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Charles Calomiris-"Thinking Historically about Banking Crises and Bailouts"
Columbia's Calomiris Says Financial Regulation Is a Flop

Biography

Columbia Business School
Henry Kaufman Professor of Financial Institutions

Biography

Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School, the Director of Columbia Business School’s Program for Financial Studies and of the PFS Initiative on Finance and Growth in Emerging Markets, and a professor at Columbia’s School of International and Public Affairs. His research spans the areas of banking, corporate finance, financial history and monetary economics. He is a distinguished visiting fellow at the Hoover Institution, a Fellow at the Manhattan Institute, a member of the Shadow Open Market Committee and of the Financial Economists Roundtable, and is a Research Associate of the National Bureau of Economic Research. He currently serves as President of the International Atlantic Economic Society, and also has served on numerous other committees, including the Advisory Scientific Committee of the European Systemic Risk Board, the U.S. Congress’s International Financial Institution Advisory Commission, the Shadow Financial Regulatory Committee, and the Federal Reserve System’s Centennial Advisory Committee. He is comanaging editor of the Journal of Financial Intermediation. Professor Calomiris received a B.A. in economics from Yale, Magna Cum Laude, and a Ph.D. in economics from Stanford. He holds an honorary doctorate from the University of Basel. His most recent book (with Stephen Haber), Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton University Press 2014), received the American Publishers 2015 Award for the best book in the area of Business, Finance and Management, and was named one of the Best Economics Books of 2014 by the Financial Times, and one of the Best Books of 2014 by The Times Higher Education Supplement and by Bloomberg Businessweek.

Teaching

Spring 2018

Emerging Financial Markets (MBA)

Fall 2017

Immersion Seminar: The Financial Services Industry (EMBA)

Spring 2017

Emerging Financial Markets (MBA)

Fall 2016

Immersion Seminar: The Financial Services Industry (EMBA)

Spring 2016

Emerging Financial Markets (MBA)

Spring 2015

Emerging Financial Markets (MBA)

Spring 2013

Emerging Financial Markets (MBA)
Master Class in Mergers & Acquisitions (MBA)

Fall 2012

Emerging Financial Markets (EMBA)

Spring 2012

Advanced Corporate Finance (EMBA)

Research

Journal articles

Firms' Sensitivities to "Crisis Shocks" and the Cross-Section of Global Equity Returns In Journal of International Money and Finance (forthcoming)
Coauthor(s): Charles Calomiris

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A Primer on Bank Capital Regulation: Theory, Empirics, and Policy In IMF Economic Review (forthcoming)
Coauthor(s): Shekhar Aiyar, Charles Calomiris, Tomasz Wieladek

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An assessment of TARP assistance to financial institutions In Journal of Economic Perspectives (2015)
Coauthor(s): Charles Calomiris, Urooj Khan

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Does Macro-Prudential Regulation Leak? Evidence from a U.K. Policy Experiment In Journal of Money, Credit and Banking (2014)
Coauthor(s): Shekhar Aiyar, Charles Calomiris, Tomasz Wieladek

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Identifying Channels of Credit Substitution When Bank Capital Requirements Are Varied In Economic Policy (2014)
Coauthor(s): Shekhar Aiyar, Charles Calomiris, Tomasz Wieladek

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Crisis-Related Shifts in the Market Valuation of Banking Activities In Journal of Financial Intermediation (2014)
Coauthor(s): Charles Calomiris, Doron Nissim

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Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy? In American Banker (2013)
Coauthor(s): Charles Calomiris, Doron Nissim

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Stock returns' sensitivities to crisis shocks: Evidence from developed and emerging markets In Journal of International Money and Finance (2012)
Coauthor(s): Charles Calomiris, Inessa Love, Mara Soledad Martínez Pería

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An Incentive-Robust Programme for Financial Reform In The Manchester School (2011)
Coauthor(s): Charles Calomiris

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Comment on "Implementing a Macroprudential Framework: Blending Boldness and Realism" (by Claudio Borio) In Capitalism and Society (2011)
Coauthor(s): Charles Calomiris

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Incentive-Robust Financial Reform In The Cato Journal (2011)
Coauthor(s): Charles Calomiris

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Profiting from government stakes in a command economy: Evidence from Chinese asset sales In Journal of Financial Economics (2010)
Coauthor(s): Yongxiang Wang, Charles Calomiris

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Banking Crises Yesterday and Today In Financial History Review (2010)
Coauthor(s): Charles Calomiris

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Reassessing the Fed's Regulatory Role In The Cato Journal (2010)
Coauthor(s): Charles Calomiris

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The Political Lessons of Depression-Era Banking Reform In Oxford Review of Economic Policy (2010)
Coauthor(s): Charles Calomiris

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Financial Innovation, Regulation, and Reform In The Cato Journal (2009)
Coauthor(s): Charles Calomiris

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Preserving Slave Families for Profit: Traders'' Incentives and Pricing in the New Orleans Slave Market In The Journal of Economic History (2009)
Coauthor(s): Charles Calomiris, Jonathan Pritchett

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Relationship Banking and the Pricing of Financial Services In Journal of Financial Services Research (2009)
Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool

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Resolving the puzzle of the underissuance of national bank notes In Explorations in Economic History (2008)
Coauthor(s): Charles Calomiris, Joseph Mason

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Venture Capital as Human Resource Management In Journal of Economics and Business (2008)
Coauthor(s): Charles Calomiris, Antonio Gledson de Carvalho, Joao Amaro de Matos

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Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts In Journal of Empirical Legal Studies (2007)
Coauthor(s): Charles Calomiris, Donna Hitscherich

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Devaluation with contract redenomination in Argentina In Annals of Finance (2007)
Coauthor(s): Charles Calomiris

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The Regulatory Record of the Greenspan Fed In The American Economic Review (2006)
Coauthor(s): Charles Calomiris

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Credit Card Securitization and Regulatory Arbitrage In Journal of Financial Services Research (2004)
Coauthor(s): Charles Calomiris, Joseph Mason

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Bank Capital and Portfolio Management: The 1930s, "Capital Crunch," and Scramble to Shed Risk In Journal of Business (2004)
Coauthor(s): Charles Calomiris, Berry Wilson

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Fundamentals, Panics, and Bank Distress During the Depression In American Economic Review (2003)
Coauthor(s): Charles Calomiris, Joseph Mason

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Consequences of Bank Distress during the Great Depression In The American Economic Review (2003)
Coauthor(s): Charles Calomiris, Joseph Mason

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Tax Policy, Internal Finance, and Investment: Evidence from the Undistributed Profits Tax of 1936-1937 In Journal of Business (1995)
Coauthor(s): Charles Calomiris, R. Glenn Hubbard

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Financial Factors in the Great Depression In The Journal of Economic Perspectives (1993)
Coauthor(s): Charles Calomiris

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The Role of Demandable Debt in Structuring Optimal Banking Arrangements In The American Economic Review (1991)
Coauthor(s): Charles Calomiris, Charles Kahn

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Books

Fragile by Design: The Political Origins of Banking Crises and Scarce Credit (2014)
Coauthor(s): Charles Calomiris, Stephen Haber

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Encyclopedia of Financial Globalization (2012)
Coauthor(s): Charles Calomiris

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Fragile Banks, Durable Bargains: Why Banking Is All About Politics and Always Has Been (2012)
Coauthor(s): Charles Calomiris, Stephen Haber

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Sustaining India''s Growth Miracle (2008)
Coauthor(s): Jagdish Bhagwati, Charles Calomiris

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Emerging Financial Markets (2000)
Coauthor(s): Charles Calomiris

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Chapters

Identifying the Right Mix of Capital and Cash Requirements in Prudential Regulation In Strengthening the Liquidity of the Financial System (2012)
Coauthor(s): Charles Calomiris

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Financial Crisis in the US and Beyond In World in Crisis: Insights from Six Shadow Financial Regulatory Committees From Around the World (2011)
Coauthor(s): Charles Calomiris, Robert Eisenbeis, Robert Litan

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Banking Crises and the Rules of the Game In Monetary and Banking History: Essays in Honour of Forrest Capie (2011)
Coauthor(s): Charles Calomiris

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Origins of the Subprime Crisis In The International Financial Crisis: Have the Rules of Finance Changed? (2011)
Coauthor(s): Charles Calomiris

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Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy, 1914–1951 In The Origins, History and Future of the Federal Reserve (2011)
Coauthor(s): Charles Calomiris

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Exiting the Euro Crisis In Life in the Eurozone, with and without Sovereign Default (2011)
Coauthor(s): Charles Calomiris

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Prudential Bank Regulation: What''s Broke and How to Fix It In Reacting to the Spending Spree: Policy Change We Can Afford (2009)
Coauthor(s): Charles Calomiris

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Fundamentals, Panics, and Bank Distress During the Depression In Financial Crises (2008)
Coauthor(s): Charles Calomiris, Joseph Mason

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The Subprime Turmoil: What''s Old, What''s New, and What''s Next In Maintaining Stability in a Changing Financial System (2008)
Coauthor(s): Charles Calomiris

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Capital Flows, Financial Crises, and Public Policy In Globalization: What''s New? (2005)
Coauthor(s): Charles Calomiris

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International Adjustment Under the Classical Gold Standard: Evidence for the U.S. and Britain, 1879-1914 In Modern Perspectives on the Gold Standard (1996)
Coauthor(s): Charles Calomiris, R. Glenn Hubbard

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Web-only articles

The Economics of the Proposed Mortgage Servicer Settlement In regulation2point0 (2011)
Coauthor(s): Charles Calomiris, Joseph Mason, Eric Higgins

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The Whys and Hows of CoCo Issuance In Central Banking Journal (2011)
Coauthor(s): Charles Calomiris, Richard Herring

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A Contingent Capital Requirement for Banks In e21 (2011)
Coauthor(s): Charles Calomiris, Richard Herring

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Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s In Shadow Open Market Committee Symposium (2011)
Coauthor(s): Charles Calomiris

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Are Delays in the Foreclosure Process Really a Good Thing? In regulation2point0 (2011)
Coauthor(s): Charles Calomiris, Eric Higgins

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The Euro Is Dead In Foreign Policy (2011)
Coauthor(s): Charles Calomiris

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How Spain Can Avoid the Irish Error In e21 (2010)
Coauthor(s): Charles Calomiris, Desmond Lachman

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Real Prudential Regulatory Reform vs. Dodd-Frank In Defining Ideas (2010)
Coauthor(s): Charles Calomiris

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A Three-Part Program for Housing Finance Reform In e21 (2010)
Coauthor(s): Charles Calomiris

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Time to Introduce Minimum Downpayments for Mortgages In The Financial Times Economists'' Forum (2010)
Coauthor(s): Charles Calomiris

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Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective In e21 (2010)
Coauthor(s): Charles Calomiris, Joseph Mason

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Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective In e21 (2010)
Coauthor(s): Charles Calomiris, Joseph Mason

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The Painful Arithmetic of Greek Debt Default In e21 (2010)
Coauthor(s): Charles Calomiris

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The Volcker Rule: Unworkable and Unwise In e21 (2010)
Coauthor(s): Charles Calomiris

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God's Household Economics In Orthodoxy Today (2010)
Coauthor(s): Charles Calomiris

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China''s Financial Transition at a Crossroads In The Chazen Web Journal of International Business (2008)
Coauthor(s): Charles Calomiris

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Working papers

How News and Its Context Drive Risk and Returns Around the World (2017)
Coauthor(s): Charles Calomiris, Harry Mamaysky

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How Collateral Laws Shape Lending and Sectoral Activity (2015)
Coauthor(s): Charles Calomiris, Mauricio Larrain, Jose Maria Liberti, Jason Sturgess

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No Free Shop: Why Target Companies in MBOs and Private Equity Transactions Sometimes Choose Not to Buy "Go Shop" Options (2013)
Coauthor(s): Adonis Antoniades, Charles Calomiris, Donna Hitscherich

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Why and How to Design a Contingent Convertible Debt Requirement (2012)
Coauthor(s): Charles Calomiris, Richard Herring

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Did Doubling Reserve Requirements Cause the Recession of 1937–1938? A Microeconomic Approach In Working Paper 2011–002A (2011)
Coauthor(s): Charles Calomiris, Joseph Mason, David C. Wheelock

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Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980–2008 (2010)
Coauthor(s): Charles Calomiris

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Beyond Basel and the Dodd-Frank Bill (2010)
Coauthor(s): Charles Calomiris

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Luke's Oikonomia: The Anthropology of Salvation (2010)
Coauthor(s): Charles Calomiris

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The (Mythical?) Housing Wealth Effect In Working Paper 15075 (2009)
Coauthor(s): Charles Calomiris, Stanley Longhofer, William Miles

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The Foreclosure-House Price Nexus: Lessons from the 2007–2008 Housing Turmoil In Working Paper No. 14294 (2008)
Coauthor(s): Charles Calomiris, Stanley Longhofer, William Miles

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Activity-Based Valuation of Bank Holding Companies In Working Paper No. 12918 (2007)
Coauthor(s): Charles Calomiris, Doron Nissim

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Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston In Working Paper No. 11351 (2005)
Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool, Thanavut Pornrojnangkool

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The Technical Challenge to Accurately Valuing Employee Stock Options (2005)
Coauthor(s): Charles Calomiris, Kevin Hassett, Randall Kroszner, Lawrence Lindsey

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What's Wrong with Expensing Employee Stock Options? In AEI Studies on Financial Market Deregulation (2005)
Coauthor(s): Charles Calomiris

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The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s (2004)
Coauthor(s): Charles Calomiris, Carlos Ramírez

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Options Pricing and Accounting Practice In American Enterprise Institute for Public Policy Research (2004)
Coauthor(s): Charles Calomiris, R. Glenn Hubbard

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Government Credit Policy and Industrial Performance: Japanese Machine Tool Producers, 1963–91 In Policy Research Working Paper 1434 (1995)
Coauthor(s): Charles Calomiris, Charles Himmelberg

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Ideas and Insights

Growth Sometimes Wins (2015)

Fragile by Design (2014)

In The News

Media Mentions

Economy Is Humming, but That May Not Win Yellen Another Fed Term.

The New York Times

10 Most Popular Types of Bank Checking Accounts

Motley Fool

How Investors Really Use the News

Barron''s

Columbia Business School Study Finds How News Disrupts Stock Markets

MetroMBA

Bloomberg Markets: News Can Have Delayed Market Response

Bloomberg Radio

Press Releases

News Helps Drive the Stock Market, But Not in Ways You Might Think, Says New Research from Columbia Business School

How Can You Avoid Media Hype and Make Smart Investment Choices? Attend Columbia Business School’s News and Finance Conference and Examine the Role of News

Magazine articles

In Fed''s Monetary Targeting, Two Tails Are Better Than One In Bloomberg Businessweek (2010)
Coauthor(s): Charles Calomiris, Ellis Tallman

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School of International and Public Affairs
Henry Kaufman Professor of Financial Institutions in the Faculty of Business

Focus areas: Banking, corporate finance, financial history, monetary economics

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, Director of the Business School’s Program for Financial Studies and its Initiative on Finance and Growth in Emerging Markets, and a professor at Columbia’s School of International and Public Affairs. He is a Distinguished Visiting Fellow at the Hoover Institution, a Fellow at the Manhattan Institute, a member of the Shadow Open Market Committee and the Financial Economists Roundtable, and a Research Associate of the National Bureau of Economic Research. Professor Calomiris is past president of the International Atlantic Economic Society, and has served on numerous committees, including the Advisory Scientific Committee of the European Systemic Risk Board, the U.S. Congress’s International Financial Institution Advisory Commission, the Shadow Financial Regulatory Committee, and the Federal Reserve System’s Centennial Advisory Committee. He serves as co-managing editor of the Journal of Financial Intermediation. 

Professor Calomiris’s research spans the areas of banking, corporate finance, financial history and monetary economics. He received a BA in economics from Yale University, magna cum laude, and a PhD in economics from Stanford University.

Professor Calomiris is the recipient of research grants from the National Science Foundation, the World Bank, the Japanese government, and many others. He holds an honorary doctorate from the University of Basel. He has consulted for central banks, the IMF, the World Bank, and many foreign governments. His most recent book (with Stephen Haber), Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton, 2014), has been translated into five languages, received the American Publishers 2015 Award for the Best Book in Business, Finance and Management, was named one of the Best Economics Books of 2014 by the Financial Times, and one of the Best Books of 2014 by The Times Higher Education Supplement and by Bloomberg Businessweek.  

Education

  • PhD in Economics, Stanford University
  • BA, magna cum laude, Yale University

Affiliations

  • Shadow Financial Regulatory Committee
  • Shadow Open Market Committee
  • Financial Economists Roundtable
  • National Bureau of Economic Research

Beijing may be ready to deal as it eyes slowing growth, a weakening yuan and other challenges, writes Charles W. Calomiris.

The Fed failed to achieve its objectives during three-quarters of its 100-year operation. Charles W. Calomiris discusses how fixing its governance structure would help.

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