Chazen Global Insights
February 28, 2014
In their new book, Fragile by Design: The Political Origins of Bank Crises and Scarce Credit, Charles Calomiris and Stephen Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why some endure while others are undermined, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. In this excerpt, the authors outline the premise of their argument that banking systems are only as strong as the policies that regulate them.
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