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Darla Moore School of Business


Allen N. Berger

Title: Carolina Distinguished Professor
H. Montague Osteen, Jr., Professor of Banking and Finance
Department: Finance
Darla Moore School of Business
Phone: 803-576-8440
Office: Darla Moore School of Business, Room 457G
Allen Berger headshot


Allen N. Berger is H. Montague Osteen, Jr., Professor in Banking and Finance in the Finance Department, Darla Moore School of Business, University of South Carolina since 2008. He is also Carolina Distinguished Professor, Co-Founder and Co-Director of the Center for Financial Institutions at the Darla Moore School of Business, and former Ph.D. coordinator of the Finance Department. Professor Berger served as 2022 President and Conference Program Chair of the Financial Intermediation Research Society (FIRS), presiding over its annual conference in Budapest, Hungary. He is also Senior Fellow at the Wharton Financial Institutions Center, and has affiliations with other research centers around the world. He is on the editorial boards of eight research journals, former associate editor of others including the Review of Financial Studies, co-editor of eight special issues of four different research journals, co-organizer of numerous research conferences, and advisor for Ph.D. students in multiple departments at the University of South Carolina and other universities in various countries, and former editor of the Journal of Money, Credit, and Banking.

He has 130 publications in refereed research journals, at least one in 36 of the 37 years from 1987 to 2023, has several lead articles and best paper awards, and is the most prolific contributor to multiple journals and conference series. He has published in top finance journals, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Financial Intermediation, Journal of Banking and Finance, and Journal of Corporate Finance; top economics journals, Journal of Political Economy, American Economic Review, Review of Economics and Statistics, Journal of Monetary Economics, and Journal of Money, Credit and Banking; and other top professional business journals, Management Science, Journal of Business, and European Journal of Operational Research.

Professor Berger is co-author of two research books, TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System (2020), and Bank Liquidity Creation and Financial Crises (2016), and currently completing another on the economic and financial impacts of COVID-19. He is co-editor of the Oxford Handbook of Banking, 2010, 2015, and 2019 editions, and assembling the fourth edition for 2024. He has about 40 other professional research publications, such as book chapters and conference proceedings.

Professor Berger ranks fifth on list of Top Economics and Finance Scientists with an H-Index of 136 as of the last update on December 6th, 2021 ( He has over 95,000 Google Scholar citations, including 31 articles with over 1,000 citations each, and another 19 exceeding 500 each ( He has given keynote addresses on five continents, been visiting scholar at Federal Reserve Banks and central banks of other nations, won many best paper awards from research journals and conferences, and received both research and teaching recognition at the University of South Carolina.

His most personally prized accomplishments are his parts in the successes of his students and co-authors, whose joint accomplishments greatly exceed his own contributions to the research community. Some have earned their own endowed chairs and full professorships, a major journal editorship, Federal Reserve Bank President, chair of a major Finance department, head of a research department and other major personal successes. Many more are on their way to such levels.

Professor Berger was economist from 1982-2008 at the Federal Reserve Board of Governors. He earned a Ph.D. in Economics from the University of California, Berkeley in 1983, and a B.A. in Economics from Northwestern University in 1976.

Data on bank liquidity creation based on the concept originated in:
Berger, Allen N. and Christa H.S. Bouwman, 2009. “Bank Liquidity Creation,” Review of Financial Studies 22, 3779-3837.

Data on bank liquidity hoarding based on the concept originated in:
Berger, Allen N., Omrane Guedhami, Hugh H. Kim, and Xinming Li, Forthcoming, “Economic Policy Uncertainty and Bank Liquidity Hoarding,” Journal of Financial Intermediation.


His research covers a variety of topics related to financial institutions.


  • Ph.D., University of California, Berkeley, 1983
  • M.A., University of California, Berkeley, 1979
  • B.A., Northwestern University, 1976

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