The Eleventh Wharton Conference on Liquidity and Financial Fragility
Call for Papers
Liquidity and financial fragility have been central to academic research and policy debates. In recent decades, episodes of acute market stress, such as the global financial crises, the pandemic, and regional banking turmoil, have highlighted the complex interplay between liquidity provision, financial stability, and broader macroeconomic outcomes. Meanwhile, the rapid adoption of new technologies is reshaping markets and introducing new risks. Although government policies and interventions may help contain systemic risks, they also bring uncertainty and intensify tensions between price and financial stability. As global financial conditions in 2025 continue to reflect elevated uncertainty and geopolitical strain, the need to understand the drivers and consequences of financial fragility and its global macroeconomic implications remains as vital as ever.
With this goal in mind, we are pleased to announce the 2025 Wharton Conference on Liquidity and Financial Fragility, building on the success of the past ten editions. The eleventh edition will be held at the Wharton School of the University of Pennsylvania (Philadelphia, PA), beginning on the morning of Friday, October 10, 2025, and concluding in the afternoon of Saturday, October 11, 2025. A conference dinner will take place on Friday evening, featuring a keynote address by Antoinette Schoar, Executive Editor of the Journal of Finance and the Stewart C. Myers-Horn Family Professor of Finance at the MIT Sloan School of Management. Further details on past editions of the conference are available on the conference website: https://wifpr.wharton.upenn.edu/wharton-liquidity-conference/
We invite submissions of empirical and theoretical papers in various fields of economics and finance that relate to the broad theme of Liquidity and Financial Fragility. Topics of interest include, but are not limited to:
- Coordination failures, self-fulfilling beliefs, and runs
- Fragility in banks and non-bank institutions
- Liquidity and frictions in financial markets and macroeconomy
- Systemic risk and financial regulation
- Monetary policy and financial stability
- Dysfunctions, frictions, and fragility in U.S. Treasury markets
- Currency dominance, sovereign debt crises, and their link to the financial sector
- Geopolitical tensions, trade conflicts, and financial fragility
- Inflation, interest rate risks, and implications on financial fragility
- The real impact of crises and fragility on firms’ financing and investment policies
- FinTech, artificial intelligence (AI), and their implications for financial stability
- New payment technologies, digital currencies, and their implications for the monetary system
The organizers of the conference are Vincent Glode, Itay Goldstein, and Yao Zeng (all from Wharton Finance), and Guillermo Ordonez (from Penn Economics).
Please submit your paper using the form below. The submission deadline is July 1, 2025. Authors of submitted papers will be notified of program decisions by August 15, 2025. We look forward to this intellectually exciting event.