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