7th International Conference on Sovereign Bond Markets
7th International Conference on Sovereign Bond Markets:
Quantitative Easing (QE) and its Unwinding, Currency Markets, and Trade
The conference is hosted by the Bank of England and co-organized by NYU Stern - Salomon Center for the Study of Financial Institutions, Leibnitz Center for Financial Research SAFE, University of Michigan - Mitsui Life Financial Research Center, Imperial College, Bank of Canada, Deutsche Bundesbank, and European Central Bank.
Many central banks in both industrialized countries and emerging markets responded to the financial crisis of 2008 and the accompanying global recession by adopting various forms of quantitative easing e.g., by buying massive amounts of bonds and other securities from market participants in order to provide liquidity to the markets, reduce the cost of capital, and ultimately foster economic growth.
More than a decade later, some central banks are in the process of unwinding at least some of these policies; many others, however, have signaled their willingness to maintain QE facilities in place indefinitely, as they are faced with increasing global economic and financial instability, such as volatile currency markets, rising trade frictions among countries, and increasing indebtedness of the private and public sector. This policy choice raises the question of whether unconventional QE will become the "new normal" and so will its effects (and potential distortions) on both Wall Street and Main Street.
We solicit theoretical and empirical papers on the interactions between conventional and unconventional monetary policy, foreign exchange and sovereign debt markets, and the macroeconomy. Topics of interest include (but are not limited to):
- Unconventional monetary policies and normalization of the monetary policy and
- the pricing of financial assets and exchange rates
- the risk taking by banks
- the spillovers and network effects to other developed and emerging markets
- spillovers and network effects across asset classes
- currency regimes
- the investment and financial decisions of firms
- financial market liquidity
- Financial regulation and deregulation and their impact on the sovereign bond markets
- Financial stability and financial/monetary policies in a post-crisis world
- Primary markets for sovereign debt
Papers in related areas may also be considered. The final program will include both submitted and invited papers. The conference will also feature a panel discussion on the major outstanding issues in sovereign bond markets.
Those wishing to present a paper at the conference should submit by December 1, 2019 per email.
Decisions regarding acceptance will be made by February 1, 2020. The final version of accepted papers must be received by March 1, 2020.
Please visit the conference website for further information about the current and past conferences.
Andrea Buraschi, Imperial College
Antonio Diez de los Rios, Bank of Canada
Michael Fleming, Federal Reserve Bank of New York
Iryna Kaminska, Bank of England
Simone Manganelli, European Central Bank
Emanuel Moench, Deutsche Bundesbank
Paolo Pasquariello, University of Michigan
Loriana Pelizzon, Research Center SAFE, Goethe University Frankfurt
Marti G. Subrahmanyam, Stern School of Business, New York University
Jun Uno, Waseda University
Toshinao Yoshiba, Bank of Japan and Tokyo Metropolitan University