ADBI 20th Annual Conference: Managing Private and … · Managing Private and Local Government Debt 30 November ... Case of the Philippines ... relating to the stability of the international

ADBI 20th Annual Conference

PROGRAM

Managing Private and Local Government Debt

30 November – 1 December 2017ADBI, Tokyo, Japan

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.

ASIAN DEVELOPMENT BANK INSTITUTE3-2-5 Kasumigaseki, Chiyoda-kuTokyo, 100-6008 JapanTel +81 3 3593 5500Fax +81 3 3593 5587www.adbi.org

AGENDA

Asian Development Bank Institute 20th Annual ConferenceManaging Private and Local Government Debt 30 November – 1 December 2017, Asian Development Bank Institute, Tokyo, Japan

30 November, Thursday9:00 – 9:30 Registration9:30 – 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 2Toshinori Doi, President, Policy Research Institute, Ministry of Finance, Japan Open Floor Discussion

10:40 – 11:00 Group Photograph and Coffee Break11:00 – 12:30 Session I. Overview of Issues for Local Government Debt

Chair: Naoyuki Yoshino, Dean, ADBIPresenters:

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), ADBDiscussant 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 Discussion12:30 – 13:00 Special Speech

Sub-National Public Debt Management in IndiaChair: Chul Ju Kim, Deputy Dean, ADBI Speaker: Yaga Venugopal Reddy, Former Governor, Reserve Bank of IndiaOpen Floor Discussion

13:00 – 14:00 Lunch14:00 – 15:30 Session II. Overview of Issues for Private Debt

Chair: Masahiro Kawai, Professor, University of Tokyo, JapanPresenters:

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 KoreaDiscussants:

Discussant 3: Atish R. Ghosh, Assistant Director, International Monetary FundDiscussant 4: Peter Morgan, Senior Consulting Economist, Co-Chair of Research Department, ADBI

Open Floor Discussion15:30 – 15:45 Coffee Break

30 November, Thursday15:45 – 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 Discussion18:30 – 20:30 Dinner Reception (by invitation only)

1 December, Friday9:00 – 11:00 Session IV. Case Studies in Asia: Private Debt

Chair: Chul Ju Kim, Deputy Dean, ADBIPresenters:

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 ThailandDiscussants:

Discussant 7: Kwanho Shin, Professor, Korea University, Republic of KoreaDiscussant 8: Shin-ichi Fukuda, Professor, University of Tokyo, Japan

Open Floor Discussion11:00 – 11:15 Coffee Break11:15 – 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 InstitutePresenters:

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, ADBDiscussant 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, Friday12:45 – 14:00 Lunch14:00 – 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 SettlementsPresenters:

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, ADBDiscussant 12: Donghyun Park, Principal Economist, ERCD, ADB

Open Floor Discussion15:30 – 15:45 Coffee Break15:45 – 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 Discussion17:15 – 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 for the International Public Sector Accounting Standards Board.

Pornpinun Chantapacdepong is assistant director at the Balance of Payment Analysis Division of the Economic and Policy Department, Monetary Policy Group, Bank of Thailand. She was a research fellow at the Asian Development Bank Institute in 2015–2017 and also taught at Thammasat University, Kasetsart University, University of Tokyo, and Hitotsubashi University. She specializes in monetary policy, exchange rate policy, international capital flows, volatility in asset prices, and central bank balance sheets. She holds degrees in economics from Thammasat University (BA), the University of Warwick (MSc), and the University of Bristol (PhD).

Sra Chuenchoksan is assistant director at the Monetary Policy Department of the Bank of Thailand. His work focuses on macroeconomic surveillance, including risk assessment and evaluation of financial stability in various sectors. He obtained his BSc and MSc from the University College London and his PhD in economics from Cornell University.

Agostino Consolo joined the European Central Bank (ECB) in 2007 and works in the Directorate General Economics. He has contributed extensively to ECB policy work on monetary policy issues and on the analysis of the real economy of the euro area and of its member states. In the context of the European country surveillance framework, he worked on the analysis of macroeconomic imbalances relating to private nonfinancial sector debt, combining a balance-sheet and econometric approach. He holds a PhD in economics from Bocconi University.

Toshinori Doi is president of the Policy Research Institute (PRI), the think tank of Japan’s Ministry of Finance (MOF). Before that, he was senior deputy director-general of the MOF’s International Bureau. In 2012–2015, he served as finance minister of the Embassy of Japan in Washington, DC. In 2001–2004, he was advisor at the Asia Pacific Department of the International Monetary Fund. In 1997, he worked on Japan’s response to the Asian financial crisis, including the so-called New Miyazawa Initiative. He holds a Bachelor of Laws from the University of Tokyo and an MBA from Harvard Business School.

Shin-ichi Fukuda is a professor of economics at the University of Tokyo. He was a part-time visiting fellow at the Asian Development Bank Institute in 2007–2012 and, before that, a visiting professor of economics at Yale University. He was a visiting scholar at the Australian National University and the University of Washington, and an associate professor at both Yokohama National University and Hitotsubashi University. He specializes in macroeconomics and international finance. His recent works relate to exchange rate policy, monetary policy, foreign exchange reserve accumulation, and banking problems under crises. He holds a PhD in economics from Yale University.

Atish Rex Ghosh is the International Monetary Fund (IMF) historian. He worked on the stabilization programs of the Ukraine (1994–1997) and Turkey (1998–1999). As chief of division and assistant director of the IMF’s Research Department, he was involved in analytical work on issues relating to the stability of the international monetary system; exchange rate regimes; external balance dynamics; capital flows; and monetary, exchange rate, and fiscal policies. A former assistant professor of economics at Princeton University, he holds degrees from Harvard University and Oxford University.

Loto Srinaita Ginting is director of Government Debt Securities of the Ministry of Finance, Indonesia, where she has worked since 1993. Before that, she was deputy director for portfolio management. She directs and manages government debt securities transactions for budget financing. She holds a BA in economics from the University of Indonesia and an MA from the University of New South Wales.

Akihide Hirashima is a professor at the Graduate School of Economics, Rikkyo University. He is the president of the Mutual Aid Association of Prefectural Government Personnel. He worked at the Ministry of Internal Affairs and Communications, where he served as deputy director-general of the Local Public Finance Bureau and the Local Tax Bureau, director general of the Local Tax Bureau, and president of the Local Autonomy College. He also worked with local governments in Hokkaido and Yamanashi Prefectural Government.

Yiming Hu is a professor of the Antai College of Economics and Management and director of the Corporate Finance Research Centre in Shanghai Jiao Tong University. Her research expertise includes performance and incentive, banking transparency, local government debt, and multinational financial management. She received various recognitions and awards, including the Philosophy and Social Science Achievement Award in 2010 and in 2014, and the Excellent Achievement Award for Scientific Research in Colleges and Universities in 2016 from the Ministry of Education of the People’s Republic of China.

Kei-Ichiro Inaba has been with the Bank of Japan since 1998. His work involves economic and financial analyses and international affairs. He was on loan to Japan’s Financial Services Agency for 2 years and to the Organisation for Economic Co-operation and Development for 3 years. His research interests include the function of financial markets, the evolution of banking and finance, and the development of monetary policy. He obtained a PhD in economics from the University of London and a BA in economics from the University of Tokyo.

Andreas Joseph is a research economist at the Advanced Analytics Division of the Bank of England. He obtained his PhD from the City University of Hong Kong in 2014 and has since then worked at the European Central Bank and the Bank of England. His research interest focuses on the use of novel analytical techniques, such as machine learning and artificial intelligence in the context of macro policy and financial stability, and how large granular data sources (big data) can be applied for this.

Masahiro Kawai is a professor of the Graduate School of Public Policy at the University of Tokyo and representative director of the Economic Research Institute for Northeast Asia. He was chief economist for the World Bank’s East Asia and Pacific region, deputy vice minister of finance for International Affairs of Japan’s Ministry of Finance, president of the Policy Research Institute, special advisor to the Asian Development Bank (ADB) President, and dean and CEO of ADB Institute. He holds a BA in economics from the University of Tokyo and an MS in statistics and a PhD in economics from Stanford University.

Chul Ju Kim is deputy dean (Capacity Building and Training and Special Activities) at the Asian Development Bank (ADB) Institute. Before that, he was secretary to the President of the Republic of Korea for economic and financial affairs. A key policy maker for over 30 years, he was deputy minister for planning and coordination, director general of the Economic Policy Bureau, and director general of the Public Policy Bureau of the Ministry of Strategy and Finance of the Republic of Korea. He holds a BA in economics from Seoul National University and an MS in finance from Georgia State University, United States.

Jieun Lee is an economist with the Micro and Institutional Economics Team of the Economic Research Institute of the Bank of Korea. She served as a researcher at the institute since she joined the Bank of Korea in 2012. Her research interests cover market microstructure, financial markets, asset pricing, and global financial market issues. She has published articles on a variety of topics such as market liquidity, macroprudential policy, financial institutions, and international finance. She obtained her PhD in finance from the State University of New York in Buffalo.

Ziqian Liang is deputy director-general of the Central Asia Regional Economic Cooperation Institute. He held senior positions with the Government of the People’s Republic of China (PRC) and in multilateral organizations. He was director-general of the International Economic Relations Department of the PRC’s Ministry of Finance and vice-chair of the Council of China Clean Development Mechanism Fund. While representing the PRC, he served as executive director of the International Fund for Agricultural Development. He was a member of the board of the China Development Bank and also served as senior advisor to the World Bank’s Board of Directors. He obtained his PhD from the Chinese Academy of Agricultural Sciences.

Lili Liu leads the Global Solutions Group on intergovernmental finance, a network of over 300 members at the World Bank. She has led advisory services to the World Bank’s operations in many countries, including policy-lending operations totaling $7 billion on subsovereign finance. She has spoken at high-level conferences including those organized by APEC, the EU, the World Bank, IMF, ADB, IDB, and by the governments of the People’s Republic of China, India, Italy, Poland, the Russian Federation, and Turkey. She has a PhD in economics from the University of Michigan, Ann Arbor.

Jorge Martinez-Vazquez is a Regents’ professor of economics at Georgia State University and director of the International Center for Public Policy. He has consulted with federal agencies and state governments in the United States and over 85 countries including the People’s Republic of China, Indonesia, Mexico, Pakistan, and the Russian Federation on World Bank, IMF, USAID, ADB, and IDB programs. He has directed numerous projects including the $20 million USAID Fiscal Reform Project in the Russian Federation in 1997–2000. He is the recipient of numerous prizes and awards.

Madhusudan Mohanty is head of the Economics and Financial Markets for Asia and the Pacific at the Bank for International Settlements (BIS) since August 2015. Before that, he spent over 15 years in the BIS head office as head of Emerging Markets, head of Macroeconomic Analysis, and as a senior economist. Prior to joining the BIS, he worked in the research department of the Reserve Bank of India. His main research interests are monetary policy and financial systems in emerging market economies. He is educated in India and the United Kingdom.

Peter Morgan is senior consulting economist and co-chair for research of the Asian Development Bank Institute (ADBI). Before that, he served in Hong Kong, China as chief Asia economist for Hongkong and Shanghai Banking Corporation (HSBC). Earlier, he was chief Japan economist for HSBC, and held similar positions at Merrill Lynch, Barclays de Zoete Wedd, and Jardine Fleming. Prior to entering the financial industry, he was a consultant for Meta Systems, Inc. in Cambridge, Massachusetts, US, and at International Business Information KK in Tokyo. His research areas are macroeconomic policy and financial sector regulation and reform. He earned his MA and PhD degrees in economics from Yale University.

Shinichi Nakabayashi is director for Administration, Management, and Coordination at the Asian Development Bank Institute. He worked at the International Monetary Fund (IMF)–Singapore Regional Training Institute from 2011 to 2015. He was a professor of public policy at Tokyo University from 2008 and has held senior posts in Japan’s Ministry of Finance, the Organisation for Economic Co-operation and Development, and the IMF. He has an MPhil degree in economics from Oxford University and a BA from Tokyo University.

Takehiko Nakao is the President of the Asian Development Bank (ADB) and the chair of its Board of Directors. Before joining ADB, he was the vice minister of finance for international affairs at the Ministry of Finance (MOF), Japan. In a career spanning more than 3 decades, he has gained extensive experience in international finance and development. He held senior positions in MOF in Japan, including director-general of the International Bureau. Born in 1956, he holds a bachelor’s degree in economics from the University of Tokyo and an MBA from the University of California, Berkeley.

Donghyun Park is principal economist at the Economic Research and Regional Cooperation Department of the Asian Development Bank (ADB). Prior to joining ADB in 2007, he was a tenured associate professor of economics at Nanyang Technological University in Singapore. His main research fields are international finance, international trade, and development economics. He leads the team that produces the Asian Development Outlook, ADB’s biannual flagship publication on macroeconomic issues, and Asia Bond Monitor, ADB’s quarterly flagship report on emerging Asian bond markets. He has a PhD in economics from the University of California, Los Angeles.

Abha Prasad is the lead debt specialist of the World Bank’s Macroeconomics and Fiscal Management Global Practice. She has over 20 years of experience working on debt management and fiscal policy. Before that, she was director of the Internal Debt Department of the Reserve Bank of India, managing debt for the federal government and 28 subnationals. She provided policy advice for framing India’s fiscal responsibility legislation. She led the debt management performance assessment work at the World Bank and collaborated with the IMF on medium-term debt management strategies. She worked in several developing countries, emerging markets, and subnationals on debt management issues.

Yaga Venugopal Reddy was chair of the 14th Finance Commission of India in 2013–2014. He was governor of the Reserve Bank of India in 2003–2008. In 2010, he was awarded India’s second-highest civilian honor, the Padma Vibhushan. He served on the Advisory Board of the Institute for New Economic Thinking. He was also a member of the Commission of Experts of the President of the United Nation’s General Assembly on Reforms of International Monetary and Financial System and the Palais-Royal Initiative on the Reform of the International Monetary System in Paris.

Putut Hari Satyaka is director of Balancing Fund at the Directorate General of Fiscal Balance of the Ministry of Finance of Indonesia. He is responsible for developing policies and implementing intergovernmental transfer in Indonesia. He has worked on policy development and implementation of regional tax and user charges, regional financial information and management, and the local government deficit. He has an MA in public policy from the Australian National University.

Yasuyuki Sawada is chief economist of the Asian Development Bank (ADB) and director general of its Economic Research and Regional Cooperation Department. He is chief spokesperson on economic and development trends and leads the production of ADB’s flagship knowledge products and support for regional cooperation forums. Before joining ADB, he was a professor of economics at the University of Tokyo, and has led numerous large-scale development policy evaluation projects for various institutions. His key research areas are development economics, microeconometrics, economics of disasters, and field surveys and experiments. He obtained his PhD in economics from Stanford University.

Kwanho Shin is a professor of economics at Korea University. He was assistant professor at the University of Kansas and occasionally taught as a visiting professor at the University of California, Los Angeles (UCLA); Claremont Graduate University; and Claremont McKenna College. He was elected “One of the Fifty Future Leaders in Korea” by the Seoul Economic Daily in 2010 and a MaeKyung Economist by the Maeil Business Newspaper in 2011. He also served as a council member for the National Economic Advisory Council. He obtained his BA and MA in economics from Seoul National University and PhD in economics from UCLA.

Paul Smoke is a professor of public finance and planning and director of International Programs at the Robert F. Wagner Graduate School of Public Service in New York University. His policy and research interests include the political economy of public sector reform, especially decentralization, intergovernmental fiscal relations, and service delivery, as well as urban and regional development planning. He has worked with a wide range of development agencies in many countries, especially in Africa and Asia.

Akiko Terada-Hagiwara is principal economist at the Office of the Director General of the East Asia Department of the Asian Development Bank (ADB). She was also with the Economic Research and Regional Cooperation Department contributing to ADB’s research agenda. Outside ADB, she held various positions at the Institute for Monetary and Economic Studies of the Bank of Japan, Global Insight, and the World Bank. Her areas of expertise are in international finance, development economics, and macroeconomic policies. She holds a PhD in economics from George Washington University and a BA from Osaka University.

Shu Tian is an economist at the Economic Research and Regional Cooperation Department of the Asian Development Bank (ADB). Prior to joining ADB, she was an associate professor of finance at Fudan University in the People’s Republic of China. Her main research interests include financial services and institution, investments, and empirical asset pricing. She is a member of the team that produces the Asian Development Outlook, ADB’s biannual flagship publication on macroeconomic issues, and Asia Bond Monitor, ADB’s quarterly flagship report on emerging Asian bond markets.

Sakon Varanyuwatana taught at the Faculty of Economics of Thammasat University. His field of interest is public finance, specializing in fiscal decentralization. His academic research focused on local financing in Thailand. He also assisted in designing policy for restructuring Thailand’s local revenue system. He has been appointed a member of the Academic Board Committee of King Prajadhipok’s Institute. He also served as a member of the National Decentralization Committee for many years.

Kebing Wang is deputy director-general of the Budget Department of the Ministry of Finance (MOF) of the People’s Republic of China, where he has worked on fiscal management affairs for a long time. He is in charge of supervising and formulating the rules and regulations in managing local government debt and the performance budget at the central level. Before that, he was deputy director-general of the MOF’s Legal Department. He obtained his PhD in management from the Management Institute of Tianjin University.

Li Xu is senior economist at the Research Department of the Asian Development Bank Institute. She is seconded from the Ministry of Finance (MOF) of the People’s Republic of China (PRC) where she was engaged in economic forecasting and analysis for more than 15 years in the Fiscal Policy Department. She is also director of the Technical Aid Division in the Department of International Economic and Financial Cooperation of the MOF. She specializes in taxes, fiscal policies, financial area, national accounting, and the CGE model. She obtained her PhD in economics from the Research Institute of Fiscal Science, PRC.

Naoyuki Yoshino is dean of the Asian Development Bank Institute and professor emeritus at Keio University, Tokyo. He was director of Japan’s Financial Services Agency where he is now chief advisor. He was nominated to be in the list of Who’s Who in the World for 2009 and 2013, and named one of the Top 100 Educators in 2009. He obtained honorary doctorates from the University of Gothenburg (Sweden) and Martin Luther University of Halle-Wittenberg (Germany). He also received the Fukuzawa Award in 2013 for his contribution to research on economic policy. He obtained his PhD from Johns Hopkins University.

ADBI 20th Annual Conference

PROGRAM

Managing Private and Local Government Debt

30 November – 1 December 2017ADBI, Tokyo, Japan

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.

ASIAN DEVELOPMENT BANK INSTITUTE3-2-5 Kasumigaseki, Chiyoda-kuTokyo, 100-6008 JapanTel +81 3 3593 5500Fax +81 3 3593 5587www.adbi.org