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2026 Annual IFS Conference
2026 Annual IFS Conference
June 9-11, 2026
June 9-11, 2026
Study Center Gerzensee, Switzerland
Study Center Gerzensee, Switzerland
Keynote Speakers
Keynote Speakers
Stephanie Curcuru
Stephanie Curcuru
Deputy Director
Deputy Director
Federal Reserve Board
Federal Reserve Board
Nikolai Roussanov
Nikolai Roussanov
Moise Y. Safra Professor
Moise Y. Safra Professor
Wharton
Wharton
Program
Program
June 9
June 9
from 14.00 Arrival, Check in
19.00. Dinner
21:00 - 22:00 Rapid Fire Session 1: Capital Flows and Financial Frictions
Chair: Angelo Ranaldo
Short-Horizon Currency Expectations
Ilias Filippou, Jiangyuan Li, Xujun Liu, Mark P. TaylorSticking to Their Guns: Short-Horizon Exchange Rate Expectations
Lukas Kremens, Liliana VarelaDemand for Dollars: Evidence from Survey Expectations
Benedikt Ballensiefen, Fabricius Somogyi, Hannah Winterberg
June 10
June 10
7.30-8.45 Breakfast
8.50 - 9.00 Welcome Remarks & Intro of International Finance Society
9.00-10.00 Keynote: Stephanie Curcuru, Deputy Director, Federal Reserve Board
10.00-10.30 Coffee
10.30-12.00 Session 1: Currency Valuations
Chair: Pasquale Della Corte
What Is a Currency Worth?
Thummim Cho, Riccardo Colacito, Lukas Kremens, Mirela Sandulescu
Discussant: Paolo ZaffaroniThe Dollar Markup
Rainer Haselmann, Ingomar Krohn, Philippe Mueller, Maik Schmeling
Discussant: Junxuan Wang
12.00-13.30 Lunch
13.30-15.00. Session 2: Currency Frictions in Global Credit
Chair: Thomas Maurer
When Funding Markets Move Credit Markets: Foreign Investors and U.S. CLOs
Amy Wang Huber, Shohini Kundu
Discussant: Fabricius SomogyiSanctions and Currencies in Global Credit
Marco Garofalo, Giovanni Rosso, Roger Vicquéry
Discussant: Yang Liu
15.00 - 15.30. Coffee
15.30 - 17.00 Session 3: FX Risk and Tail Events
Chair: Paul Whelan
Option-Implied Local Currency Credit Spreads
Patrick Augustin, Alexandre Jeanneret, Ella Patelli, Jose-Manuel Sanchez-Martinez
Discussant: Irina ZviadadzeLarge Moves in the Foreign Exchange Market
Alex Kostakis, Brandon McBride, Lucio Sarno, Junxuan Wang
Discussant: Andrea Vedolin
17.00-18.30 Apéritif & Poster Presentation
Chair: Andrea Vedolin
Peidi Chen, HKU
Marco Graziano, U Basel
Bryan Gutierrez, U Minnesota
Min Kim , Bank of Korea
Haojin Liang, Chinese U of Hong Kong
Giorgio Militello, Warwick
Zhou Ren, WU Vienna
Ognjen Stankovic , U Zurich
Cara Stromeyer, U Basel
Veronica Veggente, Imperial College
Oliver Vogt, UBC
Yirong Wang, U Bristol
18:30 Dinner
21:00 - 22:00 Rapid Fire Session 2: FX Beliefs and Dollar Demand
Chair: Paul Whelan
Bright Star(s): How Winning Stocks Ignite Global Flows and Currency Appreciations
Davide La CaraFederal Reserve Announcement Premia in Currency Markets
Jiawei Lin, Mark P. Taylor, Zhe Wang, Qi XuBarriers to a European Banking Union
Damien Capelle, Adriano Fernandes, J. J. Krüger, Peter McAdam
June 11
June 11
7.30-8.45 Breakfast
9.00-10.00 Keynote: Nikolai Roussanov, Moise Y. Safra Professor, Wharton
10.00-10.30 Coffee
10.30-12.00 Session 4: Global Risk in Credit and Currency Markets
Chair: Angelo Ranaldo
The Global Credit Cycle
Leonardo Elias, Nina Boyarchenko
Discussant: Julien PenasseGeopolitical Risk in Currency Markets
Alessandro Melone, Andreas Stathopoulos
Discussant: Dagfinn Rime
12.00-13.30 Lunch
13.30-15.00. Session 5: Digital Currencies and the Dollar
Chair: Pasquale Della Corte
Crypto Frictions & Fiat Currencies
Maria Arteaga Garavito, Simone Boldrini, Nicola Borri, Max Croce
Discussant: Philippe BacchettaStablecoin Flows, Dollar Convenience Yields and Exchange Rates
Shiyang Huang, Dong Lou, Zhenghan Shao, Tianyu Wang
Discussant: Nicola Borri
15.00 - 15.30. Coffee
15.30 - 17.45 Session 6: Intermediaries, Flows, and FX Dynamics
Chair: Thomas Maurer
The rise of Inelastic Intermediaries and Exchange Rate Dynamics
Johannes Eugster, Giovanni Rosso, Pinar Yesin
Discussant: Philippe MuellerFX Neglect in Private Equity Buyouts
Vesa Pursiainen, Steven Riddiough, Wang Tang
Discussant: Ella PatelliGranular Banking Flows and Exchange-Rate Dynamics
Balduin Bippus, Simon Lloyd, Daniel Ostry
Discussant: Bernard Dumas
18:30 BBQ Dinner
FX Lectures
FX Lectures
As part of the International Finance Society’s mission, we are running an FX Lecture Series delivered by Prof. Nick Roussanov, from 15 to 17 June 2026. The series will be held at the University of Basel and is sponsored by the Swiss Finance Institute (SFI). While the program is designed for PhD students, all interested participants are welcome. Due to limited capacity, participation will be offered on a first-come, first-served basis. Participants are responsible for arranging their own travel from Gerzensee to Basel, as well as accommodation in Basel. To join, please register by completing the Google form linked here: Registration Form
The International Finance Society invites submissions for its 2026 annual meeting at the Study Center Gerzensee (Foundation of the Swiss National Bank).
The conference brings together researchers working on all areas of international finance and aims to foster high-quality discussion in an intimate setting. We particularly welcome early-stage or new research that has not yet been widely presented.
Submissions from junior scholars are strongly encouraged. The format supports in-depth feedback, open discussion, and meaningful interaction among participants.
Submission Guidelines
Submission Guidelines
We invite papers in all areas of international finance. Submissions should be in PDF format and sent by email.
Submission Deadline: March 1, 2026
Submission by email: submit@internationalfinancesociety.com
Notification of Acceptance: End of March 2026
Submission Fee: Free
Eligibility: One submission per presenting author (co-authorship on other submissions is allowed)
Submission for Young Scholar Poster Session
Submission for Young Scholar Poster Session
A dedicated poster session is available for early-career researchers, including PhD students at all stages and recent graduates. Submissions may include draft papers or proposals with preliminary results. The same submission guidelines as above apply, except that submissions should be sent to submitphd@internationalfinancesociety.com
Conference Format & Logistics
Conference Format & Logistics
The academic program runs from Wednesday morning (June 10) to Thursday afternoon (June 11). Participants are expected to arrive Tuesday, June 9, and depart Friday, June 12. The Study Center Gerzensee will cover accommodation and meals for participants. The conference is supported by the Swiss Finance Institute (SFI).
Location of Study Center Gerzensee
Location of Study Center Gerzensee
Organising Committee
Organising Committee
Pasquale Della Corte, Imperial College London
Thomas A. Maurer, University of Hong Kong
Angelo Ranaldo, University of Basel and the Swiss Finance Institute
Paul Whelan, Chinese University of Hong Kong
Scientific Committee
Scientific Committee
Saleem Bahaj, University College London
Nina Boyarchenko, NY Fed
Gino Cenedese, Fulcrum Asset Management
Ethan Chiang, University of North Carolina at Charlotte
Riccardo Colacito, University of North Carolina at Chapel Hill
Max Croce, Bocconi University
Wenxin Du, Harvard University
Xiang Fang, University of Hong Kong
Ilias Filippou, Florida State University
Alexandre Jeanneret, University of New South Wales
Zhengyang Jiang, Northwestern University
Lukas Kremens, University of Washington
Yang Liu, University of Hong Kong
Philippe Mueller, University of Warwick
Julien Penasse, University of Luxembourg
Robert Richmond, New York University
Steven Riddiough, University of Toronto
Lucio Sarno, University of Cambridge
Maik Schmeling, Goethe University
Andreas Schrimpf, Bank of International Settlements
Fabricius Somogyi, Northeastern University
Vania Stavrakeva, London Business School
Karamfil Todorov, Bank of International Settlements
Giorgio Valente, Hong Kong Institute for Monetary and Financial Research
Andrea Vedolin, Boston University
Adrien Verdelhan, Massachusetts Institute of Technology
Amy Wang-Huber, University of Pennsylvania
Michael Weber, Purdue University
Shaojun Zhang, University of British Columbia
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