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11-12 December 2007, Amsterdam, Netherlands
The OECD Global Forum on Public Debt Management, sponsored by the government of Japan, brings together debt managers from all over the world to discuss viewpoints and experiences relating to public debt management. It is a roundtable meeting where public debt managers from the OECD area discussed in an in-depth fashion practices, experiences, and policies in the field of public debt management and the development of government securities markets with their counterparts from non-OECD countries. Debt managers from emerging market countries increasingly face challenges similar to those of their counterparts from advanced markets due to pressures from global finance and the related need to implement OECD leading practices in this policy area. At the same time, OECD governments, investors, and financial intermediaries stand to gain from emerging market countries making progress in these areas. Forum meetings also serve as opportunities for follow-up discussions of topics that have been discussed by the OECD Working Party on Debt Management by extending and deepening the earlier or initial policy dialogue.
This year’s programme included a special session with a focus on Asia. This session examined how government debt management and bond markets have evolved and been strengthened in Asian countries, both those affected and also those mainly unaffected, 10 years after the crisis of the late 1990s. Mr. Tadao Chino, formerly president of the Asian Development Bank and vice minister of finance of Japan and currently senior adviser at Nomura Research Institute, opened this session. Another session during the forum examined the main mechanisms for price discovery in government bond markets and the related policy issues from the perspective of government debt managers, including the roles and influences of various issuance techniques, primary dealers and officially appointed market-makers, and when-issued or other pre-auction mechanisms. One objective was to identify the additional challenges or complexities faced in emerging markets for price discovery. A third session considered some of the policy and operational issues in managing credit risk from the perspective of government debt managers. In particular, focusing on the policy frameworks and practices adopted by debt managers for controlling the credit risk associated with derivatives, cash management, on-lending, and guarantees. A key question to be considered is the extent to which these different sources can, or should, be managed in an integrated fashion.
Summary Record
For further details about the forum, please contact Mr Greg Horman greg.horman@oecd.org
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