Conference Agenda
Overview and details of the sessions of this conference.
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Some information on the session logistics:
If not stated otherwise, the discussant is the following speaker, with the first speaker being the discussant of the last paper. The last speaker of each session is the session chair. (Exception: invited sessions)
Presenters should speak for no more than 20 minutes, and discussants should limit their remarks to no more than 5 minutes. The remaining time should be reserved for audience questions and the presenter’s responses. We suggest following these guidelines also in the (less common) 3-paper sessions in a 2-hour slot, to allow participants to move between sessions. Discussants are encouraged to avoid summarizing the paper. By focusing on a few questions and comments, the discussants can help start a broader discussion with the audience.
Only registered participants can attend this conference. Further information available on the congress website https://www.iseg.ulisboa.pt/en/event/iipf/ .
Venue address: ISEG - Lisbon School of Economics & Management, R. Francesinhas 21, 1200-675 Lisboa, Portugal
Please note that all times are shown in the time zone of the conference. The current conference time is: 17th Sept 2026, 11:40:17am WEST
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Daily Overview |
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B15: Sovereign Debt, Bond Yields, and Fiscal Sustainability Location: Room 118 (Francesinhas 1) | |
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Fiscal Expectations, the Sovereign-Bank Nexus, and Bond Yields in Emerging and Developing Economies Keio University, Japan What drives domestic sovereign bond yields in Emerging Market and Developing Economies (EMDEs)? This paper shows that fiscal policy expectations are central to domestic yields, with effects amplified by the sovereign--bank nexus. A tractable Fiscal Theory of the Price Level framework explains why fiscal shocks affect domestic but not external bond yields. Following Laubach (2009)'s approach, a 1 percentage point increase in expected primary deficits raises 10-year domestic yields by about 36 basis points, rising to 50 basis points in countries with elevated bank exposures to sovereign debt. In contrast, external bond spreads respond mainly to global risk factors. These findings highlight the role of fiscal expectations and domestic financial structure in shaping sovereign borrowing costs in EMDEs.
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