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Franklin Allen

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Franklin Allen

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Franklin Allen and Douglas Gale

This important research review assesses key contributions to the study of financial crises from many different areas of economics. It offers an economic history of financial crises, empirical studies of crises in the modern era, and classic works on the theory of banking crises. It also covers specialized topics, with sections on currency crises and financial contagion.
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Franklin Allen and Douglas Gale

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Franklin Allen and Douglas Gale

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Franklin Allen and Douglas Gale

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Franklin Allen and Elena Carletti

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Franklin Allen, Laura Bartiloro and Oskar Kowalewski

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Franklin Allen, Xian Gu and Oskar Kowalewski

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