Workshop on Debt, Finance and Emerging Issues in Financial Integration

6-7 March 2007, Commonwealth Secretariat, Marlborough House, London

organized by Financing for Development Office, UNDESA, Commonwealth Business Council, Commonwealth Secretariat

• Programme
• List of speakers
• List of participants
• Report

Links to speeches and presentations

Session I: Emerging Global Issues in Financial Integration

Chair: José Antonio Ocampo, Under-Secretary-General,
United Nations Department for Economic and Social Affairs (UN-DESA)

Speakers

1. Arnab Das, Head Global, Emerging Market Strategy, Dresdner Kleinwort
   Wasserstein
   • "Imbalances or Balances?"
2. Charles Wyploz, Professor, Graduate Institute of International Studies, Geneva
   • "The Foreign Exchange Reserves Build-up: Business as Usual?"
     Paper | Power Point Presentation
3. David Lubin, Managing Director, Citigroup Global Markets, London
   • "Petrodollars, Emerging Markets and Vulnerability"

Discussant

1. Christoph Lindemann, Economist, Deutsche Bundesbank, Frankfurt
   

Plenary Session

Chair: Mohan Kaul, CEO, Commonwealth Business Council

Speakers

1. The Rt. Hon Stephen Timms, MP, Chief Secretary to HM Treasury, London
2. Hon Rohitha Bogollagama, Foreign Minister of Sri Lanka
3. José Antonio Ocampo, Under-Secretary-General, United Nations Department for Economic and Social Affairs (UN-DESA)
4. Ransford Smith, Deputy Secretary General (Development), Commonwealth Secretariat

Session ll: The Linkage between Internal and External Debt and Debt Sustainability

Chair: Marion Williams, Governor, Central Bank of Barbados

Speakers

1. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
   • "Development of Local Currency Bond Markets – The Indian Experience"
     Paper | Power Point Presentation
2. Yilmaz Akyuz, Former Director, UNCTAD
   • "A Critical Appraisal of the Fund Debt Sustainability Framework for Middle-Income Countries"
     Paper | Power Point Presentation
3. Andres Rez, Head, Dept of Planning, Research and Risk Management, Government Debt Management Agency (AKK), Hungary
   • "The Interface between Domestic and International Resource Mobilization: a Balance Sheet Approach"
     Paper | Power Point Presentation

Discussants

1. Edmund V. Fitzgerald, Professor, Department of International Development, Oxford University
2. Ugo Panizza, Chief of Debt and Finance Analysis Unit, UNCTAD

Session lll: Financial Architecture – Crisis Prevention

Chair: Tony Venables, Chief Economist, Department for International Development (DfID)

Speakers

1. Jonathan Fried, Executive Director for Canada, Ireland and Caribbean, IMF
   • "Crisis prevention: Old Debts, New Issues and Policy Options"
2. Gene Frieda, Head, Emerging Market Research, Royal Bank of Scotland
   • "Capital Controls: Distinguishing between Prudence and Panic"

Discussants

1. Marion Williams, Governor, Central Bank of Barbados
2. Stephany Griffith-Jones, Professor, Institute of Development Studies (IDS), Sussex University

Session lll Continued: Financial Architecture - Orderly Debt Workouts

Chair: Chukwuma Soludo, Governor, Reserve Bank of Nigeria

Speakers

1. Michael M. Chamberlin, Executive Director, Emerging Markets Trade Association (EMTA), New York
   • Orderly Debt Workouts: EMTA Views
2. Barry Herman, Senior Fellow, New School University, New York and Shari Spiegel, Managing Director & Head of Research, Initiative for Policy Dialogue, Columbia University
   • "Sovereign Debt Restructurings - A Piece of Financial Architecture is still Missing"
     Paper | Power Point Presentation
3. Richard Segal, Chief Strategist, Argo Fund Management Group, London
   • "Recent Debt Restructurings and Lessons for Orderly Debt Workouts"
     Paper | Power Point Presentation

Discussants

1. Marcus Miller, Professor of Economics, Warwick University
2. Benu Schneider, Chief of International Finance, Debt and Systemic Issues Unit, UN-DESA Financing for Development Office

Session IV: Some Issues in Low Income Countries

Chair: Bryan Sanderson, Former Chairman, Standard Chartered & Former Managing Director, BP

Speakers

1. Benu Schneider, Chief of International Finance, Debt and Systemic Issues Unit, UN-DESA Financing for Development Office
   • "Macroeconomic Implications of Scaling-up of Aid Flows"
2. Nihal Kappagoda, Debt Management Consultant, Ottawa
   • "A Critical Appraisal of the Debt Sustainability Framework for Low Income Countries"
     Paper | Power Point Presentation
3. Matthew Odedokun, Economic Advisor, Economic Affairs Division, Commonwealth Secretariat
   • "Debt Relief and the Free Rider Issue in the 'former' HIPC Countries"
     Paper | Power Point Presentation

Discussants

1. Helmut Reisen, Development Centre, Organization for Economic Co-operation and Development (OECD)
2. Andreas Antoniou, Professor, Adviser and Head of International Finance & Capital Markets Section, Economic Affairs Division, Commonwealth Secretariat

Questions & Answers

Presentation

Speaker: Chukwuma Soludo, Governor, Central Bank of Nigeria

Session IV Continued

Chair: Indrajit Coomaraswamy, Director, Economic Affairs Division, Commonwealth Secretariat

Speakers

1. Yakubu Aliyu, Director Portfolio Management, Debt Management Office, Nigeria
   • "Debt Restructuring in Nigeria"
2. Dinesh Dohdia, Consultant, Commonwealth Secretariat
   • "Domestic Debt Architecture in the Context of the Millennium Development Goals"
     Paper | Power Point Presentation
3. Vijay Kumar, Director, CBC Trade Exchange
   "Remittances and Poverty Reduction"

Discussants

1. Machiko K. Nissanke, Professor of Economics, Chair of Department of Economics, School of Oriental and African Studies, University of London
2. Alison Johnson, Programme Manager, Debt Relief International, London

Questions & Answers

Panel Discussion

"The Monterrey Process on Financing for Development: The Road Ahead"

Chair: Benu Schneider, Chief of International Finance, Debt and Systemic Issues Unit,
UN-DESA Financing for Development Office

Panelists

1. Jomo Kwame Sundaram, Assistant Secretary General on Economic Development, UN Department for Economic and Social Affairs (UNDESA)
2. Indrajit Coomaraswamy, Director, Economic Affairs Division, Commonwealth Secretariat
3. Frank Schroeder, Senior Economist, Friedrich Ebert Stiftung New York

Concluding Remarks: Benu Schneider