Program

Session 1: Optimal Debt

Moderator: Ugo Panizza, BID

·    Optimal Sovereign Debt: An Analytical Approach, Jean-Charles Rochet, IDEI Toulouse

·    Commentator: Juan P. Nicolini

·    Optimal debt? On the insurance value of international debt flows to developing countries, Eduardo Levy-Yeyati, BID y UTDT

·    Commentator: Ricardo Martner, CEPAL

·    Optimal Debt Structure, Fabio Kanczuk, Universidade de São Paulo

·    Commentator: Alejandro Werner, Titular Secretaría de Hacienda y Crédito Público

·    Lending by Multilateral Institutions, Eduardo Fernández-Arias y Andrew Powell, BID

·    Commentator: Pablo Guidotti, UTDT 

Session 2: Debt Sustainability

Moderator: Eduardo Borensztein, BID

·    Self-Fulfilling Equilibria in Capital Markets, Daniel Cohen, École Normale Superieure

·    Commentator: Eduardo Fernández-Arias, BID

·    Debt Sustainability and Uncertainty, Alejandro Izquierdo, BID

·    Commentator: Marcio Garcia, PUC Rio

·    A balance-sheet approach to debt sustainability, Federico Sturzenegger, Harvard KSG y UTDT

·    Commentator: Marcus Miller, University of Warwick 

Sesión 3: Spreads in Emerging Markets

Moderator: Andrew Powell, BID 

·    The Sovereign Ceiling, Kevin Cowan, Banco Central de Chile

·    Commentator: TBA

·    Manias and Panics in Emerging Bond Markets, Eduardo Borensztein, BID

·    Commentator: Marcos Chamon, IMF

·    Valuation of the Argentine GDP Unit, Sergio Pernice, CEMA

·    Commentator: German Fermo, UTDT

·    Risk appetite and emerging market spreads, Martín González Rozada, UTDT

·    Commentator: Sergio Pernice, CEMA 

Session 4: The Costs of Sovereign Defaults

Moderator: Alejandro Izquierdo

·    Eduardo Borensztein, BID

·    Eduardo Levy-Yeyati, BID y UTDT

·    Ugo Panizza, BID

·    Commentator: Eduardo Cavallo, Harvard KSG 

Session 6: Topics in Sovereign Debt

Moderator: Eduardo Levy-Yeyati, BID y UTDT

·    The internal dynamics of sovereign debt, Ugo Panizza, BID

·    Commentator: Roque Fernández, CEMA

·    Public Debt and Social Expenditure, Eduardo Lora, BID

·    Commentator: Miguel Braun, CIPPEC

·    Domestic Bond Markets: The Role of Institutional Investors, Miguel Kiguel, CEF

·    Commentator: Lorenza Martinez, ITAM

·    The Political Economy of Sovereign Debt, Marcela Eslava, Los Andes

·    Commentator: Koldo Echebarria, BID