Imperial College London

Professor Franklin Allen

Business School

Executive Director of the Brevan Howard Centre
 
 
 
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Contact

 

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

 
 
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Location

 

2.05B52-53 Prince's GateSouth Kensington Campus

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Summary

 

Publications

Publication Type
Year
to

99 results found

Buchheit L, De Witte B, Erce A, Garzarelli F, Gulati M, Munchau W, Patrin M, Pisani-Ferry J, Saarenheimo T, Schlosser P, Muguruza B, Valla N, Vanberg G, Wieser T, Zettelmeyer J, Zilioli Cet al., 2018, Institutions and the Crisis, Publisher: European University Institute

BOOK

Allen F, Carletti E, Goldstein I, Leonello Aet al., 2018, Government guarantees and financial stability, JOURNAL OF ECONOMIC THEORY, Vol: 177, Pages: 518-557, ISSN: 0022-0531

JOURNAL ARTICLE

Allen F, Bartiloro L, Gu X, Kowalewski Oet al., 2018, Does economic structure determine financial structure?, JOURNAL OF INTERNATIONAL ECONOMICS, Vol: 114, Pages: 389-409, ISSN: 0022-1996

JOURNAL ARTICLE

Allen F, Goldstein I, Jagtiani J, 2018, The Interplay among Financial Regulations, Resilience, and Growth, JOURNAL OF FINANCIAL SERVICES RESEARCH, Vol: 53, Pages: 141-162, ISSN: 0920-8550

JOURNAL ARTICLE

Allen F, Gu X, 2018, The Interplay between Regulations and Financial Stability, JOURNAL OF FINANCIAL SERVICES RESEARCH, Vol: 53, Pages: 233-248, ISSN: 0920-8550

JOURNAL ARTICLE

Allen H, Gale D, 2018, Financial Contagion revisited, Towards a Just Society: Joseph Stiglitz and 21st Century Economics

BOOK CHAPTER

Allen HF, Qian M, Xie J, 2018, Understanding informal financing, Journal of Financial Intermediation, ISSN: 1042-9573

This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. We find that constructive informal financing such as trade credits and family borrowing that relies on information advantages or an altruistic relationship is associated with good firm performance. Underground financing such as money lenders who use violence for enforcement is not. Constructive informal financing is prevalent in regions where access to bank loans is extensive, while its role in supporting firm growth decreases with bank loan availability. International comparisons show that China is not an outlier but rather average in using informal financing.

JOURNAL ARTICLE

Allen HF, Qian Y, Tu G, Yu Fet al., 2018, Entrusted loans: a close look at china's shadow banking system, Journal of Financial Economics, ISSN: 0304-405X

We perform transaction-level analyses of entrusted loans—one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and largely flow into real estate. The pricing of entrusted loans—especially of nonaffiliated loans—incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments.

JOURNAL ARTICLE

Allen F, Fukuda S-I, Hoshi T, Miyajima Het al., 2018, Corporate governance: Editor's introduction, JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, Vol: 47, Pages: 1-2, ISSN: 0889-1583

JOURNAL ARTICLE

Allen F, Carletti E, Grinstein Y, 2018, International evidence on firm level decisions in response to the crisis: Shareholders vs. other stakeholders, JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, Vol: 47, Pages: 3-16, ISSN: 0889-1583

JOURNAL ARTICLE

Allen HF, Gale D, 2017, How should bank liquidity be regulated?, Achieving Financial Stability: Challenges to Prudential Regulation, Pages: 135-157, ISBN: 978-981-3223-39-4

One reason why the 2007–2009 financial crisis was so severe and had a global impact was massive illiquidity in many markets, particularly interbank markets. This combined with an extreme exposure of many financial institutions to liquidity needs meant investors ran on a variety of financial institutions, particularly in wholesale markets. Financial institutions and non-financial firms started to sell assets at fire-sale prices to raise cash, and central banks injected huge amounts of liquidity into financial systems…Read More: https://www.worldscientific.com/doi/abs/10.1142/9789813223400_0011

BOOK CHAPTER

Allen HF, Gu XIAN, Kowalewski O, 2017, Financial Structure. Economic Growth and Development, Handbook of Finance and Development, Editors: Beck, Levine

Financial intermediaries and markets can alleviate market frictions through producinginformation and risk sharing in different ways. In practice, the structure of financialsystems can be bank-based or market-based, varying across countries. The influence offinancial structure on economic growth is dependent on the overall development of thereal economy and institutions. The association is also different during crisis periods andnon-crisis periods. Market-based systems tend to have an advantage for financiallydependent industries in good times but are a disadvantage in bad times. The recent rapidgrowth of shadow banking benefits economic growth but also poses additional risks tothe financial system and real economy.

BOOK CHAPTER

Burn L, Faull J, Kirilenko A, Laffan B, Landau J, Manuelides Y, Micheler E, Miles D, Sandbu M, Smolenska A, Schlosser P, Zettelmeyer Jet al., 2017, The changing geography of finance and regulation in Europe, Publisher: European University Institute, ISBN: 9789290845454

BOOK

Allen F, Edmans A, 2017, Editorial, REVIEW OF FINANCE, Vol: 21, Pages: 1-6, ISSN: 1572-3097

JOURNAL ARTICLE

Allen F, Jackowicz K, Kowalewski O, Kozlowski Let al., 2017, Bank lending, crises, and changing ownership structure in Central and Eastern European countries, JOURNAL OF CORPORATE FINANCE, Vol: 42, Pages: 494-515, ISSN: 0929-1199

JOURNAL ARTICLE

Allen F, Qian JQJ, Gu X, 2017, An Overview of China's Financial System, ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 9, Vol: 9, Pages: 191-231, ISSN: 1941-1367

JOURNAL ARTICLE

Allen F, Demirguc-Kunt A, Klapper L, Peria MSMet al., 2016, The foundations of financial inclusion: Understanding ownership and use of formal accounts, JOURNAL OF FINANCIAL INTERMEDIATION, Vol: 27, Pages: 1-30, ISSN: 1042-9573

JOURNAL ARTICLE

Allen F, Goldstein I, Jagtiani J, Lang WWet al., 2016, Enhancing Prudential Standards in Financial Regulations, JOURNAL OF FINANCIAL SERVICES RESEARCH, Vol: 49, Pages: 133-149, ISSN: 0920-8550

JOURNAL ARTICLE

Allen HF, Brealey R, Myers S, 2016, Principles of Corporate Finance, Publisher: McGraw-Hill Higher Education

BOOK

Allen F, Carletti E, Gray J, Gulati GMet al., 2016, Filling the Gaps in Governance The Case of Europe, ISBN: 9789290844150

The conference consisted of three panel sessions, one keynote lecture and one dinner speech. Opening the event, organizers highlighted that the agenda for this sixth annual conference showed some continuity with the previous ones.

BOOK

Allen F, Carletti E, Marquez R, 2015, Deposits and bank capital structure, Journal of Financial Economics, Vol: 118, Pages: 601-619, ISSN: 0304-405X

In a model with bankruptcy costs and segmented deposit and equity markets, we endogenize the cost of equity and deposit finance for banks. Despite risk neutrality, equity capital earns a higher expected return than direct investment in risky assets. Banks hold positive capital to reduce bankruptcy costs, but there is a role for capital regulation when deposits are insured. Banks could no longer use capital when they lend to firms instead of investing directly in risky assets. This depends on whether the firms are public and compete with banks for equity capital or are private with exogenous amounts of capital.

JOURNAL ARTICLE

Allen F, Carletti E, Marquez R, 2015, Stakeholder Governance, Competition, and Firm Value, Review of Finance, Vol: 19, Pages: 1315-1346, ISSN: 1572-3097

JOURNAL ARTICLE

Allen HF, Goldstein I, Jagtiani J, Lang Wet al., 2015, Enhancing Prudential Standards in Financial Regulations

WORKING PAPER

Allen F, Carletti E, Goldstein I, Leonello Aet al., 2015, Moral Hazard and Government Guarantees in the Banking Industry, Journal of Financial Regulation, Vol: 1, Pages: 30-50, ISSN: 2053-4833

The massive use of public funds in the financial sector and the large costs for taxpayers are often used to justify the idea that public intervention should be limited. This conclusion is based on the idea that government guarantees always induce financial institutions to take excessive risk. In this article, we challenge this conventional view and argue that it relies on some specific assumptions made in the existing literature on government guarantees and on a number of modelling choices. We review the theory of government guarantees by highlighting and discussing the role that these underlying assumptions play in the assessment of the desirability and effectiveness of government guarantees and propose a new framework for thinking about them.

JOURNAL ARTICLE

Acharya VV, Laffan B, 2015, The New Financial Architecture in the Eurozone, ISBN: 9789290842965

The logic, features and future shape of the new financial architecture of the Eurozone were discussed under Chatham House Rules on the occasion of a high-level conference hosted in Florence on 23 April 2015, by the European University ...

BOOK

Allen HF, Carletti E, Cull R, Qian J, Senbet L, Valenzuela Pet al., 2015, Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya, African Successes: Modernization and Development, ISBN: 9780226315690

BOOK CHAPTER

Allen HF, Goldstein I, Jagtiani J, Lang Wet al., 2014, Enhancing Prudential Standards in Financial Regulations, Publisher: FRB of Philadelphia

WORKING PAPER

Allen F, Hryckiewicz A, Kowalewski O, Tumer-Alkan Get al., 2014, Transmission of financial shocks in loan and deposit markets: Role of interbank borrowing and market monitoring, JOURNAL OF FINANCIAL STABILITY, Vol: 15, Pages: 112-126, ISSN: 1572-3089

JOURNAL ARTICLE

Allen F, Carletti E, Cull R, Qian JQ, Senbet L, Valenzuela Pet al., 2014, The African Financial Development and Financial Inclusion Gaps, JOURNAL OF AFRICAN ECONOMIES, Vol: 23, Pages: 614-642, ISSN: 0963-8024

JOURNAL ARTICLE

Allen HF, Carletti E, Qian J, Valenzuela Pet al., 2014, Does Finance Accelerate or Retard Growth? Theory and Evidence, Towards a Better Global Economy Policy Implications for Citizens Worldwide in the Twenty-first Century, Publisher: Oxford University Press, USA, ISBN: 9780198723455

The prospects for the global economy would become much less favorable if today's emerging economies, particularly China, were to experience a significant slowdown in their pace of growth, as they currently account for 75–80 percent of the ...

BOOK CHAPTER

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