Faculty and Research

Charles Calomiris

Journal articles

"Stock returns' sensitivities to crisis shocks: Evidence from developed and emerging markets"
Journal of International Money and Finance (2012)

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"An Incentive-Robust Programme for Financial Reform"
The Manchester School (2011)

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

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"Incentive-Robust Financial Reform"
The Cato Journal (2011)

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"Profiting from government stakes in a command economy: Evidence from Chinese asset sales"
Journal of Financial Economics (2010)

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"Banking Crises Yesterday and Today"
Financial History Review (2010)

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"Reassessing the Fed's Regulatory Role"
The Cato Journal (2010)

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"The Political Lessons of Depression-Era Banking Reform"
Oxford Review of Economic Policy (2010)

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"Financial Innovation, Regulation, and Reform"
The Cato Journal (2009)

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"Preserving Slave Families for Profit: Traders' Incentives and Pricing in the New Orleans Slave Market"
The Journal of Economic History (2009)

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"Relationship Banking and the Pricing of Financial Services"
Journal of Financial Services Research (2009)

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"Resolving the puzzle of the underissuance of national bank notes"
Explorations in Economic History (2008)

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"Venture Capital as Human Resource Management"
Journal of Economics and Business (2008)

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"Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts"
Journal of Empirical Legal Studies (2007)

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"Devaluation with contract redenomination in Argentina"
Annals of Finance (2007)

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"The Regulatory Record of the Greenspan Fed"
The American Economic Review (2006)

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"Credit Card Securitization and Regulatory Arbitrage"
Journal of Financial Services Research (2004)

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"Bank Capital and Portfolio Management: The 1930s, "Capital Crunch," and Scramble to Shed Risk"
Journal of Business (2004)

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"Fundamentals, Panics, and Bank Distress During the Depression"
American Economic Review (2003)

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"Consequences of Bank Distress during the Great Depression"
The American Economic Review (2003)

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"Tax Policy, Internal Finance, and Investment: Evidence from the Undistributed Profits Tax of 1936-1937"
Journal of Business (1995)

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"Financial Factors in the Great Depression"
The Journal of Economic Perspectives (1993)

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"The Role of Demandable Debt in Structuring Optimal Banking Arrangements"
The American Economic Review (1991)

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Working papers

"Why and How to Design a Contingent Convertible Debt Requirement"
(2012)

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"Did Doubling Reserve Requirements Cause the Recession of 1937–1938? A Microeconomic Approach"
Working Paper 2011–002A (2011)

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"Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980–2008"
Working paper (2010)

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"Beyond Basel and the Dodd-Frank Bill"
(2010)

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"Luke's Oikonomia: The Anthropology of Salvation"
Working paper (2010)

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"The (Mythical?) Housing Wealth Effect"
Working Paper 15075 (2009)

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"The Foreclosure-House Price Nexus: Lessons from the 2007–2008 Housing Turmoil"
Working Paper No. 14294 (2008)

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"Activity-Based Valuation of Bank Holding Companies"
Working Paper No. 12918 (2007)

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"Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston"
Working Paper No. 11351 (2005)

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"The Technical Challenge to Accurately Valuing Employee Stock Options"
Working Paper (2005)

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"What's Wrong with Expensing Employee Stock Options?"
AEI Studies on Financial Market Deregulation (2005)

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"The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s"
Working Paper (2004)

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"Options Pricing and Accounting Practice"
American Enterprise Institute for Public Policy Research (2004)

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"Government Credit Policy and Industrial Performance: Japanese Machine Tool Producers, 1963–91"
Policy Research Working Paper 1434 (1995)

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Books

Encyclopedia of Financial Globalization
(2012)

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Fragile Banks, Durable Bargains: Why Banking Is All About Politics and Always Has Been
(2012)

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Sustaining India's Growth Miracle
(2008)

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Emerging Financial Markets
(2000)

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Chapters

"Identifying the Right Mix of Capital and Cash Requirements in Prudential Regulation"
Strengthening the Liquidity of the Financial System (2012)

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"Financial Crisis in the US and Beyond"
World in Crisis: Insights from Six Shadow Financial Regulatory Committees From Around the World (2011)

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"Banking Crises and the Rules of the Game"
Monetary and Banking History: Essays in Honour of Forrest Capie (2011)

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"Origins of the Subprime Crisis"
The International Financial Crisis: Have the Rules of Finance Changed? (2011)

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"Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy, 1914–1951"
The Origins, History and Future of the Federal Reserve (2011)

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"Exiting the Euro Crisis"
Life in the Eurozone, with and without Sovereign Default (2011)

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"Prudential Bank Regulation: What's Broke and How to Fix It"
Reacting to the Spending Spree: Policy Change We Can Afford (2009)

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"Fundamentals, Panics, and Bank Distress During the Depression"
Financial Crises (2008)

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"The Subprime Turmoil: What's Old, What's New, and What's Next"
Maintaining Stability in a Changing Financial System (2008)

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"Capital Flows, Financial Crises, and Public Policy"
Globalization: What's New? (2005)

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"International Adjustment Under the Classical Gold Standard: Evidence for the U.S. and Britain, 1879-1914"
Modern Perspectives on the Gold Standard (1996)

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Web-only articles

"The Economics of the Proposed Mortgage Servicer Settlement"
regulation2point0 (2011)

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"The Whys and Hows of CoCo Issuance"
Central Banking Journal (2011)

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"A Contingent Capital Requirement for Banks"
e21 (2011)

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"Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s"
Shadow Open Market Committee Symposium (2011)

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"Are Delays in the Foreclosure Process Really a Good Thing?"
regulation2point0 (2011)

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"The Euro Is Dead"
Foreign Policy (2011)

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"How Spain Can Avoid the Irish Error"
e21 (2010)

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"Real Prudential Regulatory Reform vs. Dodd-Frank"
Defining Ideas (2010)

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"A Three-Part Program for Housing Finance Reform"
e21 (2010)

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"Time to Introduce Minimum Downpayments for Mortgages"
The Financial Times Economists' Forum (2010)

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"Conflicts of Interest, Low-Quality Ratings, and Meaningful Reform of Credit and Corporate Governance Ratings"
e21 (2010)

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"Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective"
e21 (2010)

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"The Painful Arithmetic of Greek Debt Default"
e21 (2010)

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"The Volcker Rule: Unworkable and Unwise"
e21 (2010)

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"God's Household Economics"
Orthodoxy Today (2010)

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"China's Financial Transition at a Crossroads"
The Chazen Web Journal of International Business (2008)

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Magazine articles

"In Monetary Targeting, Two Tails Are Better Than One"
Bloomberg Businessweek (2010)

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