Charles Calomiris
Henry Kaufman Professor of Financial Institutions
Finance
BA, Yale, 1979; PhD, Stanford, 1985
Joined CBS in 1996
Office:
1101
Kravis
Phone:
212-854-8748
E-mail:
[email protected]
Fax:
212-316-9219
Personal Website
Curriculum Vitae
Biography
Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, Director of the Business School’s Program for Financial Studies 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 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 served as co-managing editor of the Journal of Financial Intermediation. He received a B.A. in economics from Yale University, Magna Cum Laude, a Ph.D. in economics from Stanford University. Professor Calomiris holds an honorary doctorate from the University of Basel. He is the recipient of numerous awards and research grants. His recent book (with Stephen Haber), Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton 2014), 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.
Teaching
Spring 2022
Emerging Financial Markets
(MBA)
Emerging Financial Markets
(EMBA)
Fall 2021
Emerging Financial Markets
(MBA)
Spring 2020
Emerging Financial Markets
(MBA)
Creative Destruction in Financial Services
(MBA)
Fall 2019
Immersion Seminar: Creative Destruction in Financial Services
(EMBA)
Spring 2018
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
A Primer on Bank Capital Regulation: Theory, Empirics, and Policy
In IMF Economic Review
(forthcoming)
Coauthor(s): Shekhar Aiyar, Charles Calomiris, Tomasz Wieladek
How News and Its Context Drive Risk and Returns Around the World
In Journal of Financial Economics
(2019)
Coauthor(s): Charles Calomiris, Harry Mamaysky
Has Financial Regulation Been a Flop? (or How to Reform Dodd-Frank)
In Journal of Applied Corporate Finance
(2017)
Coauthor(s): Charles Calomiris
An assessment of TARP assistance to financial institutions
In Journal of Economic Perspectives
(2015)
Coauthor(s): Charles Calomiris
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
Identifying Channels of Credit Substitution When Bank Capital Requirements Are Varied
In Economic Policy
(2014)
Coauthor(s): Shekhar Aiyar, Charles Calomiris, Tomasz Wieladek
Crisis-Related Shifts in the Market Valuation of Banking Activities
In Journal of Financial Intermediation
(2014)
Coauthor(s): Charles Calomiris, Doron Nissim
Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy?
In American Banker
(2013)
Coauthor(s): Charles Calomiris, Doron Nissim
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 Martinez Peria
An Incentive-Robust Programme for Financial Reform
In The Manchester School
(2011)
Coauthor(s): Charles Calomiris
Comment on "Implementing a Macroprudential Framework: Blending Boldness and Realism" (by Claudio Borio)
In Capitalism and Society
(2011)
Coauthor(s): Charles Calomiris
Incentive-Robust Financial Reform
In The Cato Journal
(2011)
Coauthor(s): Charles Calomiris
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
Banking Crises Yesterday and Today
In Financial History Review
(2010)
Coauthor(s): Charles Calomiris
Reassessing the Fed's Regulatory Role
In The Cato Journal
(2010)
Coauthor(s): Charles Calomiris
The Political Lessons of Depression-Era Banking Reform
In Oxford Review of Economic Policy
(2010)
Coauthor(s): Charles Calomiris
Financial Innovation, Regulation, and Reform
In The Cato Journal
(2009)
Coauthor(s): Charles Calomiris
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
Relationship Banking and the Pricing of Financial Services
In Journal of Financial Services Research
(2009)
Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool
Resolving the puzzle of the underissuance of national bank notes
In Explorations in Economic History
(2008)
Coauthor(s): Charles Calomiris, Joseph Mason
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
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
Devaluation with contract redenomination in Argentina
In Annals of Finance
(2007)
Coauthor(s): Charles Calomiris
The Regulatory Record of the Greenspan Fed
In The American Economic Review
(2006)
Coauthor(s): Charles Calomiris
Credit Card Securitization and Regulatory Arbitrage
In Journal of Financial Services Research
(2004)
Coauthor(s): Charles Calomiris, Joseph Mason
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
Fundamentals, Panics, and Bank Distress During the Depression
In American Economic Review
(2003)
Coauthor(s): Charles Calomiris, Joseph Mason
Consequences of Bank Distress during the Great Depression
In The American Economic Review
(2003)
Coauthor(s): Charles Calomiris, Joseph Mason
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
Financial Factors in the Great Depression
In The Journal of Economic Perspectives
(1993)
Coauthor(s): Charles Calomiris
The Role of Demandable Debt in Structuring Optimal Banking Arrangements
In The American Economic Review
(1991)
Coauthor(s): Charles Calomiris, Charles Kahn
Books
Reforming Financial Regulation After Dodd-Frank
(2017)
Coauthor(s): Charles Calomiris
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
(2014)
Coauthor(s): Charles Calomiris, Stephen Haber
Encyclopedia of Financial Globalization
(2012)
Coauthor(s): Charles Calomiris
Fragile Banks, Durable Bargains: Why Banking Is All About Politics and Always Has Been
(2012)
Coauthor(s): Charles Calomiris, Stephen Haber
Sustaining India's Growth Miracle
(2008)
Coauthor(s): Jagdish Bhagwati, Charles Calomiris
Emerging Financial Markets
(2000)
Coauthor(s): Charles Calomiris
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
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
Banking Crises and the Rules of the Game
In Monetary and Banking History: Essays in Honour of Forrest Capie
(2011)
Coauthor(s): Charles Calomiris
Origins of the Subprime Crisis
In The International Financial Crisis: Have the Rules of Finance Changed?
(2011)
Coauthor(s): Charles Calomiris
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
Exiting the Euro Crisis
In Life in the Eurozone, with and without Sovereign Default
(2011)
Coauthor(s): Charles Calomiris
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
Fundamentals, Panics, and Bank Distress During the Depression
In Financial Crises
(2008)
Coauthor(s): Charles Calomiris, Joseph Mason
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
Capital Flows, Financial Crises, and Public Policy
In Globalization: What's New?
(2005)
Coauthor(s): Charles Calomiris
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
Web-only articles
The Whys and Hows of CoCo Issuance
In Central Banking Journal
(2011)
Coauthor(s): Charles Calomiris, Richard Herring
A Contingent Capital Requirement for Banks
In e21
(2011)
Coauthor(s): Charles Calomiris, Richard Herring
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
Are Delays in the Foreclosure Process Really a Good Thing?
In regulation2point0
(2011)
Coauthor(s): Charles Calomiris, Eric Higgins
The Euro Is Dead
In Foreign Policy
(2011)
Coauthor(s): Charles Calomiris
How Spain Can Avoid the Irish Error
In e21
(2010)
Coauthor(s): Charles Calomiris, Desmond Lachman
Real Prudential Regulatory Reform vs. Dodd-Frank
In Defining Ideas
(2010)
Coauthor(s): Charles Calomiris
A Three-Part Program for Housing Finance Reform
In e21
(2010)
Coauthor(s): Charles Calomiris
Time to Introduce Minimum Downpayments for Mortgages
In The Financial Times Economists' Forum
(2010)
Coauthor(s): Charles Calomiris
Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective
In e21
(2010)
Coauthor(s): Charles Calomiris, Joseph Mason
Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective
In e21
(2010)
Coauthor(s): Charles Calomiris, Joseph Mason
The Painful Arithmetic of Greek Debt Default
In e21
(2010)
Coauthor(s): Charles Calomiris
The Volcker Rule: Unworkable and Unwise
In e21
(2010)
Coauthor(s): Charles Calomiris
God's Household Economics
In Orthodoxy Today
(2010)
Coauthor(s): Charles Calomiris
China's Financial Transition at a Crossroads
In The Chazen Web Journal of International Business
(2008)
Coauthor(s): Charles Calomiris
Working papers
Measuring the Cost of Regulation: A Text-Based Approach
(2020)
Coauthor(s): Charles Calomiris, Harry Mamaysky, Ruoke Yang
Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes
(2019)
Coauthor(s): Charles Calomiris, Harry Mamaysky
Mortgage Market Credit Conditions and U.S. Presidential Elections
In NBER Working Paper No. 24459
(2018)
Coauthor(s): Adonis Antoniades, Charles Calomiris
How Collateral Laws Shape Lending and Sectoral Activity
(2015)
Coauthor(s): Charles Calomiris, Jose Maria Liberti, Jason Sturgess
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
Why and How to Design a Contingent Convertible Debt Requirement
(2012)
Coauthor(s): Charles Calomiris, Richard Herring
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
Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980–2008
(2010)
Coauthor(s): Charles Calomiris
Beyond Basel and the Dodd-Frank Bill
(2010)
Coauthor(s): Charles Calomiris
Luke's Oikonomia: The Anthropology of Salvation
(2010)
Coauthor(s): Charles Calomiris
The (Mythical?) Housing Wealth Effect
In Working Paper 15075
(2009)
Coauthor(s): Charles Calomiris, Stanley Longhofer, William Miles
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
Activity-Based Valuation of Bank Holding Companies
In Working Paper No. 12918
(2007)
Coauthor(s): Charles Calomiris, Doron Nissim
Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston
In Working Paper No. 11351
(2005)
Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool, Thanavut Pornrojnangkool
The Technical Challenge to Accurately Valuing Employee Stock Options
(2005)
Coauthor(s): Charles Calomiris, Kevin Hassett, Randall Kroszner, Lawrence Lindsey
What's Wrong with Expensing Employee Stock Options?
In AEI Studies on Financial Market Deregulation
(2005)
Coauthor(s): Charles Calomiris
The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s
(2004)
Coauthor(s): Charles Calomiris, Carlos Ramírez
Options Pricing and Accounting Practice
In American Enterprise Institute for Public Policy Research
(2004)
Coauthor(s): Charles Calomiris, R. Glenn Hubbard
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
Ideas and Insights
In The Media
No More Whispers: Recession Talk Surges in Washington
5 CFO Tips for Limiting Harm from Inflation
The Ticking Debt Bomb in Africa Threatens a Global Explosion
What Will the Fed Do Next to Ease Coronavirus Threat?
Central Bankers in Glass Houses
Press Releases
Magazine articles
Handicapping Financial Reform
In Regulation
(2018)
Coauthor(s): Charles Calomiris
The Economics of the Proposed Mortgage Servicer Settlement
In regulation2point0
(2011)
Coauthor(s): Charles Calomiris, Joseph Mason, Eric Higgins
In Fed's Monetary Targeting, Two Tails Are Better Than One
In Bloomberg Businessweek
(2010)
Coauthor(s): Charles Calomiris, Ellis Tallman