Following the success of the last five years’ conferences, the Financial Institutions Center of the Wharton School of the University of Pennsylvania, in collaboration with the Brevan Howard Centre for Financial Analysis, is organizing the sixth conference on “Liquidity and Financial Fragility”. The conference will take place on the University of Pennsylvania Campus (Philadelphia PA) starting on the morning of Friday, October 13, 2017 and ending in the afternoon of Saturday October 14, 2017. There will also be a reception and dinner on Friday evening. Details of last years’ programs are available in the Conference website:  We plan to follow a similar format this year.

We invite submissions of empirical and theoretical papers in various fields of economics and finance that touch upon the broad theme of Liquidity and Financial Fragility. Topics of interest include, but are not limited to:

  • Coordination failures, self-fulfilling beliefs, and runs
  • Fragility in banks and non-banks institutions
  • Financial frictions and the macro economy
  • Liquidity and frictions in financial markets
  • Systemic risk and financial regulation
  • Financial institutions, networks, and contagion
  • Monetary policy and financial stability
  • Sovereign debt crises and their link to the financial sector
  • The impact of crises and fragility on firms’ financing and investment policies
  • Financial Technology (FinTech) and its implications for stability

The organizers of the conference are Franklin Allen (Imperial College), Itay Goldstein (Wharton Finance), and Guillermo Ordonez (Penn Economics). This year we will select papers with the help of a program committee composed of: Stijn Claessens (Bank for International Settlements), Itamar Drechsler (NYU), Huberto Ennis (Richmond Fed), Xavier Freixas (UPF), Vincent Glode (Wharton), Gary Gorton (Yale), Zhiguo He (Chicago), Jakub Kastl (Princeton), Todd Keister (Rutgers), Pablo Kurlat (Stanford), Matteo Maggiori (Harvard), Robert McDonald (Northwestern), Jaromir Nosal (Boston College), Martin Oehmke (Columbia), Christian Opp (Wharton), George Pennacchi (Illinois), Adriano Rampini (Duke), Philipp Schnabl (NYU), Luke Taylor (Wharton), Venky Venkateswaran (NYU), Annete Vissing-Jorgensen (Berkeley), Russ Wermers (Maryland), Randy Wright (Wisconsin) and Motohiro Yogo (Princeton).

Please submit your paper online at: The submission deadline is June 15, 2017. Authors will be notified by August 15, 2017 about the selection of papers.

As in previous years, we added the opportunity for authors to use this conference submission to also submit their paper to the Review of Financial Studies (RFS) under the dual-submission policy of the Society for Financial Studies. Details of this policy and its benefits to authors are available here: If you wish your submission to the conference to be considered by the RFS under this policy, please indicate this on the submission website for the conference. Note that the decisions on acceptance of papers to the conference are completely independent of whether or not the paper has also been submitted to the RFS.

Franklin Allen, Itay Goldstein and Guillermo Ordonez