von Luckner (World Bank), Farah Yacoub (World Bank), and Carmen Reinhart (World Bank) – Chasing the Storm: Debt Distress, Arrears, and Defaults – Slides
  3. Peter Breuer (IMF) – Issues in Restructuring of Sovereign Domestic Debt – Paper

Session 1b – The long shadow of past debt crises, chaired by Thorsten Beck (EUI)

  1. Francesca Caselli (IMF), Matilde Faralli (Imperial College London), Paolo Manasse (Università di Bologna), and Ugo Panizza (GIG) – On the Benefits of Repaying
  2. Leandro Bona (University of Geneva) and Juan Flores Zendejas (Université de Genève) – Experiencing a second lost decade in Latin America? Historical comparisons with two previous debt crises (1930s and 1980s)
  3. Aitor Erce (LUISS School of European Policy and Navarra Public University), Enrico Mallucci (Federal Reserve System), and Mattia Osvaldo Picarelli (ESM) – A Journey in the History of Sovereign Defaults on Domestic-Law Public Debt – Paper | Slides

Session 1c – Sovereign debt holders, chaired by Yannis Manuelides (Allen & Overy)

  1. Xiang Fang (University of Hong Kong), Bryan Hardy (BIS), and Karen K. Lewis (University of Pennsylvania) – Who Holds Sovereign Debt and Why It Matters – Paper | Slides
  2. Silvia Marchesi (Università degli Studi di Milano-Bicocca) and Giovanna Marcolongo (Bocconi University) – Sovereign debt crises and hidden wealth – Slides
  3. Daniel Munevar (Eurodad) – Sleep now in the fire: Sovereign Bonds and the Covid-19 Debt Crisis – Paper | Slides

18.00 – 19.00
Light Aperitivo and fireside discussion: ‘Cloister-Talk’ with Lee Buchheit (University of Edinburgh) and Carmen Reinhart (World Bank), moderated by Mitu Gulati (University of Virginia School of Law)

 

26 May

9.00 – 10.30
Emerging Scholars Session, chaired by Giancarlo Corsetti (EUI)

  1. Catherine Lefèvre (EUI, HEC Max Weber Fellow) – Politicizing finance: the role of the UK as a creditor in the development of the sovereign debt crisis in Eastern Europe – Slides
  2. Livia Hinz (EUI, Law Department) – The evolution of investment treaty drafting practice and sovereign debt governance: divergence or convergence?
  3. Adrien Wicht (EUI, Eco Department) – Seniority and Sovereign Default – Paper | Slides

10.30 – 11.00
Coffee break

11.00 – 12.30
Parallel sessions (2a, 2b, 2c)

Session 2a – Sovereign immunity and inter-creditor conflicts, chaired by George Papaconstantinou (EUI)

  1. Marc Flandreau (University of Pennsylvania) – Countries are Companies: Foreign Debt Vultures and the Law of the London Stock Exchange (1825-1835)
  2. Astrid Iversen (Inland Norway University of Applied Sciences/University of Oslo) – Intercreditor equity rules – friend or foe
  3. Gregory Makoff (Centre for International Governance Innovation) – Sorting Through the Wreckage: A Systematic Analysis of the Argentina Bond Cases – Paper | Slides

Session 2b – Debt transparency and debt restructuring, chaired by Maria Ana Barata (EUI)

  1. James Cust (World Bank), Jyhjong Hwang (Ohio State University), David Mihalyi (Natural Resource Governance Institute), and Diego Rivetti (World Bank) – Resource-Backed Loans in Sub-Saharan Africa – Paper | Slides
  2. Diego Rivetti (World Bank) – Public Debt Reporting in Developing Countries – Paper | Slides
  3. Dennis Shen (Scope Ratings GmbH) – Africa’s solvency crisis: China’s participation in G20 debt relief a sign of multilateralism, but a “DSSI+” framework is required – Paper | Slides

Session 2c – Sovereign debt sustainability, chaired by Anna Gelpern (Georgetown Law)

  1. Enrique Alberola (BIS) – Sovereign debt sustainability and unconventional monetary policy – Slides
  2. Diana Bonfim (Banco de Portugal), Miguel A. Ferreira (Nova School of Business and Economics), Francisco Queiró (Nova School of Business and Economics), and Sujiao (Emma) Zhao (Banco de Portugal) – Sovereign-Bank Diabolic Loop: The Government Procurement Channel
  3. Ad Van Riet (United Nations University Institute on Comparative Regional Integration Studies) – From Euro Crisis to Covid Pandemic: The Changing Universe of Safe Public Debt in Europe – Paper | Slides

12.30 – 14.00
Lunch break

14.00 – 15.30
Roundtable “Debt overhang in the new monetary and global relations context”, moderated by Rolf Strauch (ESM) with Lorenzo Codogno (LSE and College of Europe), Elena Duggar (Moody’s), Harald Hirschhofer (TCX), and Guillermo Ortiz Martinez (AFIRME)

15.30 – 16.00
Coffee break

16.00 – 17.30
Parallel sessions (3a, 3b)

Session 3a – The politics of sovereign debt & distress, chaired by Pierre Schlosser (EUI)

  1. Jonas Bunte (Vienna University of Economics and Business) and Brandon Kinne (University of California, Davis) – The Politics of Government-to-Government Loans: Competition and Power in Bilateral Lending Networks – Paper
  2. Aline Darbellay (University of Geneva) and Norbert Gaillard (Norbert Gaillard Consulting) – Moral Hazard, Juniority, and Sovereign Lending: The Case of the US Exim Bank – Paper | Slides
  3. Danny Cassimon (Institute of Development Policy) and Dennis Essers (National Bank of Belgium) – Towards HIPC 2.0? Lessons from past debt relief initiatives for addressing current debt problems – Paper | Slides

Session 3b – Sovereign debt restructuring, chaired by Giancarlo Corsetti (EUI)

  1. Pietro Bomprezzi (Università degli Studi di Milano-Bicocca), Silvia Marchesi (Università degli Studi di Milano-Bicocca), and Tania Masi (“G. d’Annunzio” University of Chieti-Pescara) – Is to forgive to forget? Sovereign risk after a debt crisis – Slides
  2. Adriana Cobas (Banco Central de Chile) – Coordinating in the haircut: A model of sovereign debt restructuring in secondary markets – Paper | Slides
  3. Carlo Galli (Universidad Carlos III de Madrid) and Stéphane Guibaud (SciencesPo) – Creditor Heterogeneity and the Optimal Use of Enhanced Collective Action Clauses – Paper | Slides

Organisers:

 

With the support of:

European Stability Mechanism Allen Overy Cleary Gottlieb International Insolvency Institute