Sovereign Debt and Default, September 20-21, 2012

Sveriges Riksbank, Stockholm, Sweden


Wednesday, September 19

18:00-19:30 Welcome drink at Sveriges Riksbank


Thursday, September 20

9:00 Registration and coffee

9:20 Opening address


Session I:

Chair: Ferre De Graeve


9:30 Sovereign Defaults and Optimal Reserves Management

Javier Bianchi*, Juan Carlos Hatchondo and Leonardo Martinez

Discussant: Laura Alfaro


10:30 Domestic Sovereign Default as Optimal Redistributive Policy
Pablo D'Erasmo* and Enrique Mendoza

Discussant: Alberto Martin


11:30 Coffee


12:00 Self-fulfilling Debt Crises in and out of a Monetary Union
Mark Aguiar, Manuel Amador*, Gita Gopinath and Emmanuel Farhi

Discussant: Klaus Adam


13:00 Lunch


Session II:

Chair: Tobias Broer


14:15 Sovereign Risk and Financial Risk
Simon Gilchrist*, Vivien Yue and Egon Zakrajsek

Discussant: Nicola Borri


15:15 Financial Sector Linkages and the Dynamics of Bank and Sovereign Credit Spreads

René Kallestrup, David Lando* and Agatha Murgoci

Discussant: Jean-Stéphane Mésonnier


16:15 Coffee


16:30 Linkages across Sovereign Debt Markets
Cristina Arellano* and Yan Bai

Discussant: Dirk Niepelt


17:30 Adjourn

19:00 Dinner at Sjöfartshuset


Friday, September 21

8:45 Coffee


Session III:

Chair: Roberto Billi


9:00 Debt Dilution and Seniority in a Model of Defaultable Sovereign Debt
Satyajit Chatterjee* and Burcu Eyigungor

Discussant: Xavier Ragot


10:00 In for a Penny, In for a 100 Billion Pounds: Quantifying the Welfare Benefits from Debt Forgiveness
Daniel Dias, Christine Richmond and Mark Wright*
Discussant: Ananth Ramanarayanan


11:00 Coffee


Session IV:

Chair: Per Krusell


11:30 Sovereign Defaults: The Price of Haircuts
Juan Cruces* and Cristoph Trebesch
Discussant: Sweder van Wijnbergen


12:30 Sovereign Risk Premia

Nicola Borri* and and Adrian Verdelhan

Discussant: Patrick Augustin



13:30 Lunch and Adjourn


Time allocation

Presentation: 35 minutes

Discussant: 15 minutes

Open discussion: 10 minutes


Organizing committee

Roberto Billi, Sveriges Riksbank

Tobias Broer, IIES

Ferre De Graeve, Sveriges Riksbank

Martin Flodén, Stockholm University

Tor Jacobson, Sveriges Riksbank

Per Krusell, IIES

Jonas Söderberg, Sveriges Riksbank


Local organization

Lena Löfgren, Sveriges Riksbank


Senast granskad


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