Architecture and Stability of the Financial System

Many different aspects of financial architecture have been associated with assorted financial stability issues, Allen says. These include the exchange rate system with currency and sovereign debt crises; financial market structures with stock market crashes; and banks versus non-bank intermediaries with non-bank runs. He goes on to chart the literature on financial architecture and offers his own insights into testing for stability.

Ansgar Walther, Allen’s co-author on the paper, then takes the podium to talk about financial architecture in non-bank intermediaries—asset managers, in particular.

A session from the 2008 Financial Crisis: A Ten-Year Review conference held on 8-9 November 2018 in New York.