This course is about countries well
enough developed to attract capital and have significant financial
markets but not fully modernized – countries like China, India, Turkey
and Brazil – but also Greece and Iceland. It explores the institutional
foundations of financial markets and centers on the question: what
factors make emerging financial markets (EFMs)
different from developed financial markets? It begins with the question
of why some countries grow and others do not. We will find an important
role for institutions. We then turn to financial institutions in
particular and explore the important connection between development of
financial institutions and economic growth.
Henry Kaufman Professor of Financial Institutions
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...