Inaugural PHBS-IER Conference Tackles Current Economic Research Trends

The first PHBS-IER Conference, organized by the Peking University HSBC Business School (PHBS) and the International Economic Review (IER), took place on December 22-23, 2025. This significant event revolved around the theme "Financial Frictions for Firms and Households: Implications for Economic Development and Government Policies." The conference brought together over 130 esteemed professors and emerging scholars from prominent universities worldwide, including Princeton University, the University of Pennsylvania, and Tsinghua University.

One of the highlights of the conference was the keynote address by Nobel Prize winner Thomas Sargent. In his speech titled "Fiscal Consequences of the US War on COVID," Professor Sargent examined the trajectory of American fiscal and monetary policy from the 19th to the 21st century. He pointed out that crises often lead to long-term consequences, including budget deficits and significant price fluctuations. His analysis underscored the importance of coordination between fiscal and monetary policies, emphasizing factors such as "budget constraints" and the role of game theory in policymaking.

Various presentations at the conference explored a broad range of economic topics. Researchers discussed the impact of multinational corporations on technological advancement, the implications of illiquid capital on price formation in financial markets, and the effects of low-interest rates on inflation and debt restructuring.

The conference featured an open call for papers, resulting in 211 high-quality submissions. From these, eight were selected for presentation, with six featured in a special issue of the IER. PHBS and IER intend to deepen their collaboration through this conference series, establishing an annual platform to energize research and promote high-level economic studies. This initiative aims to contribute valuable insights towards the advancement of economics in Asia and globally. It highlights the growing role of such conferences in improving academic discourse and fostering a community of research-focused economists.

The interaction among scholars and policymakers at this inaugural event emphasizes the significance of continuous research in tackling contemporary economic issues, thus paving the way for innovative solutions that align with both local and international economic strategies. As the PHBS and IER move forward, their efforts will undoubtedly stimulate growth and development in various sectors, positively impacting economic understanding and policy design worldwide.

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