17 March 2011
Venue: Skeel Lecture Theatre, Peoples' Palace, Mile End
Speaker: Franklin Allen, Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania
Prior to the crisis it was thought that microprudential regulation that controlled the risk that each individual bank took would ensure financial stability. The crisis has shown that this approach is inadequate as it ignores systemic risk. Traditionally systemic risk was associated with panic-based runs. A second type is common exposure to asset price declines, particularly in real estate as in the current crisis. A third is the contagion that occurs when one banks fails that can cause others to fail. The problem facing policymakers is to design macroprudential policies to prevent these and other systemic risks from causing another crisis. Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the
Wharton School of the University of Pennsylvania. He has been on the faculty since 1980. He is currently Co-Director of the Wharton Financial Institutions Center. He was formerly Vice Dean and Director of Wharton Doctoral Programs and Executive Editor of the Review of Financial Studies, one of the leading academic finance journals. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Intermediation Research Society, and a Fellow of the Econometric Society. He received his doctorate from Oxford University. Dr Allen's main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a co-author with Richard Brealey and Stewart Myers of the eighth through tenth editions of the textbook Principles of Corporate Finance.
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