Charles Calomiris

Henry Kaufman Professor of Financial Institutions

Finance and Economics

Curriculum Director

Program for Financial Studies

BA, Yale, 1979; PhD, Stanford, 1985

Joined CBS in 1996

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Charles Calomiris

Office
601 Uris

Phone
212-854-8748

E-mail
cc374@columbia.edu

Fax
212-316-9219

Teaching and research interest

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, a Professor at Columbia’s School of International and Public Affairs, and a Research Associate of the National Bureau of Economic Research. He is a member of the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, the Financial Economists Roundtable, and the Task Force on Property Rights at the Hoover Institution. He has held other positions at the Council on Foreign Relations, the American Enterprise Institute, and the Pew Trusts. He also served on the International Financial Institution Advisory Commission, a US Congressional commission that advised the U.S. government on the reform of multilateral institutions in 1999-2000. In 2011, he was the Houblon-Norman Senior Fellow at the Bank of England. Professor Calomiris received a B.A. in economics from Yale in 1979 and a Ph.D. in economics from Stanford in 1985. His research and teaching span the areas of banking, corporate finance, financial history, and monetary economics. He is the member of numerous editorial boards, has authored many books and scholarly articles, and is the recipient of research grants from the National Science Foundation and others.

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

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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

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Banking Crises and the Rules of the Game In Monetary and Banking History: Essays in Honour of Forrest Capie (2011) Coauthor(s): Charles Calomiris

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Origins of the Subprime Crisis In The International Financial Crisis: Have the Rules of Finance Changed? (2011) Coauthor(s): Charles Calomiris

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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

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Exiting the Euro Crisis In Life in the Eurozone, with and without Sovereign Default (2011) Coauthor(s): Charles Calomiris

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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

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Fundamentals, Panics, and Bank Distress During the Depression In Financial Crises (2008) Coauthor(s): Charles Calomiris, Joseph Mason

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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

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Capital Flows, Financial Crises, and Public Policy In Globalization: What's New? (2005) Coauthor(s): Charles Calomiris

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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

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Journal articles

An Incentive-Robust Programme for Financial Reform In The Manchester School (2011) Coauthor(s): Charles Calomiris

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Comment on "Implementing a Macroprudential Framework: Blending Boldness and Realism" (by Claudio Borio) In Capitalism and Society (2011) Coauthor(s): Charles Calomiris

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Incentive-Robust Financial Reform In The Cato Journal (2011) Coauthor(s): Charles Calomiris

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Profiting from government stakes in a command economy: Evidence from Chinese asset sales In Journal of Financial Economics (2010) Coauthor(s): Raymond Fisman, Yongxiang Wang, Charles Calomiris

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Banking Crises Yesterday and Today In Financial History Review (2010) Coauthor(s): Charles Calomiris

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Reassessing the Fed's Regulatory Role In The Cato Journal (2010) Coauthor(s): Charles Calomiris

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The Political Lessons of Depression-Era Banking Reform In Oxford Review of Economic Policy (2010) Coauthor(s): Charles Calomiris

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Financial Innovation, Regulation, and Reform In The Cato Journal (2009) Coauthor(s): Charles Calomiris

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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

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Relationship Banking and the Pricing of Financial Services In Journal of Financial Services Research (2009) Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool

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Resolving the puzzle of the underissuance of national bank notes In Explorations in Economic History (2008) Coauthor(s): Charles Calomiris, Joseph Mason

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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

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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

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Devaluation with contract redenomination in Argentina In Annals of Finance (2007) Coauthor(s): Charles Calomiris

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The Regulatory Record of the Greenspan Fed In The American Economic Review (2006) Coauthor(s): Charles Calomiris

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Credit Card Securitization and Regulatory Arbitrage In Journal of Financial Services Research (2004) Coauthor(s): Charles Calomiris, Joseph Mason

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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

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Fundamentals, Panics, and Bank Distress During the Depression In American Economic Review (2003) Coauthor(s): Charles Calomiris, Joseph Mason

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Consequences of Bank Distress during the Great Depression In The American Economic Review (2003) Coauthor(s): Charles Calomiris, Joseph Mason

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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

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Financial Factors in the Great Depression In The Journal of Economic Perspectives (1993) Coauthor(s): Charles Calomiris

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The Role of Demandable Debt in Structuring Optimal Banking Arrangements In The American Economic Review (1991) Coauthor(s): Charles Calomiris, Charles Kahn

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Books

Encyclopedia of Financial Globalization In (2012) Coauthor(s): Charles Calomiris

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Fragile Banks, Durable Bargains: Why Banking Is All About Politics and Always Has Been In (2012) Coauthor(s): Charles Calomiris, Stephen Haber

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Sustaining India's Growth Miracle In (2008) Coauthor(s): Jagdish Bhagwati, Charles Calomiris

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Emerging Financial Markets In (2000) Coauthor(s): David Beim, Charles Calomiris

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Working Papers

Why and How to Design a Contingent Convertible Debt Requirement In (2012) Coauthor(s): Charles Calomiris, Richard Herring

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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

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Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980–2008 In Working paper (2010) Coauthor(s): Charles Calomiris

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Beyond Basel and the Dodd-Frank Bill In (2010) Coauthor(s): Charles Calomiris

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Luke's Oikonomia: The Anthropology of Salvation In Working paper (2010) Coauthor(s): Charles Calomiris

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The (Mythical?) Housing Wealth Effect In Working Paper 15075 (2009) Coauthor(s): Charles Calomiris, Stanley Longhofer, William Miles

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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

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Activity-Based Valuation of Bank Holding Companies In Working Paper No. 12918 (2007) Coauthor(s): Charles Calomiris, Doron Nissim

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Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston In Working Paper No. 11351 (2005) Coauthor(s): Charles Calomiris, Thanavut Pornrojnangkool, Thanavut Pornrojnangkool

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The Technical Challenge to Accurately Valuing Employee Stock Options In Working Paper (2005) Coauthor(s): Charles Calomiris, Kevin Hassett, Randall Kroszner, Lawrence Lindsey

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What's Wrong with Expensing Employee Stock Options? In AEI Studies on Financial Market Deregulation (2005) Coauthor(s): Charles Calomiris

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The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s In Working Paper (2004) Coauthor(s): Charles Calomiris, Carlos Ramírez

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Options Pricing and Accounting Practice In American Enterprise Institute for Public Policy Research (2004) Coauthor(s): Charles Calomiris, R. Glenn Hubbard

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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

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Forthcoming Articles

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 Martínez Pería

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Firms' Sensitivities to "Crisis Shocks" and the Cross-Section of Global Equity Returns In Journal of International Money and Finance (2011) Coauthor(s): Charles Calomiris

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