On the 2nd and 3rd September 2016, the ADEMU Project held a conference jointly with The Cambridge-INET Institute and the European Stability Mechanism (ESM) at the University of Cambridge. The conference titled “Debt Sustainability and Lending Institutions” brought together leading scholars to discuss theoretical and empirical issues in sovereign debt sustainability.
The conference consisted of six sessions and one panel, during which the issues related to sovereign debt sustainability were discussed from different perspectives by leading scholars, with the aim of identifying priorities for both future research and policy-making in this field.
SESSION 1 – OFFICIAL LENDING
- Debt Sustainability and the Terms of Official Support”, by Giancarlo Corsetti, Aitor Erce and Timothy Uy
- Pietro Reichlin’s discussion of “Non-Defaultable Debt and Sovereign Risk”
- Charles Brendon’s discussion of “Lending of Last Resort in an Open Economy”
SESSION 2 – MULTIPLE EQUILIBRIA 1
- “Self fulfilling Debt Crises, Revisited: The Art of the Desperate Deal”, by Mark Aguiar, Satyajit Chatterjee, Harold L.Cole and Zachary Stangebye
- Ramon Marimon’s discussion of “Self-fulfilling Debt Crises, Revisited: The Art of Desperate Deal”
- Juan Carlos Hatchondo’s discussion of “Self-Fulfilling Debt Restructuring”
SESSION 3 – DEBT, GROWTH AND THE MACROECONOMY
- “Fiscal Multipliers and the Home Bias of Public Debt”, by Fernando Broner, Daragh Clancy, Aitor Erce and Albert Martin
- Martin Weale’s discussion of “Fiscal Multipliers and the Home Bias of Public Debt”
- “Debt Into Growth: How Sovereign Debt Accelerated the Industrial Revolution”, by Jaume Ventura and Hans-Joachim Voth
SESSION 4 – AUSTERITY
- “Sovereign Debt and Structural Reforms”, by Kjetil Storesletten, Andreas Müller and Fabrizio Zilibotti
- Tim Worrall’s discussion of “Sovereign Debt and Structural Reforms”
- Juan Carlos Conesa’s Discussion of “Saving Europe? The unpleasant arithmetic of fiscal austerity in integrated economies”
PANEL – MANAGING DEBT OVERHANG
- Ramon Marimon’s Comments – Discussion Panel
- Jeromin Zettelmeyer’s Comments – Discussion Panel
SESSION 6 – TOPICS ON SOVEREIGN DEBT
- Endogenous Political Turnover and Fluctuations in Sovereign Default Risk, by Satyajit Chatterjee and Burcu Eyigungor
- Igor Livshits’ discussion of “Endogenous Political Turnover and Fluctuations in Sovereign Default Risk”
- “The Seniority Structure of Sovereign Debt” by Christoph Trebesch, Matthias Schlegl and Mark Wright
- Aitor Erce’s discussion of “The Seniority Structure of Sovereign Debt”
SESSION 7 – MULTIPLE EQUILIBRIA 2
- Wouter Den Haan’s discussion of “Sovereign Default: The Role of Expectations
- “Debt Crises: For Whom the Bell Toll”, by Harlold L.Cole, Daniel Neuhann and Guillermo Ordonez
