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Charles Calomiris

Distinguished Visiting Fellow

Charles Calomiris is the Henry Kaufman Professor of Financial Institutions at the Columbia University Graduate School of Business and a professor at Columbia’s School of International and Public Affairs. He is a member of the Shadow Financial Regulatory Committee, was a senior fellow at the Council on Foreign Relations, and is a research associate of the National Bureau of Economic Research.

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Recent Commentary

Federal Reserve

Learning From The Fed's QE Experiment

by Charles Calomirisquoting Allan H. Meltzervia Forbes
Tuesday, January 5, 2016

What are the long-term consequences of the last several years of experimentation with unconventional monetary policy? The most important long-term impact of the experiment will be its influence on future policy makers’ beliefs about the desirability of such actions.

Analysis and Commentary

Trump Gets His Facts Wrong On China

by Charles Calomirisvia Forbes
Tuesday, August 25, 2015

My jaw dropped last night watching Bill O’Reilly nod in response to Donald Trump’s claims about Chinese currency depreciation. Mr. Trump explained to Mr. O’Reilly that China has been depreciating its currency for some time, and that the recent devaluation was just the last in a long series of its manipulations.

Analysis and Commentary

Getting Serious About Ending Bank Bailouts

by Charles Calomirisvia e21, Economic Policies for the 21st Century
Thursday, July 23, 2015

On July 23 – roughly five years from the date the Dodd-Frank bill was passed – I had the opportunity to testify before the U.S. House Committee on Financial Services about whether we have fully eliminated the risks of bank bailouts, and particularly the “too-big-to-fail” problem.

Analysis and Commentary

A Way Out For Greece After The "No" Vote

by Charles Calomirisvia e21, Economic Policies for the 21st Century
Sunday, July 5, 2015

The "no" vote in Athens shows that Greek voters want other Europeans to continue to pay for their unsustainable high living -- no news there. The more interesting story is that Greeks want to leave the euro by way of a public choice rather than a market shove.

In the News

Now Markets Get To Vote On Greece’s New Government

by Charles Calomirismentioning Stephen Habervia Wall Street Journal
Friday, January 30, 2015

Depositors continue to flee the banks, and Greek 10-year bond yields rose roughly two percentage points this week.

Analysis and Commentary

Redistributive Credit Policies Won't Fix Inequality

by Charles Calomiris, Stephen Habervia e21, Economic Policies for the 21st Century
Tuesday, December 30, 2014

Mel Watt, Director of the Federal Housing Finance Agency, recently announced that he will reduce the minimum mortgage down payment requirement for Fannie Mae and Freddie Mac – the housing financing behemoths that he controls as their conservator since the financial crisis – to three percent.

“Too Big to Fail”? The Problem Is Still With Us

by Charles Calomiris, Allan H. Meltzervia Hoover Digest
Wednesday, July 9, 2014

Dodd-Frank was supposed to ensure that individual institutions could no longer threaten our entire financial system. Yet Dodd-Frank itself has failed. We don’t need more regulations; we need deeper bank equity.

Houses of Cards

by Charles Calomiris, Stephen Habervia Hoover Digest
Monday, April 21, 2014

The mortgage market came tumbling down because activists, regulators, and lenders laid such a wobbly foundation.

Housing Image
Analysis and Commentary

The Illusion of Reform and the Next Housing Crisis

by Stephen Haber, Charles Calomirisvia e21, Economic Policies for the 21st Century
Tuesday, February 25, 2014

This article is adapted from the authors’ new book, Fragile by Design: The Political Origins of Banking Crises and Scarce Credit (Princeton Universi...

Bank of America
Analysis and Commentary

The Blight of Bank Bailouts

by Charles Calomiris, Stephen Habervia Washington Examiner
Monday, February 24, 2014

Is there hope for reform? Perhaps not, at least until we recognize a major source of the world's government debt. When economists and politicians talk about the problem of unsustainable government debt, they often focus on the need to rein in government budgets and entitlement policies.