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VSFX 2023

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Vienna Symposium on Foreign Exchange Markets 2023

The WU Research Institute for Capital Markets (ISK) has organized the Vienna Symposium on Foreign Exchange Markets which took place at Palais Coburg from August 14-15, 2023.

We thank all participants and the program committee of the Vienna Symposium on Foreign Exchange Markets 2023 for their contributions to a great conference. Our special thanks go to the presenters and discussants for their excellent talks. We happily announce that the WINNER best paper award, sponsored by ZZ Vermögensverwaltung, goes to the paper Understanding the Strength of the Dollar by Zhengyang Jiang, Robert Richmond (presenter) and Tony Zhang.


WA ZZ 2023

from the left: Otto Randl, Georg Cejnek, Zhengyang Jiang, Robert Richmond, Josef Zechner

© Zhengyang Jiang


Monday, August 14, 2023

Josef Zechner (WU Vienna)
13:30-15:00Session I: Impact of financial intermediation
Chair: Josef Zechner (WU Vienna)
  • Global Bank Lending and Exchange Rates
    Jonas Becker (Goethe University Frankfurt), Maik Schmeling (Goethe University Frankfurt & CEPR), Andreas Schrimpf (BIS & CEPR)
    Discussant: Yang Liu (University of Hong Kong)
  • Currency Risk Under Capital Controls
    Xiang Fang (University of Hong Kong), Sining Liu (University of Hong Kong), Yang Liu (University of Hong Kong)
    Discussant: Zhengyang Jiang (Northwestern University)
15:30–17:00Session II: Insights from micro data
Chair: Christian Wagner (WU Vienna)
  • Dealer Heterogeneity and Exchange Rates
    Florent Gallien (Swissquote), Sergei Glebkin (INSEAD), Serge Kassibrakis (Swiss Finance Institute), Semyon Malamud (Swiss Finance Institute), Alberto Teguia (University of British Columbia)
    Discussant: Tomy Lee (Central European University)
  • Central Bank Swap Lines: Micro-Level Evidence
    Gerardo Ferrara (Bank of England), Philippe Mueller (Warwick Business School), Ganesh Viswanath-Natraj (Warwick Business School), Junxuan Wang (Warwick Business School)
    Discussant: Saleem Bahaj (University College London)
17:30-19:00Session III: FX expectations
Chair: Georg Cejnek (ZZ Vermögensverwaltung)

Tuesday, August 15, 2023

14:00–15:30Session IV: The US dollar
Chair: Otto Randl (WU Vienna)
16:00–17:30Session V: Technology shocks
Chair: Youchang WU (University of Oregon)
17:30-18:00Poster Session

Program Committee

Chair of the Program Committee: Josef Zechner.

Further members of the program committee are Georg Cejnek, Magnus Dahlquist, Zhengyang Jiang, Stephan Kranner, Semyon Malamud, Andreas Neuhierl, Otto Randl, Alberto Rossi, Lucio Sarno, Andrea Vedolin, Stefan Voigt, Christian Wagner, and Michael Weber.


Presenters of accepted papers enjoy a conference fee waiver and receive free accommodation at the conference venue, lunches, and conference dinners.


Karin Distelberger
Claudia Hoffmann

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