The Geoeconomics of Financial Markets (2026)

Over the past two decades, the role of financial markets in geopolitical dynamics has expanded significantly. The U.S. dollar’s dominant role as the world’s reserve currency and the centrality of U.S.-led financial infrastructure have enabled the United States and its allies to project power through the global financial system. Sanctions, asset freezes, denial of payment access, and regulatory pressure are tools of statecraft that have become more commonly used. As these instruments are used more frequently, they are reshaping the incentives of other nations—especially emerging powers and large emerging markets—to hedge, bypass, or challenge the existing order.

To promote research on issues in this important area, the Global Capital Allocation Project, Stanford Business, Government, and Society Initiative, and the Review of Financial Studies will convene a research conference on the geoeconomics of financial markets. The conference program will be organized by program chairs Matteo Maggiori (Stanford University), Jesse Schreger (Columbia University), Christopher Clayton (Yale University), and Chenzi Xu (University of California at Berkeley), along with a program committee.

The conference is organized in collaboration with the Society for Financial Studies under the “Dual Submission Program” of the Review of Financial Studies. RFS Executive Editor Tarun Ramadorai (Imperial College London), and RFS Editor Anna Pavlova (London Business School) will edit the special issue and participate in the conference organization.

The conference will take place on May 15, 2026, at Stanford GSB.