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Charles M. Kahn

Professor Emeritus of Finance


Educational Background

Ph.D., Economics, Harvard University, 1981
B.A. (M.A.), Honors, Economics, University of Cambridge, 1977
B.A., Summa Cum Laude, Applied Mathematics, Harvard University, 1975

Positions Held

Co-director, Office of Banking Research, University of Illinois, 1992-2014
Chair, Finance Department, University of Illinois, 2009-2012
Fred S. Bailey Memorial Chair of Finance, University of Illinois, 1997-2015
Professor of Economics, University of Illinois, 1990-2015
Houblon Norman Fellow, Bank of England, 2007-2008
Visiting Tan-Chin Tuan Professor of Economics, National University of Singapore, 2007
Overseas Fellow, Churchill College, Cambridge University, 1999-2000
Visiting Fellow, Australian National University, 1994
Associate Professor of Economics, University of Illinois at Urbana-Champaign, 1988-1990
Associate Professor of Economics, University of Chicago, 1986-1989
Assistant Professor of Economics, University of Chicago, 1981-1985

Recent Publications

France, V. , Kahn, C. Forthcoming. Law as a constraint on bailouts: Emergency support for central counterparties. Journal of Financial Intermediation

Kahn, C., Park, H. Forthcoming. Collateral chains and Incentives. Journal of Financial Market Infrastructures, 5: 1-16

Kahn, C., Carbo-Valverde, S. 2016. Payment Systems in the US and Europe: Efficiency, Soundness and Challenges. Financial Stability Journal (Bank of Spain), 11-33

Kahn, C., Quinn, S., Roberds, W. 2016. Central Banks and Payment Systems: The Evolving Trade-off between Cost and Risk. In Michael D. Bordo, Oyvind Eitrheim, Marc Flandreau and Jan F. Qvigstad (Ed.), Central Banks at a Crossroads: What Can We Learn from History?, 563-609. Cambridge, England: Cambridge University Press.

Antinolfi, G., Carapella, F., Kahn, C., Martin, A., Mills, D., Nosal, E. 2015. Repos, Fire Sales and Bankruptcy Policy. Review of Economic Dynamics, 18: 21-31

Kahn, C. 2015. Evolution of money and payment systems: private versus public institutions and the role of collateral. In Pietro Catte, Andrea Gerali, Franco Passacantando (Ed.), Money and Monetary Institutions after the Crisis: Proceedings of the Conference in Memory of Curzio Giannini, 163-188. Banca d'Italia.

Kahn, C., Linares-Zegarra, J. 2015. Identity Theft and Consumer Payment Choice: Does Security Really Matter? Journal of Financial Services Research

Service Activities

Associate Editor, Journal of Financial Market Infrastructures, 2012-present

Teaching and Research Interests

Teaching interests: Financial institutions, game theory.

A specialist in the economics of information and uncertainty, his research focuses on the applications of the theory of contracts and incentives to banking and financial intermediation. Current projects include an examination of arrangements for payment systems, including clearing houses, wire-transfers, and electronic moneys. He has been a Houblon-Norman Fellow of the Bank of England and is currently a visiting scholar at the Federal Reserve Bank of Chicago.