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Fiscal Risk Conference 2017

Fiscal Risk and Public Sector Balance Sheets

ADEMU Workshop
 July 6-7, 2017
University of Bonn, Germany
Organizer: Jürgen von Hagen


The European fiscal crisis has spurred new research into the measurement and modeling of fiscal risk. This conference aims at bringing together current theoretical and empirical research into these areas with a special interest in the analysis of public sector balance sheets. Topics include 

  • Indicators of fiscal risk, 
  • Macro and financial economics models of fiscal risk and risk indicators
  •  Assessment of fiscal risk in the context of public sector balance sheets, 
  • Fiscal risk management, and economic policies addressing fiscal risk. 

 The conference will start with an informal get-together Wednesday evening July 5, and end July 7 with lunch.


Registration for participants is now open and will close May 15, 2017. The conference will cover the local cost of accommodation and meals. Limited travel funds are available especially for young researchers.

Please indicate your interest in serving as a discussant.

Applications for registration should be submitted to: Professor Jürgen von Hagen, 


 The conference will take place in Bonn, Germany. Participants traveling by plane can use Cologne-Bonn Airport, Duesseldorf Airport, or Frankfurt Airport. From Duesseldorf or Frankfurt and travel by train generally, use the high-speed train to Siegburg-Bonn.


The conference is part of the ADEMU (A Dynamic Economic and Monetary Union) project within the European Union’s Horizon 2020 program. The Preliminary Program will be updated soon....... 




Vitor Gaspar
A keynote Address  
Oscar Arce
(Bank of Spain)
When Fiscal Consolidation Meets Private Deleveraging  Oscar Arce
Huixin Bi
(Federal Reserve Bank of Kansas City)
Sovereign Risk and Fiscal (In)Attention  
Aitor Erce (ESM, Luxembourg) Explaining Costs of Sovereign Defaults: Bank Distress and Investment Channel  
Niccolo Battistini
Debt Limits and Sovereign Default in the Euro Area  N.Battistini
Kerstin Gerling (IMF) Fiscal Crises  
Madina Karamysheva 
(Higher School of Economics, Moscow)
Can Uncertainty Explain the Heterogeneous Output Effects of Fiscal Adjustments?  M.Karamysheva
George Kopits
(Woodrow Wilson Center, Washington DC)
Carlos Mulas-Granados
The Blind Side of Public Debt Spikes C. Mulas Granados
Gernot Müller 
(University of Tübingen)
Does Austerity Pay Off? G. Müller
Dominik Thaler
(EUI and Bank of Spain)
Austerity to Save the Banks? A Quantitative Model of Sovereign Default with Endogenous Default Cost and a Financial Sector  D. Thaler