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VSFX 2020

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Vienna Symposium on Foreign Exchange Markets

The WU Research Institute for Capital Markets (ISK) has organized the annual Vienna Symposium on Foreign Exchange Markets which took place in Vienna at Palais Coburg from August 17-18, 2020.


Research on risk premia, factors, and predictive regressions has traditionally focused on equity markets, while research on foreign exchange has been lagging despite its huge potential. Currently, the low yield environment, large international portfolio flows and unconventional monetary policy have made it crucial for asset managers to incorporate FX strategies and FX risk management. We therefore welcome papers on FX risk premia, FX strategies, FX valuation, FX and monetary policy, Emerging Market currencies, currency pegs, FX regimes, FX and business cycle, etc.

In addition to the above-mentioned research themes, we particularly encourage the submission of papers that deal with the interaction of FX and bond markets.


We invite you to attend the symposium online.
There is no fee for participation in the webinar, but registration is required.

Monday, August 17th 2020

14:45Welcome and Opening, Announcement of the Engelbert-Dockner-Fellowship
Josef Zechner (WU)
15:00-16:30Session 1
Chair: Christian Wagner (WU)
17:00–18:30Session 2
Chair: Otto Randl (WU)

Tuesday, August 18th 2020

15:00–16:30Session 3
Chair: Michael Weber (University of Chicago)
Session 4
Chair: Thomas Dangl (TU Vienna)
  • Dominant Currency Debt
    Egemen Eren (Bank for International Settlements), Semyon Malamud (Swiss Finance Institute)
    Discussant: Hanno Lustig (Stanford Graduate School of Business)
  • The U.S. Public Debt Valuation Puzzle
    Zhengyang Jiang (Northwestern Kellogg), Hanno Lustig (Stanford Graduate School of Business), Stijn Van Nieuwerburgh (Columbia University), Mindy Z. Xiaolan (University of Texas at Austin)
    Discussant: Lukas Schmid (Duke University)
18:45–19:00 WINNER Award Ceremony, Concluding Remarks
Georg Cejnek (ZZ Vermögensverwaltung)


Video VSFX2020_welcome




Participation is only possible with a personal invitation. There is no conference fee for presenters of accepted papers and discussants. Presenters and discussants will also receive free accommodation and conference dinners at the conference venue. We expect participants to cover their own travel expense.

Program Committee

Chair of the Program Committee: Josef Zechner.

Further members of the program committee are Georg Cejnek, Magnus Dahlquist, Zhengyang Jiang, Stephan Kranner, Otto Randl, Lucio Sarno, Andrea Vedolin, Christian Wagner, and Michael Weber.

WINNER Best Paper Award

By submitting to the conference your paper is also considered for the WINNER Best Paper Award 2020. This award is organized by ZZ Vermögensverwaltung and POK Pühringer Privatstiftung in collaboration with WU Vienna. The paper award committee will select the best paper to receive a EUR 10’000 prize. The award selection will be based on both the quality of the submitted paper and the conference presentation.