ADBI 20Th Annual Conference: Managing Private and Local Government Debt
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About the Asian Development Bank Institute The Asian Development Bank Institute, located in Tokyo, is the think tank of the Asian Development Bank. The institute aims to identify effective strategies to improve policy and development management in Asia and the Pacific. We work with an extensive network of partners in the region and globally to influence policies on poverty reduction, inclusive growth, the environment, regional cooperation, infrastructure development, middle-income countries, and private sector development. ADBI 20th Annual Conference Managing Private and Local Government Debt 30 November – 1 December 2017 ADBI, Tokyo, Japan PROGRAM ASIAN DEVELOPMENT BANK INSTITUTE 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo, 100-6008 Japan Tel +81 3 3593 5500 Fax +81 3 3593 5587 www.adbi.org AGENDA Asian Development Bank Institute 20th Annual Conference Managing Private and Local Government Debt 30 November – 1 December 2017, Asian Development Bank Institute, Tokyo, Japan 30 November, Thursday 9:00 – 9:30 Registration 9:30 – 9:40 Opening Remarks Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI) 9:40 – 10:10 Keynote Speech 1 Takehiko Nakao, President, Asian Development Bank (ADB) Open Floor Discussion 10:10 – 10:40 Keynote Speech 2 Toshinori Doi, President, Policy Research Institute, Ministry of Finance, Japan Open Floor Discussion 10:40 – 11:00 Group Photograph and Coffee Break 11:00 – 12:30 Session I. Overview of Issues for Local Government Debt Chair: Naoyuki Yoshino, Dean, ADBI Presenters: 1. Overview of Management of Local Government Debt Lili Liu, Senior Advisor and Independent Consultant, United States (US) 2. Frameworks for Local Government Financial Development Paul Smoke, Professor, New York University, US Discussants: Discussant 1: Yasuyuki Sawada, Chief Economist and Director General, Economic Research and Regional Cooperation Department (ERCD), ADB Discussant 2: Gambhir Bhatta, Advisor, Sustainable Development and Climate Change Department; and Head, Knowledge Sharing and Services Center concurrently Chief of Governance Thematic Group, ADB Open Floor Discussion 12:30 – 13:00 Special Speech Sub-National Public Debt Management in India Chair: Chul Ju Kim, Deputy Dean, ADBI Speaker: Yaga Venugopal Reddy, Former Governor, Reserve Bank of India Open Floor Discussion 13:00 – 14:00 Lunch 14:00 – 15:30 Session II. Overview of Issues for Private Debt Chair: Masahiro Kawai, Professor, University of Tokyo, Japan Presenters: 3. Frameworks for Managing Private Debt Madhusudan Mohanty, Head of Economics and Financial Markets for Asia and the Pacific, Bank for International Settlements 4. Financial Stability Implications of Private Debt in Asia Donghyun Park, Principal Economist, ERCD, ADB; Shu Tian, Economist, ERCD, ADB; and Kwanho Shin, Professor, Korea University, Republic of Korea Discussants: Discussant 3: Atish R. Ghosh, Assistant Director, International Monetary Fund Discussant 4: Peter Morgan, Senior Consulting Economist, Co-Chair of Research Department, ADBI Open Floor Discussion 15:30 – 15:45 Coffee Break 30 November, Thursday 15:45 – 18:00 Session III. Case Studies in Asia: Local Government Debt Chair: Shinichi Nakabayashi, Director of Administration, Management and Coordination, ADBI Presenters: 5. Case of the People’s Republic of China Kebing Wang, Deputy Director General, Budget Department, Ministry of Finance, People’s Republic of China (PRC) Li Xu, Senior Economist, Research Department, ADBI 6. Case of Japan Akihide Hirashima, Professor, Rikkyo University, Japan 7. Case of Indonesia Putut Hari Satyaka, Director of Balancing Fund, Directorate General of Fiscal Balance, Ministry of Finance, Indonesia 8. Case of the Philippines Niño Raymond B. Alvina, OIC Executive Director, Bureau of Local Government Finance, Department of Finance, Philippines Discussants: Discussant 5: Abha Prasad, Lead Debt Specialist, World Bank Discussant 6: Sakon Varanyuwatana, Member of Academic Board Committee, King Prajadhipok’s Institute, Thailand Open Floor Discussion 18:30 – 20:30 Dinner Reception (by invitation only) 1 December, Friday 9:00 – 11:00 Session IV. Case Studies in Asia: Private Debt Chair: Chul Ju Kim, Deputy Dean, ADBI Presenters: 9. Case of the Republic of Korea Jieun Lee, Economist, Bank of Korea 10. Case of Japan Yasuyuki Sawada, Chief Economist and Director General, ERCD, ADB 11. Case of Thailand Pornpinun Chantapacdepong, Assistant Director, Bank of Thailand Sra Chuenchoksan, Assistant Director, Bank of Thailand Discussants: Discussant 7: Kwanho Shin, Professor, Korea University, Republic of Korea Discussant 8: Shin-ichi Fukuda, Professor, University of Tokyo, Japan Open Floor Discussion 11:00 – 11:15 Coffee Break 11:15 – 12:45 Session V. International Experience and Lessons: Local Government Debt (Non-Asian Countries) Chair: Ziqian Liang, Deputy Director-General, Central Asia Regional Economic Cooperation Institute Presenters: 12. International Comparison of Local Government Debt Governance in Non- Asian Advanced Economy Experiences Jón R. Blöndal, Head of Division, Budgeting and Public Expenditures Division, Public Governance and Territorial Development Directorate, Organisation for Economic Co-operation and Development 13. International Comparison of Local Government Debt Governance in Non- Asian Emerging Economy Experiences Jorge Martinez-Vazquez, Professor, Georgia State University, US Discussants: Discussant 9: Akiko Terada-Hagiwara, Principal Economist, Office of the Director General, East Asia Department, ADB Discussant 10: Loto Srinaita Ginting, Director of Government Debt Securities, Directorate General of Budget Financing and Risk Management, Ministry of Finance, Indonesia Open Floor Discussion 1 December, Friday 12:45 – 14:00 Lunch 14:00 – 15:30 Session VI. International Experience and Lessons: Private Debt (Non-Asian Countries) Chair: Madhusudan Mohanty, Head of Economics and Financial Markets for Asia and the Pacific, Bank for International Settlements Presenters: 14. International Comparison of Private Debt Governance in Non-Asian Advanced Economy Experiences Agostino Consolo, Senior Economist, Country Surveillance Division, Directorate General Economics, European Central Bank 15. International Comparison of Private Debt Governance in Non-Asian Emerging Economy Experiences Atish R. Ghosh, Assistant Director, International Monetary Fund Discussants: Discussant 11: Shu Tian, Economist, ERCD, ADB Discussant 12: Donghyun Park, Principal Economist, ERCD, ADB Open Floor Discussion 15:30 – 15:45 Coffee Break 15:45 – 17:15 Session VII. Innovation Frontier of Debt Management Chair: Shun-ichiro Bessho, Chief Economist, Policy Research Institute, Ministry of Finance, Japan Presenters: 16. Innovations on Mechanism of Managing Local Government Debt Abha Prasad, Lead Debt Specialist, World Bank 17. A Brief Introduction to Machine Learning and the Case of Macroeconomic Projections Andreas Joseph, Research Economist, Advanced Analytics Division, Bank of England Discussants: Discussant 13: Yiming Hu, Professor, Shanghai Jiao Tong University, PRC Discussant 14: Kei-Ichiro Inaba, Director, International Coordination Division, Bank of Japan Open Floor Discussion 17:15 – 17:30 Concluding Remarks Naoyuki Yoshino, Dean, ADBI PRESENTERS Niño Raymond B. Alvina is the OIC executive director of the Bureau of Local Government Finance, an attached agency of the Department of Finance of the Philippines, which oversees revenue operations of local governments. He supervises and coordinates all treasury and assessment operations of local governments. Before that, he was director of Local Government Units Operations Service where he was in charge of local treasury and assessment operations, capacity building, and special projects of the bureau. Shun-ichiro Bessho is chief economist of the Policy Research Institute of the Ministry of Finance, Japan. Before that, he was an assistant professor at Hitotsubashi University, an associate professor at Keio University and the University of Tokyo, and a visiting professor of the Department of Economics, University of Alberta, Canada. He also served as a senior scientific research specialist of Japan’s Ministry of Education, Culture, Sports, Science and Technology and as a visiting researcher of the Secretariat of the House of Councilors. His research focus is public finance. He has a PhD in economics from the University of Tokyo. Gambhir Bhatta is advisor and head of the Knowledge Services Center, and concurrently chief of the Governance Thematic Group at the Asian Development Bank (ADB). He has adjunct professorial appointments at the Lee Kuan Yew School of Public Policy (Singapore) and at the National College of Public Administration and Governance (University of the Philippines). In 2016 and 2017, he was an adjunct fellow at ADB Institute, Tokyo. Before joining ADB in 2005, he was a senior advisor in the New Zealand Public Service. He holds a PhD in public and international affairs from the University of Pittsburgh. Jón R. Blöndal is head of Budgeting and Public Expenditures at the Organisation for Economic Co-operation and Development (OECD). He leads the OECD’s analytical work in budget formulation, budget approval, and budget implementation. He is responsible for development of international best practices in this field, national reviews of budgeting systems, and maintenance of comprehensive databases on budget institutions, practices, and procedures. He is editor-in-chief of the quarterly OECD Journal on Budgeting and co-chair of the Public Interest Committee, the oversight body