Charles Calomiris

Distinguished Visiting Fellow
Biography: 

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, Director of the Business School’s Program for Financial Studies and its Initiative on Finance and Growth in Emerging Markets, and a professor at Columbia’s School of International and Public Affairs. He is a Distinguished Visiting Fellow at the Hoover Institution and Co-Director of Hoover’s Program on Regulation and the Rule of Law, a Fellow at the Manhattan Institute, a member of the Shadow Open Market Committee and the Financial Economists Roundtable, and a Research Associate of the National Bureau of Economic Research. Professor Calomiris is past president of the International Atlantic Economic Society, and has served on numerous committees, including the Advisory Scientific Committee of the European Systemic Risk Board, the U.S. Congress’s International Financial Institution Advisory Commission, the Shadow Financial Regulatory Committee, and the Federal Reserve System’s Centennial Advisory Committee. He serves as co-managing editor of the Journal of Financial Intermediation.

Professor Calomiris’s research spans the areas of banking, corporate finance, financial history and monetary economics. He received a B.A. in economics from Yale University, Magna Cum Laude, and a Ph.D. in economics from Stanford University.

Professor Calomiris is the recipient of research grants from the National Science Foundation, the World Bank, the Japanese government, and many others. He holds an honorary doctorate from the University of Basel. He has consulted for central banks, the IMF, the World Bank, and many foreign governments. His most recent book (with Stephen Haber), Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton 2014), has been translated into five languages, received the American Publishers 2015 Award for the best book in Business, Finance and Management, was named one of the Best Economics Books of 2014 by the Financial Times, and one of the Best Books of 2014 by The Times Higher Education Supplement and by Bloomberg Businessweek.  

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Recent Commentary

Analysis and Commentary

You May Be In A Risky Business If Regulators Find It Distasteful

by Charles Calomirisvia Wall Street Journal
Thursday, February 9, 2017
Obama’s FDIC targeted payday lenders, among others, due to ‘personal moral judgments.’
Federal Reserve
Featured

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.

Housing
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...

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