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A Spotlight on the PHBS-IER Conference

The inaugural PHBS-IER conference, co-hosted by the HSBC Business School at Peking University (PHBS) and the International Economic Review (IER), took place from December 22nd to 23rd. The theme of this two-day event was "Financial Frictions for Firms and Households: Implications for Economic Development and Government Policies." It brought together over 130 distinguished faculty and emerging scholars from prestigious universities, including Princeton, the University of Pennsylvania, Boston University, the University of Southern California, Emory University, University College London, the Chinese University of Hong Kong, Tsinghua University, Fudan University, and the Cheung Kong Graduate School of Business.

A key highlight of the conference was the opening keynote delivered by Nobel Laureate Thomas Sargent. In his address titled "Fiscal Consequences of the U.S. War Against COVID," Professor Sargent traced the evolution of U.S. fiscal and monetary policy from the 19th to the 21st century. He emphasized that crises, such as those stemming from wars, often result in long-term fiscal deficits, significant price volatility, and enduring institutional changes. Sargent also explored the complex interactions among fiscal, monetary, and tax policies, stressing the role of game theory in shaping policymakers' decisions. He highlighted the significance of budgetary constraints, coordination between monetary and fiscal policies, and the distribution of power in addressing these challenges.

The conference featured a series of prominent presentations covering a broad spectrum of economic topics. These included investigations into the impact of multinational corporations on development and technological innovation, studies on the allocation and pricing of illiquid capital in financial markets, and analyses of the effects of low interest rates on inflation and debt renewal.

With a total of 211 quality submissions received through an open call for presentations, eight were ultimately selected for inclusion at the conference, six of which were featured in a special issue of the IER. PHBS and the IER aim to use this opportunity to strengthen their collaborative efforts by establishing an annual exchange platform. This initiative is expected to invigorate research, promote high-level economic studies, and provide valuable insights to advance economics not only in Asia but globally. The conference underscores the significance of financial research in informing policies and practices that could lead to economic growth and stability in today's rapidly changing environment.

In summary, the PHBS-IER conference served as a vital platform for scholars to discuss pressing economic issues and foster meaningful collaborations. As the world grapples with various financial challenges, insights generated from such gatherings will be crucial for policymakers and academics alike.

Key Takeaways:

• - Innovative Research: The conference highlighted cutting-edge research addressing significant financial issues.
• - Collaborative Efforts: The event aims to foster collaboration between prominent academic institutions around the world.
• - Ongoing Impact: The discussions and insights shared are expected to have lasting implications for economic policy and development.

For further details, please visit the PHBS official website.