Charles W. Calomiris

Charles W. CalomirisCharles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a Professor at Columbia’s School of International and Public Affairs. He graduated from Yale in 1979 with a B.A. in economics, magna cum laude, and received a Ph.D in economics from Stanford in 1985. After teaching at Northwestern, Wharton, and the University of Illinois, Urbana-Champaign, Professor Calomiris arrived at Columbia Business School in 1997. Professor Calomiris also works as a researcher at the Office of Finance Research of the U.S. Treasury. From May 2013-May 2014, he was on leave as a visiting scholar at the research department of the International Monetary Fund.

Professor Calomiris’s primary research interests are in the areas of banking, corporate finance, financial history, monetary economics, and economic development. He is the author of numerous books and academic articles. He also writes articles in the popular press. For a complete list of his publications, see his curriculum vitae.

Professor Calomiris has taught courses on emerging financial markets, banking, corporate finance, monetary economics, entrepreneurial finance, and financial and economic history at the MBA, Ph.D., executive, and undergraduate levels. He co-organized (with Murray Low) long-term teaching and research collaborations focusing on entrepreneurship, finance and development between Columbia Business School and the Business Schools of the University of Dar Es Salaam, Tanzania, and the US International University in Nairobi, Kenya, and taught in those programs.

Professor Calomiris participates in various groups of scholars that apply the logic and evidence of economics to public policy questions.

Professor Calomiris’s professional service includes his role as Vice President and President Elect of the International Atlantic Economic Society. He also serves as co-managing editor (with Murillo Campello) of the Journal of Financial Intermediation.

Professor Calomiris has served in various government initiatives. In 1999-2000, he was a member of the International Financial Institution Advisory Commission (also known as the Meltzer Commission), a Congressional commission to advise the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. In 2011, he was appointed by the EC as a member of the Advisory Scientific Committee of the European Systemic Risk Board, and he served in that role until the end of 2013. He also has served as a consultant or visiting scholar for various central banks and government agencies.

Professor Calomiris has received various honors, including fellowships and teaching awards. In November 2012, he was awarded an honorary doctorate from the University of Basel. In 2010, he was the Houblon-Norman Senior Fellow at the Bank of England and a Podlich Fellow at Claremont McKenna College. In 2012, he was named by Poets & Quants as one of the top 10 business school professors in the world; in 2011, Poets & Quants named him one of the top 50 thought leaders among business school faculty. In 2011, The Economist named him one of economics’ most influential people.

 

 

ACADEMIC ARTICLES
“A Primer on Bank Capital Regulation: Theory, Empirics, and Policy” (with Shekhar Aiyar and Tomasz Wieladek), IMF Economic Review, forthcoming.

“Crisis-Related Shifts in the Market Valuation of Banking Activities” (with Doron Nissim), Journal of Financial Intermediation, 2014.

“An Assessment of TARP” (with Urooj Khan), Journal of Economic Perspectives, forthcoming.

“Does Macro-Prudential Regulation Leak? Evidence from a U.K. Policy Experiment” (with Shekhar Aiyar and Tomasz Wieladek), Journal of Money, Credit and Banking, 2014

“Identifying Channels of Credit Substitution When Bank Capital Requirements Are Varied” (with Shekhar Aiyar and Tomasz Wieladek), Economic Policy, 2014

“The International Transmission of Bank Capital Requirements: Evidence from the UK” (with Shekhar Aiyar, John Hooley, Yevgeniya Korniyenko and Tomasz Wieladek, Journal of Financial Economics, 2014

“The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares” (with Stanley Longhofer and William Miles), Critical Finance Review, 2013

“The Foreclosure-House Price Nexus: A Panel VAR Model for U.S. States, 1981-2009,” (with Stanley Longhofer and William Miles),  Real Estate Economics, 2013

“Reforming Banks without Destroying Their Productivity and Value,” Journal of Applied Corporate Finance, 2013

“How to Design a Contingent Convertible Debt Requirement That Helps Solve Our Too-Big-To-Fail Problem” (with Richard Herring), Journal of Applied Corporate Finance, 2013

“Volatile Times and Persistent Conceptual Errors: US Monetary Policy, 1914-1951,” in The Origins, History and Future of the Federal Reserve, edited by M. Bordo and W. Roberds, Cambridge University Press, pp. 166-218, 2013

“The Effects of Reconstruction Finance Corporation Assistance on Michigan Banks’ Survival in the 1930s” (with J. Mason, M. Weidenmier, K. Bobroff), Explorations in Economic History, 2013

“Seven Ways to Deal with a Financial Crisis: Cross-Country Experience and Policy Implications (with Luc Laeven and Daniela Klingebiel), Journal of Applied Corporate Finance, 2012

“Getting the Right Mix of Capital and Cash Requirements in Prudential Bank Regulation,” Journal of Applied Corporate Finance, 2012

“Global Returns’ Sensitivities to Crisis Shocks” (with Inessa Love and Maria Soledad Martinez Peria), Journal of International Money and Finance, 2012

“Financial Crisis in the US and Beyond” (with R. Eisenbeis and R. Litan), in The World in Crisis: Insights from Six Shadow Financial Regulatory Committees, edited by Robert Litan, Wharton Financial Institutions Center, pp. 1-60, 2012

“An Incentive-Robust Programme for Financial Reform,” The Manchester School, 2011.

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BOOKS
Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (with Stephen Haber, Princeton University Press, 2014)

Sustaining India’s Growth Miracle (co-edited with Jagdish Bhagwati, Columbia University Press 2008)

China’s Financial Transition at a Crossroads (edited by Professor Calomiris, published in 2007 by Columbia University Press)

A Globalist Manifesto for Public Policy (Institute for Economic Affairs, 2002), Emerging Financial Markets (with David Beim, McGraw-Hill 2001)

U.S. Bank Deregulation in Historical Perspective (Cambridge University Press, 2000 and 2006)

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POPULAR PRESS
“A Better Solution for Too-Big-To-Fail Banks,” Wall Street Journal, May 29, 2014.

“Reforming the Rules That Govern the Fed,” Economics21.org, March 17, 2014.

“A Tale of Two Countries” (with Stephen H. Haber), The Actuary, July 14, 2014.

“Making Central Banks More Resistant to Political Pressures and Fads,” Economics21.org, April 14, 2014.

“The Next Banking Crisis” (with Stephen H. Haber), Regulation, Spring 2014, 32-35.

“The Housing Crisis: What’s the Fed’s Excuse?” (with Stephen H. Haber), PBS NewsHour Online, February 6, 2014.

“Strange Bedfellows at the Bank” (with Stephen H. Haber), National Review Online, Feb 4, 2014.

“Diversity Now,” The International Economy, Winter 2014, 46-49, 83.

“Why Banking Systems Succeed—And Fail” (with Stephen Haber), Foreign Affairs, November/December 2013, 97-110

“Why It Matters Whether the Fed Targets Inflation or Unemployment” (with Peter Ireland), Economics21.org, December 2, 2013

“What Do We Learn from a Century of Fed History?” Economics21.org, Nov 4, 2013; “An Insurance Policy Against Inflation,” Wall Street Journal, March 12, 2012

“The Mortgage Crisis—Some Inside Views,” Wall Street Journal, Oct 27, 2011; “How to Regulate Bank Capital,” National Affairs, Winter 2012, 41-57

“Is a 25% Bank Equity Requirement Really a No-Brainer?” VoxEU.org, November 28, 2013

“The Uncertain Dangers of the Volcker Rule,” The American, July 22, 2013

“Managing the Risks of the New Macro-Prudential Regime,” Borsa Istanbul Review, 13, 2013, 65-66, http://www.elsevier.com/journals/borsa-istanbul-review/2214-8450

“Interest Groups and the Glass-Steagall Act” (with Stephen Haber), CESifo DICE Report 4, 2013, December, 14-18

“A Fed Scorecard for the Past Decade, and Its Implications for the Future” Economics21.org, April 20, 2012

“Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy” (with Doron Nissim), American Banker, April 23, 2013

“Meaningful Banking Reform and Why It Is So Unlikely,” VoxEU.org, January 8, 2013

“Does Macro-Pru Leak? Evidence from a UK Policy Experiment” (with S. Aiyar and T. Wieladek), VoxEU.org, May 3, 2012

“The Big Flaws in Dodd-Frank: Interview with Gene Epstein,” Barron’s, April 14, 2012

“Economist.com Debate: Should Big Banks Be Broken Up?”Against the Motion, Postings May 14, 17, and 22, http://www.economist.com/debate/days/view/984

“Interview by Joseph Haubrich with Charles Calomiris,” Forefront, Federal Reserve Bank of Cleveland, Winter 2011

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PUBLIC POLICY QUESTIONS
Professor Calomiris currently is a member of the Shadow Open Market Committee (a group that tracks and evaluates Fed policy), the Financial Economists Roundtable (a group that opines on major public policy issues related to finance), the Federal Reserve Centennial Advisory Council (a group that is advising the Fed on how to celebrate its 100th Anniversary), and the Research Advisory Council of the Global Risk Institute (a Canadian-based group). He also is a Research Associate of the National Bureau of Economic Research. At Stanford’s Hoover Institution, Allan Meltzer, Kenneth Scott and he currently launched the Program on Regulation and the Rule of Law. He is also a a Research Fellow at the Centre for Finance and Credit Markets, University of Nottingham, and a Senior Research Fellow at the Rimini Centre for Economic Analysis, University of Bologna. From 1997 until 2007, he co-directed the Project on Financial Deregulation at the American Enterprise Institute. He served from 1997 to 2012 as a member of the Shadow Financial Regulatory Committee, in 2000 as a Senior Fellow at the Council on Foreign Relations, in 2008-2009 as a member of the Task Force on Access to Financial Services at the Center for Global Development, in 2009 as a member of the Pew Trusts Task Force on Financial Reform, from 2008 to 2012 as a member of the Task Force on Property Rights at the Hoover Institution, and from 2010 to 2012 as a member of the World Economic Forum Global Agenda Council on Fiscal Crises.

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The Political Origins of Banking Crises and Scarce Credit