Public debt management

PDM Network: Public Debt Management Conference 2019


4-5 September 2019  Paris, France


This Public Debt Management Conference was organised by the Public Debt Management Network, an initiative fostered by the OECD, the Italian Treasury and The World Bank.

It brought together academics, policy makers (debt managers, central bankers, regulators) and market practitioners (investors, dealers, market infrastructures’ managers) from all over the world to discuss challenging issues in the area of public debt management.

During the two days, high-quality papers selected by the conference's organising committee on key issues related to debt management and government bond markets were presented by their authors and followed by audience discussions.


Wednesday 4 September

Word from the Organisation Committee: Fatos Koc, OECD

Opening address: Masamichi Kono, Deputy Secretary General, OECD

Keynote address: Prof. Pier Carlo Padoan, Member of the Chamber of Deputies, former Minister of Economy and Finance of Italy


Session 1 Managing sovereign balance sheet risks
Moderator: Coskun Cangoz, World Bank

Managing exposures in the consolidated public sector balance sheet in emerging market countries: practical experience for Uruguay

  • Thordur Jonasson, Michael Papaioannou, IMF
  • André Amante, Central Bank of Brazil
  • Phillip Anderson, Independent consultant
  • Herman Kamil, Ministry of Economy and Finance of Uruguay

Managing South Africa's exposure to Eskom: how to evaluate the credit risk from the sovereign guarantees?

  • Fritz Bachmair, Independent consultant
  • Cigdem Aslan, The World Bank
  • Mkhulu Maseko, South African Treasury


Session 2  Modelling public debt dynamics
Moderator: Fatos Koc, OECD

Linking policy to outcomes: a simple framework for debt maturity management

  • Mattia Landoni, Southern Methodist University Cox School of Business
  • Winthrop T. Smith, Wells Fargo
  • Christopher Cameron, US Treasury

An integrated approach to cost-risk analysis in public debt management

  • Massimo Bernaschi, Lucio Sarno, Fabrizio Tesseri, Federica Verani, Davide Vergni, Ministry of Economy and Finance of Italy
  • Roberto Morea, Sogei

Optimal composition of sovereign debt: an adaptation from modern portfolio theory

  • H. Hakan Yavuz, Umut Gölbaşı, Turkish Ministry of Treasury and Finance


Session 3 – Monitoring secondary market liquidity
Moderator:Pablo De Ramon Laca, Ministry of Economy and Business of Spain

Informed trading in a two-tier market structure under financial distress

  • Claudio Impenna, Bank of Italy
  • Paola Paiardini, University of Birmingham

Specialists' incentives on government bond markets

  • Filippo Mormando, Luciano Greco, CRIEP (Universities of Padua, Venice and Verona)


Session 4 – Debt Management and Monetary Policy
Moderator: Jo Whelan, UKDMO

Alternative futures for government of Canada debt management

  • Corey Garriott, Sophie Lefebvre, Guillaume Nolin, Francisco Rivadeneyra, Adrian Walton, Bank of Canada

Transmission of monetary policy through the wealth channel in Brazil: does public debt matter?

  • Jose Luiz Rossi, IADB
  • Marina Delmondes, University of Brasília
  • Daniel Carvalho Cunha, IMF


Thursday 5 September

Session 5 – Assessing optimal issuance strategy
Moderator: Davide Iacovoni, Ministry of Economy and Finance of Italy

How should public debt management institutions develop medium-term issuance strategies?

  • András Bebes, David Tran, ÁKK (Hungary Government Debt Management Agency Ltd)

Variable rate debt to insure the government budget against macroeconomic shocks

  • Gerhard Fenz, Austrian Central Bank
  • Johannes Holler, Austrian Fiscal Advisory Council

Union Debt Management

  • Rigas Oikonomou, Université Catholique de Louvain
  • Juan Equiza-Goni, University of Navarra
  • Elisa Faraglia, University of Cambridge and CEPR


Session 6– Monitoring Public Sector Debt Risks
Moderator: Maria Cannata, MTS

Monitoring subnational finances and identifying risks: Are the data good enough?

  • Timothy Irwin, Independent consultant
  • Delphine Moretti, Sean Dougherty, OECD

Recording, monitoring and reporting public debt: organizing a back office

  • Andre Proite, The World Bank


Session 7– Liquidity and microstructure of the government bond market
Moderator: Marco Mazzucchelli, KBL

Why hasn’t high-frequency trading swept the board?

  • Donald MacKenzie, Iain Hardie, Charlotte Rommerskirchen, Arjen van der Heide, University of Edinburgh

Market liquidity, financial stability and the impact of bond scarcity

  • Marianna Blix Grimaldi, Swedish National Debt Office
  • Alberto Crosta, Dong Zhang, Swedish Financial Supervisory Authority
  • Jörg Hofmeister, Swedish National Debt Office


Session 8 – Approaches to debt sustainability
Moderator: Doerte Doemeland, World Bank

Risk management for sovereign financing within a debt sustainability framework

  • Stavros A. Zenios, University of Cyprus
  • Andrea Consiglio, University of Palermo
  • Marialena Athanasopoulou, Angel Gavilan, Edmund Moshammer, European Stability Mechanism
  • Aitor Erce, Independant consultant

The benefits of reducing hold-out risk: evidence from the Euro CAC Experiment, 2013-2018 Sovereign Investors and Governance Policies

  • Mattia Picarelli, Xu Jiang, European Stability Mechanism
  • Aitor Erce, Independant consultant

How markets view government debt: structural, institutional and behavioural influences on economic agents’ perspectives

  • Philip Mairhöfer, University of Queensland

Closing remarks: Davide Iacovoni, Ministry of Economy and Finance of Italy


Participation to the conferences organised by the PDM Network is by invitation only.


‌‌OECD Premises, front door with logo


OECD Conference Centre, Paris, France

Agenda (pdf)

Keynote Address (pdf)

Presentations Day 1, Sessions 1 to 4
(Zip file, 11,7mb)
Presentations Day 2, Sessions 5 to 8
(Zip file, 6,8mb)


Hotels close to the OECD
Getting to the OECD


[email protected]


For more information please visit the PDM Network website:

PDM Network Logo




Debt Management in Uncertain Times - Proceedings of the first Public Debt Management Network Conference, held in Paris on 4-5 September 2019. Pdf E-Book


Sovereign Borrowing Outlook


Related Documents