IMF Conference

Opening Remarks:
John Lipsky, First Deputy Managing Director, IMF

Presenters:
Federico Sturzenegger (Harvard) & Jeromin Zettelmeyer (IMF)

Discussant:
Brad Setser (Roubini Global Economics)

Roundtable discussion:
Featuring William Cline (Peterson Institute), Lex Rieffel (Brookings) and other experts

Moderated by Charles Blitzer (IMF)

The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In their book, Debt Defaults and Lessons from a Decade of Crises, Sturzenegger and Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. Their accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences.

Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture.

An RSVP is required: EXRPOLICYCOM@imf.org or (202) 623 9430.

Guests should present a photo identification and use the IMF Center entrance at 720 19th St. N.W. Washington DC (at the white tent). Only IMF/World Bank staff should enter through the main 700 19th St. entrance.