OFIN 3255A - Managing Sovereign Debt

This advanced seminar is offered as part of the Sciences Po Chair in Sovereign Debt, sponsored by Global Sovereign Advisory. The course aims to provide an in-depth and holistic treatment of issues related to sovereign debt and its management – combining analytical tools and insights from economics, finance, law, history and political science. We discuss sovereign debt globally and over the centuries, with a particular focus on recent debt distress situations and restructurings. Interventions by prominent guest speakers will supplement the lectures. L1 – Introduction: government finance and public debt through the ages and across countries L2 – Sovereign debt markets and the pricing of sovereign risk L3 – The determinants of public debt dynamics L4 – Treasury & central bank interactions L5 – Debt crises L6 – The costs of sovereign default L7 – The practice of sovereign debt restructurings over the last four decades L8 – Sovereign debt, the IMF, and other international financial institutions L9 – Emerging country debt: Lessons from Argentina 2001-2021 L10 – Debt distress in the Eurozone: Lessons from Greece 2010-2018 L11 – Debt in low-income countries since the 1990s: from HIPC to DSSI L12 – To be determined

Stéphane GUIBAUD

Enseignement électif

English

Autumn 2022-2023

4 Credits Students are evaluated based on a mid-term exam (25% of the course grade), a homework assignment (30%), a final exam (35%), and class participation (10%).

12 lectures x 2h = (24h)