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SOVEREIGN BOND MARKETS:

SAILING IN CALM AND STORMY WATERS

Dear Colleagues and Friends,

It is our pleasure to invite you to attend the 11th International Conference on Sovereign Bond Markets.

The conference this year focuses on Sailing in Calm and Stormy Waters, and it is hosted by the Bank of Italy at its Venice branch. Co-organizers include the Bank of Canada, the Deutsche Bundesbank, the European Central Bank, the Imperial College|Brevan Howard Centre for Financial Analysis, the Leibniz Institute for Financial Research SAFE, the London Business School|AQR Asset Management Institute and the NYU Stern|Volatility and Risk Institute.

Over the past year or so, most central banks around the globe have been achieving remarkable success in combating post-pandemic inflation. Some argue that inflation landing has been bumpy, i.e., not without material costs in terms of reduced economic opportunities and allocation inefficiencies on Main Street, as well as banking fragility and financial distortions on Wall Street. Others instead argue that modern central banking has achieved the rare feat of soft-landing high inflation while supporting a protracted recovery despite a trifecta of geopolitical challenges --- the global conflicts in Ukraine and the Middle East, post-pandemic supply chain strains, and unresolved fiscal quandaries. This debate 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 Conference will also feature panel discussions on the major outstanding issues in sovereign bond markets.

CALL FOR PAPERS

We solicit theoretical and empirical papers on the interaction between sovereign bond markets and conventional and unconventional monetary policy, regulation, fiscal policy, foreign exchange, and the macroeconomy in smooth or bumpy landing times. Topics of interest include (but are not limited to):

Unconventional monetary policies during periods of turmoil and:
1. Pricing of financial assets and exchange rates
2. Divergent policy-making around the globe
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 inflation-motivated monetary and fiscal policies on the sovereign bond markets

Financial stability in an unstable world and:
1. Soft versus bumpy landing and sovereign risk
2. Conflicting monetary and fiscal 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, 2024 at Questo indirizzo email è protetto dagli spambots. È necessario abilitare JavaScript per vederlo..

Decisions regarding acceptance will be made by February 1, 2025.

The final version of accepted papers must be received by March 1, 2025.