时间：2026年5月21日周四 上午10点至11点30

Thursday May 21, 10:00-11:30 am Beijing time

地点：

线下：北京大学国家发展研究院承泽园校区245教室

线上： ZOOM会议（会议号：813 0969 5445；密码：676067）

主讲人：Franklin Allen

主持人：胡佳胤 Jiayin Hu

Title: Monetary Innovation and Financial Architecture

Abstract: Recent research emphasizes the importance of money-like assets in the financial system, as well as the changing nature of the financial architecture, in which banks are no longer dominant. We study innovations to the monetary side of the financial system – such as expansions in money supply, the emergence of privately or publicly issued digital currencies, or non-bank payment providers. We argue that the effects of monetary innovations on investment, financial stability, and welfare are substantially different in a modern financial architecture that includes non-banks. We analyze a general equilibrium model in which the convenience yields on money-like assets, banks’ and non-banks’ market shares, and the leverage of heterogeneous intermediaries are endogenously determined. Public monetary innovations reduce leverage and reallocate activity from banks to non-banks, increasing financial stability and welfare. Private sector innovations have ambiguous effects that depend on initial market shares, and can reduce stability.

主讲人简介：

Franklin Allen is Professor of Finance and Economics and Director of the Brevan Howard Centre at Imperial College London since July 2014. In August 2019 he became the Associate Dean for Faculty and Research in the Business School, from August 2020-June 2023 the Vice-Dean (Research & Faculty) and from September 2023-August 2024 the Interim Dean.

He was at the Wharton School of the University of Pennsylvania from September 1980 – June 2016 and is Emeritus there. He was formerly Vice Dean and Director of Wharton Doctoral Programs, Co-Director of the Wharton Financial Institutions Center. He was Executive Editor of the Review of Financial Studies and Managing Editor of the Review of Finance. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society and the Financial Management Association, and a Fellow of the Econometric Society and the British Academy. He received his doctorate from Oxford University.

Dr. Allen's main interests are corporate finance, asset pricing, and financial crises. He is a co-author with Richard Brealey and Stewart Myers of the eighth through thirteenth editions and with Alex Edmans as well of the fourteenth and fifteenth editions of the textbook Principles of Corporate Finance.