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, 11:40:18am WEST
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Daily Overview |
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D09: Financing the State in Emerging Economies Location: Room 109 (Francesinhas 1) | |
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International Mutual Fund Trading and Spillovers to Local-currency Bond Markets in Emerging Economies 1: University of Nottingham; 2: University of Nottingham; 3: Ministry of Finance, Indonesia This paper examines how international mutual funds transmit external shocks to local-currency (LC) government bond markets of emerging market economies (EMEs). Utilizing weekly data on the universe of transactions in the secondary market for Indonesian LC government bonds, we show that when global risk aversion and/or external interest rates increase, international mutual funds increase their net sales of Indonesian Rupiah (IDR) bonds, and their net sales, in turn, increase yields on IDR bonds. Our interpretation is that such external shocks prompt ultimate investors to request redemptions for their shares from mutual funds, and since mutual funds are typically subject to liquidity mismatch with liquid liabilities, fund managers are often pressured to sell the bonds possibly at fire-sale prices, increasing the bond yields. In contrast, trading of IDR bonds by other types of international investor such as insurance companies and pension funds do not cause such destabilising effects on the market.
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