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Proceedings of the Second Inter-Regional Debt Management Conference

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Proceedings of the Second Inter-Regional Debt Management Conference UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT PROCEEDINGS OF THE SECOND INTER-REGIONAL DEBT MANAGEMENT CONFERENCE Geneva, 3–5 April 2000 UNITED NATIONS NEW YORK AND GENEVA, 2001 NOTE The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities concerning the delimitation of its frontiers or boundaries. Further, the views expressed by the authors of the papers included in this publication do not represent the views of the Secretariat of the United Nations with regard to individual governments’ policies, or positions on financial policy issues that form the subject of the discussions below. UNCTAD/GDS/DMFAS/Misc.23 NOTE The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities concerning the delimitation of its frontiers or boundaries. Further, the views expressed by the authors of the papers included in this publication do not represent the views of the Secretariat of the United Nations with regard to individual governments’ policies, or positions on financial policy issues that form the subject of the discussions below. UNCTAD/GDS/DMFAS/Misc.23 Executive summary This document is a compilation of presentations made by debt management experts and professionals during UNCTAD’s Second Inter-regional Debt Management Conference held in Geneva in April 2000. The conference addressed recent trends in the area of debt management, and, in particular, it aimed at highlighting the consequences recent developments have had, and will have in the future, for individual national debt offices and for the profession of debt management. At the end of the twentieth century, the world’s financial markets saw a number of dramatic events. The Asian and Russian debt crises sent shock waves not only through the economies of those regions, but also affected economies all over the globe. In spite of lessons learned in Asia, private sector debt continued to represent a problem. Eleven European countries decided to introduce the euro on 1 January 1999 and Ecuador defaulted on its Brady bonds in October the same year. These developments have had both short- and long-term consequences for debt managers. Amortization tables, risk management models and debt strategies have to be reconsidered. At the same time, the institutional set-up for effective debt management continues to represent a problem for debt managers all over the world. A study undertaken by the World Bank showed that among the main obstacles and concerns that Governments face in debt management, no less than 51 per cent of the replies related to the institutional environment. In addition to this, important factors also include the rapid development in computer technology. Sophisticated integrated computer systems open up new possibilities and challenges that affect the institutions where they are used. The aim of the conference was therefore to: analyse the implications that recent events in the financial markets have had and will continue to have for debt managers in the twenty-first century; analyse how institutions, procedures and financial instruments have to adapt to the new international financial architecture and the role of the debt manager in this process; discuss the general usefulness and impact of risk management; and analyse the new requirements for computerized debt management tools in changing environments. Contents v Contents Page Contributors vii Abbrevations xi Opening statement 1 Rubens Ricupero Part 1: Debt management in today’s economic environment The debate on the international financial architecture: Reforming the reformers 5 Yilmaz Akyüz Has 1999 changed anything(for Ecuador and others)? The new international financial architecture 17 Andrés de la Cruz Role and organization of a debt office 33 Pål Borresen and Enrique Cosío-Pascal Can crises be prevented? 55 Luis Foncerrada Transparency, disclosure and early warning 59 Andrew Cornford and Yilmaz Akyüz Crisis prevention and the Inter-American Development Bank 65 Žiga Vodušek External debt crisis prevention from a policy perspective 69 Zhao Jianping Debt management and crisis prevention: The Philippine experience 75 Cristina Orbeta Brady bonds: Are they still useful? 81 Luis Foncerrada The Bureau of the Treasury and the development of the retail market in the Philippines 87 Prof. Leonor Magtolis Briones Part 2: Financial tools and risk management Strategic risk management for developing countries: Colombia case study 93 Stijn Claessens, Jerome Kreuser and Roger Wets Risk management at the Swedish national debt office 113 Lars Kalderen vi Second Inter-regional Debt Management Conference Helping countries develop their domestic debt markets 115 Thomas P. Briggs Debt management in the African context 119 Trevor de Kock Public debt management strategy: The Belgian experience 123 Louis de Montpellier The impact of the introduction of the euro on debt management in Hungary 129 Lázsló Buzas Asian Development Bank’s euro strategy 133 Julia Holz Preparing for the euro in the Philippines 137 Cristina Orbeta International use of the euro as a financing currency 139 Ettore Dorrucci Panama - Investment grade potential 143 Richard Fox Securities issuance on the European Union market: Opportunities and challenges 155 Erkki Vehkamäki From the Paris Club to the capital markets: Panama’s success story 161 Aracelly Mendez Part 3: Financial management systems The role of integrated financial management systems in preventing fraud 167 Jim Wesberry The public credit system in Guatemala 177 Osvaldo Albano Landesa The ASTER project in Côte d’Ivoire 185 Christian Michel Planning for debt management: A computer-based decision support tool for analysing 189 debt capacity Leonard P. Wales Debt management in subnational governments - The case of Argentina 197 Marcelo Tricarico and Emilio Nastri Contributors vii CONTRIBUTORS Mr. Yilmaz Akyüz Officer-in-Charge Division on Globalization and Development Strategies UNCTAD Geneva, Switzerland Mr. Osvaldo N. Albano Landesa International Financial Management Project Ministry of Finance Guatemala Mr. Pål Borresen Financial Economist Debt and Development Finance Branch UNCTAD Geneva, Switzerland Mr. Thomas P. Briggs Senior Advisor Office of Technical Assistance, U.S. Department of Treasury Washington DC, United States of America Prof. Leonor Magtolis Briones Treasurer Treasury of Philippines Philippines Mr. László Buzas Managing Director Government Debt Management Agency, State Treasury Hungary Mr. Stijn Claessens Lead Economist World Bank Washington DC, United States of America Mr. Andrew Cornford Senior Economic Affairs Officer Macro-Economic and Development Policies Branch UNCTAD Geneva, Switzerland Dr. Enrique Cosío-Pascal Officer-in-Charge Debt and Development Finance Branch UNCTAD Geneva, Switzerland Mr. Andres de la Cruz Partner Cleary, Gottlieb, Steen & Hamilton New York, United States of America viii Second Inter-regional Debt Management Conference Mr. Ettore Dorrucci International Relations Officer International Relations Division European Central Bank Frankfurt/Main, Germany Mr. Luis Foncerrada Former Director of the Mexican Debt Office Mexico City, Mexico Mr. Richard Fox Director Latin America, Fitch IBCA London, United Kingdom Ms. Julia Holz Senior Control Officer Asian Development Bank Manila, Philippines Mr. Zhao Jianping Deputy Director-General State Administration for Foreign Exchange Beijing, People’s Republic of China Mr. Lars Kalderen Chairman DEVFIN Advisers AB Stockholm, Sweden Mr. Trevor de Kock Manager New Loan Products African Development Bank Abidjan, Côte d’Ivoire Mr. Jerome Kreuser Executive Director RisKontrol Group GmbH Bern, Switzerland Ms. Aracelly Mendez Director Credito Publico Ministry of Economy and Finance Panama Mr. Christian Michel Financial Expert Ministry of Foreign Affairs Paris, France Mr. Louis de Montpellier Director Strategy and Risk Management Debt Agency Treasury of the Kingdom of Belgium Brussels, Belgium Mr. Emilio Nastry Ministry of Finance Mr. Marcelo Tricarico Buenos Aires, Argentina Contributors ix Ms. Christina Orbeta Former Director External Debt Department, Central Bank Manila, Philippines Mr. Rubens Ricupero Secretary-General of UNCTAD Geneva, Switzerland Mr. Erkki Vehkamäki Payment Systems Expert Interbank Funds Transfer Project of the Central Bank of Lithuania Former Development Director of the CSD Helsinki, Finland Mr. Ziga Vodušek Senior Economist Inter-American Development Bank Paris Office, France Mr. Leonard P. Wales Assistant Budget Director Office of Management and Budget Fairfax County, Virginia, United States of America Mr. James P. Wesberry Director USAID Accountability/Anticorruption Project for Latin America and the Caribbean Virginia, U.S.A. Consultant to the World Bank Washington DC, United States of America Abbreviations xi ABBREVIATIONS ADAPS Automated Debt Auction Processing System (Philippines) ADB Asian Development Bank ADF Asian Development Fund ALM asset/liability management BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements CABEI Central American Bank for Economic Integration CIP Capital Improvement Program (Virginia, United States of America) CIS Commonwealth
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