Browsing Working Papers by Author "ALLEN, Franklin"

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Browsing Working Papers by Author "ALLEN, Franklin"

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    Title: Deposits and bank capital structure  Author(s): ALLEN, Franklin; CARLETTI, Elena Date: 2013 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In a model with bankruptcy costs and segmented deposit and equity markets, we endogenize the choice of bank and firm capital structure and the cost of equity and deposit finance. Despite risk neutrality, equity capital is ...
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    Title: Financial Intermediation, Markets, and Alternative Financial Sectors  Author(s): ALLEN, Franklin; CARLETTI, Elena; QIAN, Jun 'QJ'; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Resolving the African Financial Development Gap: Cross-country comparisons and a within-country study of Kenya  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun; SENBET, Lemma; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-16 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: What Should Central Banks do about Real Estate Prices?  Author(s): ALLEN, Franklin; CARLETTI, Elena Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Many central banks use inflation targeting as the basis for their monetary policy. The underlying notion of this approach is that there are no long term benefits in terms of reduced unemployment from having inflation. ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Asset Commonality, Debt Maturity and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010-11-20 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: We develop a model where financial institutions swap projects in order to diversify their individual risk. This can lead to two dfferent asset structures. In a clustered structure groups of financial institutions hold ...
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    Title: The African Financial Development Gap  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun 'QJ'; SENBET, Lemma Date: 2010-10-01 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Economic growth in Africa has long been disappointing. We document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: Financial Connections and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: An important source of systemic risk is overlapping portfolio exposures among financial institutions. We develop a model where institutions form connections through swaps of projects in order to diversify their individual ...
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    Title: Financial Connections and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a model where institutions form connections through swaps of projects in order to diversify their individual risk. These connections lead to two different network structures. In a clustered network groups of ...
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    Title: Fragile Countries and the 2008-2009 Crisis  Author(s): ALLEN, Franklin; GIOVANNETTI, Giorgia Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI RSCAS Abstract: This paper analyses the channels through which the economic and financial crisis of 2008-2009 is transmitted to fragile countries in Sub-Saharan Africa. Trade stands out as the main direct channel, even though intra-Africa ...
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    Title: The African Financial Development Gap  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun 'QJ'; SENBET, Lemma Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Economic growth in Africa has long been disappointing. We document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: Stakeholder Capitalism, Corporate Governance and Firm Value  Author(s): ALLEN, Franklin; CARLETTI, Elena; MARQUEZ, Robert Date: 2009-09-01 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: In countries such as Germany, the legal system ensures that firms are stakeholder oriented. In others, like Japan, social norms achieve a similar effect. We analyze the advantages and disadvantages of stakeholder-oriented ...
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    Title: Credit Market Competition and Capital Regulation  Author(s): ALLEN, Franklin; CARLETTI, Elena; MARQUEZ, Robert Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: It is commonly believed that equity finance for banks is more costly than deposits. This suggests that banks should economize on the use of equity and regulatory constraints on capital should be binding. Empirical evidence ...
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    Title: Interbank Market Liquidity and Central Bank Intervention  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a simple model of the interbank market where banks trade a long term, safe asset. We show that when there is a lack of opportunities for banks to hedge aggregate and idiosyncratic liquidity shocks, the interbank ...
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    Title: Stakeholder Capitalism, Corporate Governance and Firm Value  Author(s): ALLEN, Franklin; CARLETTI, Elena; MARQUEZ, Robert Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In countries such as Germany, the legal system is such that firms are necessarily stakeholder oriented. In others like Japan social convention achieves a similar effect. We analyze the advantages and disadvantages of ...