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.

Charles Calomiris

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...

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