Does sovereign refinancing pressure create structural mispricing in EM equity options?

I've been modelling the relationship between government debt auction calendars and implied volatility surfaces in emerging market contexts — specifically whether φ (sovereign refinancing pressure) and λ (liquidity stress) create predictable, calendar-driven dislocations that standard models like Heston and Bates don't capture. The intuition: retail-dominated EM options markets systematically underprice convexity around RBI auction windows because participants aren't pricing the sovereign feedbac