Managing and Understanding Sovereign Risks
More information about the course will be available after the summer
The goal of this course is to enable an understanding of the risks in sovereign debt; and particularly those risks relating to sovereign default and restructuring.
The course is structured around the life cycle of a default; with an emphasis on trying to understand the different stages of a crisis and making predictions regarding how the crisis will play out. Participants will get an basic exposure to both the economic and legal considerations involved in the operation of any sovereign debt crisis.
The course, in addition to exposing participants to the dynamics of a sovereign crisis, will use a case study of either a recent or ongoing crisis to illustrate how restructuring plans get designed.
- The Sources of Sovereign Credit Risk – Law and Economics
- The Techniques to Deal with Sovereign Crises — Bailouts and Restructurings
- Case Studies of Two Past Crises and Restructurings: Greece (2012) & Argentina (2001)
- How do sovereign borrowers get into trouble?
- The warning signs of sovereign distress.
- Initial maneuvers to escape and evade the crisis.
- The options when the initial maneuvers don’t work — bailout or restructure
- The evolution of sovereign debt restructuring techniques — 1982 to 2017
- The role of the official sector
- Contractual provisions that facilitate, or that retard, sovereign debt workouts
- Sovereign debt restructuring after Greece and Argentina
Meet the instructors
Mitu Gulati is on the faculty of the Duke University School of Law. His current research areas are Sovereign Debt Restructuring, Contract Evolution and Measuring the Impact of Changes in the Rule of Law. He has forthcoming work in the Journal of Financial Regulation and the Capital Markets Law Journal.
Ugo Panizza is Professor of Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies. He is also the Director of the Institute’s Centre for Finance and Development and Editor in Chief of International Development Policy. He is the Director of the International Centre for Monetary and Banking Studies (ICMB), Vice President and Fellow of CEPR, and Fellow of the Fondazione Einaudi. Before joining the Graduate Institute, he was Chief of the Debt and Finance Analysis Unit at the United Nations Conference on Trade and Development (UNCTAD) and a Senior Economist at the Inter-American Development Bank. He also worked at the World Bank and taught at the American University of Beirut and the University of Torino. Ugo holds an undergraduate degree from the University of Torino and a Ph. D. in Economics from the Johns Hopkins University (Baltimore).
Lee C. Buchheit is Honorary Professor at the University of Edinburgh. Previously, he was a lawyer at a major firm in New York, designing and implementing sovereign debt restructurings for much of the past twenty-five years.
Undergraduate or graduate degree in any related discipline and past exposure to sovereign debt analysis.
1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).
1900€ – Private Sector.
950€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to firstname.lastname@example.org before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited and assigned by the FBF secretariat on a case-by-case basis.
The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.
Please note that the payment must be settled two weeks before the start of the course.
- In case a course is cancelled, registered participants will receive the full refund.
- In case a course is moved to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.
- Registered participants who have not yet paid the registration fee can cancel their participation until four weeks before the start of the course.
For more details, please contact email@example.com
A certificate of attendance will be provided to all participants after the course.
Please notice that the course dinner, and most of the social activities, will take place downtown.
Recommended hotels in downtown Florence:
Recommended hotels nearby the EUI:
Suggested restaurants in Florence city centre
- Coquinarius – Ph. +39 055 230 21 53
- SimBIOsi – Ph. +39 055 064 01 15
- Restaurant Accademia – Ph. +39 055 21 73 43
- Restaurant Cucina Torcicoda – Ph. +39 055 265 43 29
- Finisterrae – Ph. +39 055 263 86 75
- Il Vezzo – Ph. +39 055 28 10 96
- Osteria di Giovanni – Ph. + 39 055 28 48 97
On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.
General information on local transport
From Florence airport:
Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.
A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.
The airport is also connected to the main railway station in Florence by a shuttle bus (‘Vola in bus’) that leaves every 30 minutes (on the hour and on the half-hour) and takes 25 minutes. Tickets are available on board for €6.00.
From the central railway station:
Bus tickets are sold outside the railway station, at ATAF ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafès (bar). Bus tickets can be purchased also on board with a contactless credit card (Mastercard, Maestro, Visa and V PAY).
From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.
The EUI has several free parking areas available all over the Campus.