Charles Calomiris

Research Team: 

Charles W. Calomiris was a Distinguished Visiting Fellow at the Hoover Institution. 

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 was 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. In 2017, Calomiris wrote Reforming Financial Regulation After Dodd-Frank (Manhattan Institute for Policy Research), where he reviewed the shortcomings of current regulatory practice, identifies the principles that should guide our regulatory architecture, and suggests reforms that are consistent with those principles. His book co-authored 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

Canadian Versus US Banking

by David R. Henderson featuring Stephen Haber, Charles Calomirisvia EconLog
Thursday, April 15, 2021

I’ll be discussion leader at a colloquium the weekend after next whose topic is Canadian banking. The readings are so much fun because I’m learning so much history, mainly about banking but partly about politics, in the country I grew up in.

Analysis and Commentary

Payday Lenders, Gun Salesmen—And Taking Politics Out Of Banking

by Brian P. Brooks, Charles Calomirisvia The Wall Street Journal
Friday, November 20, 2020

[Subscription Required] A new rule aims to make sure all legal businesses can get loans, including unpopular ones.

Analysis and Commentary

Fintech Can Come Out Of The Shadows

by Brian P. Brooks, Charles Calomirisvia The Wall Street Journal
Wednesday, September 9, 2020

Firms that make loans and process payments should be chartered and regulated as national banks.

In the News

Shadow Open Market Committee Hears How To Promote Fed Independence

quoting Charles Calomirisvia The Bond Buyer
Tuesday, October 1, 2019

There are ways to promote the Federal Reserve’s independence, but it would require changes to the current system, which is based on a “fuzzy mandate,” according to members of the Shadow Open Market Committee.


Central Bankers In Glass Houses

by Charles Calomiris quoting Stephen Haber, Milton Friedman, Allan H. Meltzervia The Wall Street Journal
Thursday, August 15, 2019

What to make of the current battle over the politicization of the Federal Reserve? The past year has featured an unprecedented attack by President Trump on Fed leaders and their independence. Mr. Trump not only questioned the board governors’ judgment but even contemplated removing the chairman for the sin of not setting interest rates where the president wants them. 

In the News

Reining In Government By Dear Colleague Letter: An Update

quoting Charles Calomirisvia Cato Institute
Tuesday, July 16, 2019

For many decades, critics have noted that agencies were using Dear Colleague and guidance letters, memos and so forth — also known variously as subregulatory guidance, stealth regulation and regulatory dark matter — to grab new powers and ban new things in the guise of interpreting existing law, all while bypassing notice-and-comment and other constraints on actual rulemaking.

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A Manifesto of Misery

by Charles Calomirisvia Hoover Digest
Wednesday, April 24, 2019

Socialism has never succeeded in any way—except in surviving in credulous minds.

Federal Reserve
In the News

You Don't Need A PhD Anymore To Read Fed's Statements

quoting Charles Calomirisvia Reuters
Tuesday, February 26, 2019

The Fed’s policy statements grew so complicated after the recession that standard gauges of readability suggested people needed four years of university or more to understand them.

In the News

BankThink Criticism Of BB&T-SunTrust Deal Is Overblown

quoting Charles Calomiris, Stephen Habervia American Baker
Tuesday, February 26, 2019

BB&T and SunTrust appear to have struck a nerve. Their merger would reportedly create the sixth-largest bank in the United States. There is, however, no reason to sound any alarms.


Socialism’s Empty Seduction

by Charles Calomirisvia CNS News
Friday, November 16, 2018

The overarching message of “The Opportunity Cost of Socialism”—a study recently released by the President’s Council of Economic Advisers (CEA)—is that the advocacy of socialism cannot reasonably be based on policy preferences; its attraction has always been grounded in a combination of wishful thinking and ignorance.