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SOVEREIGN BOND MARKETS IN GEOPOLITICAL STORMS

Dear Colleagues and Friends,

It is our pleasure to invite you to attend the 12^th International Conference on Sovereign Bond Markets.

This year's conference focuses on Sovereign Bond Markets in Geopolitical Storms and is hosted by the Banque Centrale du Luxembourg at the European Stability Mechanism premises. "Co-organizers include the Bank of Canada, the Bank of Italy, the Deutsche Bundesbank, Euronext-MTS, the European Central Bank, the European Stability Mechanism, the Imperial College|Brevan Howard Centre for Financial Analysis, the Leibniz Institute for Financial Research SAFE, the McGill Luxembourg Centre for Finance, and the NYU Stern|Volatility and Risk Institute.

As global geopolitical and macroeconomic uncertainty rises, financial markets are displaying strains across the board, and no asset has been spared, from stocks to exchange rates to corporate bonds to commodities. Yet, at the center of it all are once again the markets for government bonds after more than a decade of relative calm following the crisis of the Euro. Inflation, political risk, trade wars, tariff uncertainty, and burgeoning debt have all been rocking sovereign bond markets at the same time when several governments around the world increasingly rely on them to fund expanding budget deficits. Central banks continue to hold large amount of these securities, whose gyrations affect their ability to pursue stabilizing monetary policies. This turmoil is likely to continue, and so are the unprecedented challenges currently faced by global capital markets.

The final program will include both submitted and invited papers.

The final program will include both submitted and invited papers. The conference will also feature a keynote speaker and a panel discussion on major outstanding issues in bond markets.

CALL FOR PAPERS

We solicit theoretical and empirical papers on the interaction between sovereign bond markets and monetary policy, tariffs, regulation, fiscal policy, political risk, foreign exchange, and the macroeconomy in times of enhanced geopolitical uncertainty. Topics of interest include (but are not limited to):

Conventional and unconventional monetary policies during periods of turmoil and:
1. Pricing of financial assets and exchange rates
2. Divergent policy-making around the globe & political risk
3. Market participants, primary dealers, and other institutions
4. Risk taking by banks
5. Spillovers and network effects from the US/Europe/Japan to other economies
6. Spillovers and network effects across asset classes
7. Currency regimes
8. Investment and financial decisions of firms
9. Financial market liquidity
10. Sovereign debt issuance, management, and operational strategies.

The impact of monetary, fiscal, and trade policies on the sovereign bond markets

Financial stability in an unstable world and:
1. Soft versus bumpy landing and sovereign risk
2. Conflicting monetary, fiscal, and trade policies
3. The bank-sovereign “doom loop”
4. Soft versus bumpy landing and financial fragility
5. Financial dislocations and their real effects.

While the above topics define the broad contours of the areas of interest, papers in related areas may also be considered.

Those wishing to present a paper at the Conference should submit by December 15, 2025 at This email address is being protected from spambots. You need JavaScript enabled to view it..

Decisions regarding acceptance will be made by February 1, 2026.

The final version of accepted papers must be received by March 1, 2026.