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Sustainability of debt management in the post-pandemic era: The Italian Treasury hosted the 2nd international conference of the Public Debt Management Network

The 2nd Public Debt Management Conference organised by the Public Debt Management (PDM) Network was held in Rome on May 26-27, 2022. The first edition of the Conference took place in Paris, at the OECD headquarters in 2019. Hosted this year by the Italian Treasury, the international conference was attended by around 250 participants from all continents.

Public debt managers, representatives of international institutions, leading academics as well as the authors of the 17 papers selected as the outcome of a call for papers launched by the PDM Network last year, participated to the debate.

Speakers included the Director-General of the Italian Treasury, Alessandro Rivera, the Deputy Secretary-General of the OECD, Yoshiki Takeuchi, the Practice Manager in the Finance, Competitiveness & Innovation Global Practice at the World Bank, Anderson Silva, and the Director of the OECD Directorate for Financial and Enterprise Affairs, Carmine Di Noia.

Key issues discussed included the management of public debt with a specific focus on its sustainability, also from an environmental perspective, its impact on economic growth, and its relations with the development of capital markets. Moreover, a number of country case studies on the liquidity of the secondary government bond market, the development of local currency bond markets and the effects of the adoption of unconventional measures to cope with the pandemic were presented at the event.

The Conference Proceedings will be edited and published in due course.

Thursday, May 26


Welcoming remarks (Speech)

Yoshiki Takeuchi, Deputy Secretary-General, OECD

Opening remarks (Speech)

Alessandro Rivera, Director General of the Italian Treasury

Session I - Public Debt Dynamics and Debt Sustainability

Moderator: Lukasz Rawdanowicz, Senior Economist, OECD

Public Debt and Real GDP: Revisiting the Impact (Presentation) (Paper)
Constance de Soyres, IMF
Reina Kawai, University of Washington
Mengxue Wang, IMF

Public Debt Management and Private Financial Development (Presentation) (Paper)
Silvia Pedersoli, University of Bologna
Andrea F. Presbitero, IMF

Debt Sustainability after the Pandemic: a Rift between the Advanced and Developing Economies? (Presentation) (Paper)
Paola Subacchi, Queen Mary University of London
Paul van den Noord, University of Amsterdam
Rodrigo Olivares-Caminal, Queen Mary University of London

Session II - Environmental sustainability and public debt

Moderator: Ivailo Izvorski, Practice Manager, Global Macroeconomics and Debt Unit, The World Bank

Sovereign debt management in the face of climate liabilities: Perspective of European Union member states (Presentation) (Paper)
Iustina Boitan, Bucharest University of Economic Studies
Kamilla Marchewka-Bartkowiak, Poznań University of Economics and Business

The Impacts of Disaster Risk on Sovereign Asset and Liability Management (Presentation) (Paper)
Samantha Cook, The World Bank
Cigdem Aslan, The World Bank
Phillip Anderson, Consultant
David Bevan, St John's College
Mellany Pintado, The World Bank
Jelena Kostic, The World Bank

Session III – Liquidity in government securities markets

Moderator: Davide Iacovoni, Director General of the Italian Public Debt Directorate, Italian Ministry of Finance

Government Bond Market developments and the Usage of the DMO’s Security Lending Facility - Evidence from Sweden (Presentation) (Paper)
Marianna Blix Grimaldi, Swedish National Debt Office
Johanna Hirvonen, Swedish National Debt Office

Auctions and liquidity conditions in the Italian government bond market (Presentation) (Paper)
Angelica Ghiselli, European Central Bank
Filippo Mormando, CRIEP - University of Padova

Sovereign Eurobond Liquidity and Yields (Presentation) (Paper)
Daniel C. Hardy, Vienna University of Economics and Business

Session IV – Alternative solutions to deal with unsustainable public debt

Moderator: Peter Breuer, Chief of the Debt Capital Markets Division, Monetary and Capital Market Department, IMF

On the Benefits of Repaying (Presentation) (Paper)
Francesca Caselli, IMF
Matilde Faralli, Imperial College
Paolo Manasse, University of Bologna
Ugo Panizza, Graduate Institute Geneva

A Journey in the History of Sovereign Defaults on Domestic Law Public Deb (Presentation) (Paper)
Aitor Erce, LUISS University
Enrico Mallucci, Federal Reserve System
Mattia Picarelli, European Stability Mechanism

Default or Depreciate (Presentation) (Paper)
Yasin Kürsat Önder, Ghent University
Enes Sunel, OECD

Friday, May 27


Keynote address (Speech(Presentation)

Carmine Di Noia, Director, OECD Directorate for Financial and Enterprise Affairs

Session V - Development of local currency bond markets

Moderator: Alessandro Missale, Full Professor, University of Milan

How to Attract Non-Resident Investors to Local Currency Bonds: the Cases of Ukraine, Panama, Colombia, and Brazil (Presentation) (Paper)
Antonio Velandia-Rubiano, The World Bank
Leandro Puccini Secunho, The World Bank

Endogenous Market Development for Government Securities in Lower-Income Economies (Presentation) (Paper)
Tadashi Endo, Independent Researcher

Road to Efficiency in Emerging Local Debt Markets: the Mexican Experience (Presentation) (Paper)
María del Carmen Bonilla Rodríguez, Mexican Ministry of Finance
Gabriel Yorio Gonzalez, Deputy Minister of Finance
Paula Espinosa, Ministry of Finance of Mexico
Omar Mendizabal, Ministry of Finance of Mexico

What is the Role of Inflation-Linked Bonds for Sovereigns? (Presentation) (Paper)
Antonio Velandia-Rubiano, The World Bank
Lior David-Pur, Israeli Ministry of Finance
Rodrigo Cabral, The World Bank

Session VI - Active debt management

Moderator: Fatos Koc, Head of Public Debt Management Unit, OECD

Making a Market: On the Diffusion, Benefits, and Risks of the Primary Dealer Model (Presentation) (Paper)
Charlotte Rommerskirchen, University of Edinburgh

Extraordinary actions: The use of Buyback and Spread Auctions – The Brazil National Treasury Experience (Presentation) (Paper)
Helano Borges Dias, Brazilian National Treasury
Luís Felipe Vital Nunes Pereira, Brazilian National Treasury
Paulo de Oliveira Leitão Neto, Brazilian National Treasury

Closing remarks (Speech)

Anderson Silva, Practice Manager in the Finance, Competitiveness & Innovation Global Practice, The World Bank



Event photos