2025 Financial Stability Conference

The Federal Reserve Bank of Cleveland and the Office of Financial Research invite the submission of research and policy-oriented papers for the 2025 Financial Stability Conference on November 20-21, 2025.  The conference will be held in person in Cleveland, Ohio, and virtually.

The global financial system continues to contend with major economic shifts and technological advancements worldwide. Risks and opportunities abound as the system navigates unprecedented internal vulnerabilities and external shocks.

Conference Format

The conference will bring together policymakers, market participants, and researchers in two types of sessions:

• Policy Discussions

These sessions feature keynote addresses and panel discussions in which participants from industry, regulatory agencies, and academia share their insights.

• Research Forums

These forums follow the format of an academic workshop and comprise sessions where researchers present and discuss submitted papers.

Topics

We welcome submissions of research on topics related to potential financial stability risks faced by financial markets and institutions, sources of financial system resilience, and related public policy. Conference topics include, but are not limited to, the following:

Financial Institutions

A rapidly changing economic environment poses challenges for financial institutions and their supervisors. Risk management tools and strategies will be tested by fluctuations in inflation, output, and changing regulatory conditions. A rapidly evolving fintech and digital asset sector, along with the associated network effects, can lead to further risks at a systemic level. How will institutions adapt as these risks and regulations change at an unprecedented pace? How can regulators and policymakers prepare? Are existing microprudential and macroprudential toolkits sufficient? We welcome submissions on the following topics and others relating to financial institutions and financial stability:

• Bank lending to nonbank financial institutions (NBFI)
• Insurance markets
• Banking as a service (BaaS)
• Interest rate risk
• Risks of rapid growth
• The changing regulatory environment
• Banking in an uncertain monetary policy landscape
• Geopolitical risk

Financial Markets

Inflation, high levels of debt, geopolitical shifts, and central bank policy around the world have added stress to financial markets not seen in the recent past. Volatility spikes, fire sales, and financial contagion happen at an increasing pace. The continued development of algorithms, decentralized finance (DeFi), and complex artificial intelligence (AI) has the potential to add novel risks and blur the distinctions between markets and institutions. Do investors recognize these risks? How quickly can investors adapt to the changing circumstances? How does the opacity resulting from deficiencies in reporting, risk management, and operational standards for these risks affect investor behavior? We welcome submissions on the following topics and others relating to financial markets and financial stability:

• Risks associated with high levels of public debt and with central bank balance sheet policies
• Short-term funding
• Central clearing of government bonds
• Regulation of digital assets
• The future of the U.S. dollar in financial markets
• Financial markets in a fragmented world
• Real estate outlook
• The future of monetary policy

Technology and the Financial System

New technologies are developing at an accelerating pace and are influencing the way that financial institutions and markets are managed and supervised. What will be the impact of artificial intelligence on the financial system? What are the risks and opportunities from a new environment for digital assets? How can firms adapt to the growing threat of cyber risk? How can policymakers understand and benefit from these new technologies? We welcome submissions on the following topics and others relating to technology and financial stability:

• The impact of generative AI and deep learning models
• The rise of fintech
• Digital assets
• Cyber attacks
• Faster settlement for payments and securities
• Supervision and policymaking in the new technological age

Scientific Program Reviewers

• Will Cong, Cornell SC Johnson College of Business
• Victoria Ivashina, Harvard Business School
• Chotibhak Jotikasthira, Southern Methodist University, Cox School of Business
• Anton Korinek, University of Virginia, Darden School of Business
• Nagpurnanand Prabhala, Johns Hopkins Carey Business School
• Gregory Nini, Drexel University, LeBow College of Business
• Gregory F. Udell, Indiana University, Kelly School of Business
• Anthony Lee Zhang, University of Chicago Booth School of Business
• Alex Zhou, Southern Methodist University, Cox School of Business

Paper Submission Procedure

The deadline for submissions is Monday, July 7, 2025. Please submit completed papers through Conference Maker. Notification of acceptance will be provided by Friday, September 5, 2025. Final conference papers are due on Monday, November 3, 2025. In-person paper presentations are preferred. Questions should be directed to financial.stability.conference@clev.frb.org.