Imperial College London

Professor Franklin Allen

Business School

Assoc Dean of Faculty & Res/ Dir of Brevan Howard Centre



+44 (0)20 7594 9195f.allen Website CV




2.05B52-53 Prince's GateSouth Kensington Campus






BibTex format

author = {Allen, HF and Bartiloro, L and Gu, X and Kowalewski, O},
doi = {10.1016/j.jinteco.2018.08.004},
journal = {Journal of International Economics},
pages = {389--409},
title = {Does economic structure determine financial structure?},
url = {},
volume = {114},
year = {2018}

RIS format (EndNote, RefMan)

AB - In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we find a significant relationship between real economic structure and financial structure. Next, we exploit shocks to the economies in India, Finland and Sweden, and South Korea and show that changes in the economic structure of a country influence the evolution of its financial system. This suggests that financial institutions and capital markets change in response to the structure of industries.
AU - Allen,HF
AU - Bartiloro,L
AU - Gu,X
AU - Kowalewski,O
DO - 10.1016/j.jinteco.2018.08.004
EP - 409
PY - 2018///
SN - 0022-1996
SP - 389
TI - Does economic structure determine financial structure?
T2 - Journal of International Economics
UR -
UR -
VL - 114
ER -