DEADLINES
If you are applying from outside the US: 15 March 2023
If you are applying from within the US: 22 March 2023
Conference Description
The Covid-19 pandemic has resulted in sharp increases in public debt across the globe. While this holds true for all countries, rising public debt levels of Emerging Markets and Developing Countries (EMDCs) are particularly worrying, with debt vulnerabilities being high in absolute terms and relative to pre-pandemic levels. More generally, there has been acceleration of private bond issuance from EMDC corporates in global capital markets in the past years. It is this system of debt issued in global markets that is now coming under strain.
The shock of the Ukraine conflict - with its economic effects including the increase in food and energy prices, supply chain disruptions and capital flow reversals - has further increased EMDCs vulnerability. This, in turn, makes the prospects for EMDCs to roll over their debts more challenging.
Central banks in advanced economies have responded with interest rate hikes which resulted in spillovers to EMDCs economies and triggered a reversal in capital flows and higher financing costs. As financial conditions tighten worldwide, borrowing costs increase and pressure is added on international reserves. The dollar’s appreciation, in turn, only puts more pressure on EMDC balance sheets and aggravates debt sustainability problems for EMDCs, many of which are already at high risk of debt distress.
As a result, we expect a significant number of sovereign debt restructurings. The international financial architecture in its current form is not ready to deal with this highly challenging situation.
In that context, the YSI Debt Sustainability Conference at Boston University Global Development Policy Center on 28-30 April 2023 will discuss the key conceptual and policy themes for sovereign debt sustainability, the characteristics of the existing frameworks under which debt decisions and policies occur, and possible avenues for reform. It will, furthermore, explore the crucial implications of debt sustainability issues for wider global challenges of economic development, climate mitigation, and international cooperation.
Topics of interest for the Call for Papers
We invite early career researchers and young professionals to apply with preliminary or advanced work on topics of debt sustainability and its wider implications for international economic cooperation, industrial policy, climate mitigation and economic development. We particularly interested in work that explore issues of debt sustainbiltiy directly and that bridge debt sustainability concerns with wider economic objectives domestically and globally, including economic development, climate mitigation, international cooperation. For example:
Debt sustainability
- analytical and empirical studies of private and public debt markets
- sovereign debt restructuring and crisis resolution mechanisms
- institutional arrangements and debt management
- proposals for debt sustainability
- development banks
Implications of debt sustainability on the policy space for peripheral states, economic development strategies and mitigating climate change
- industrial policy, economic development strategies and the green transition
- international economic governance
- balance of payments crises
- management of the international financial system- industrial policy, green transition, climate mitigation policies