AEI.Org: Scholar: Charles W. Calomiris

Obama's Executive Pay Move Is Bad Policy

Wed, 28 Oct 2009 00:00:00 +0100

The attack on Wall Street may be smart politics for an embattled administration losing ground with voters and losing support for its financial reform agenda, but it is bad economics.

In the World of Banks, Bigger Can Be Better

Tue, 20 Oct 2009 00:00:00 +0100

Concern about the risks posed by banks that are "too-big-to-fail" has prompted some to favor limits on financial institution size--this is misguided.

Disastrously Antigrowth

Wed, 05 Aug 2009 00:00:00 +0100

Obama is truly ideologically committed to the leftist agenda of expanding government in irreversible ways.

Financial Reforms We Can All Agree On

Thu, 23 Apr 2009 00:00:00 +0100

Rating agencies should use numbers, not letter grades.

Helping Wall Street--and Main Street

Wed, 21 Jan 2009 00:00:00 +0100

The federal government should pursue assistance programs that actually make sense.

Banking Crises

Mon, 22 Dec 2008 00:00:00 +0100

The history of banking crises provides an informative perspective on the current financial crisis.

Most Pundits Are Wrong about the Bubble

Sat, 18 Oct 2008 00:00:00 +0100

Deregulation is not to blame for the financial crisis.

Another "Deregulation" Myth

Sat, 18 Oct 2008 00:00:00 +0100

A cautionary tale about financial rules that failed.

How to Prevent Foreclosures

Tue, 14 Oct 2008 00:00:00 +0100

How much should the government do to prevent home foreclosures and how should we do it?

Blame Fannie Mae and Congress for the Credit Mess

Tue, 23 Sep 2008 00:00:00 +0100

Without government encouragement, banks would never have offered such dodgy loans.

Resistance Is Futile

Mon, 22 Sep 2008 00:00:00 +0100

It is not progress to move toward a one-size-fits-all financial system based entirely on behemoth universal depository banks.

Housing Collapse Ahead?

Mon, 04 Aug 2008 00:00:00 +0100

Most Americans have not experienced any significant decline in the value of their homes, nor are they likely to.

A Raw Deal

Sat, 01 Sep 2007 00:00:00 +0100

Amity Shlaes' The Forgotten Man is useful in understanding the Great Depression, New Deal, and serious policy errors of the time.

Reconsidering the Great Depression

Sat, 01 Sep 2007 00:00:00 +0100

Reclaim Power from the Ratings Agencies

Fri, 24 Aug 2007 00:00:00 +0100

Are ratings agencies to blame for the current mortgage crisis?

Is the IMF Obsolete?

Fri, 18 May 2007 00:00:00 +0100

AEI scholars debate the relevance of the International Monetary Fund.

Lessons from Argentina and Brazil

Sun, 01 Jun 2003 00:00:00 +0100

Consequences of Bank Distress during the Great Depression

Sun, 01 Jun 2003 00:00:00 +0100

Europe and Globalization

Thu, 12 Dec 2002 00:00:00 +0100

Europe's history demonstrates that looking outward--not inward--is the key reason why Europe took the lead from medieval times on.

The Board Game

Fri, 06 Dec 2002 00:00:00 +0100

Board members should not discipline management and protect shareholders' investments when we have a system that prevents boards from having the incentive to do so.

There Are No Good Arguments against Tax Cuts

Wed, 28 Aug 2002 00:00:00 +0100

Fears of a "double dip" recession are overblown, but the market's got a long way to go before it returns to pre-Sept. 11 levels.

Banking Approaches the Modern Era

Mon, 01 Jul 2002 00:00:00 +0100

Bankingregulatory impediments exist: the distinction between finance and commerce, the moral hazard created by deposit insurance, and the status of government-sponsored enterprises.

How to Break the Impasse in Development Aid

Thu, 21 Mar 2002 00:00:00 +0100

In the war on terrorism, President George W. Bush prefers alliances but is willing to act alone.

Marginal Tax Rate Cuts and the Public Tax Debate

Fri, 01 Mar 2002 00:00:00 +0100

This paper exploresthe effect of changing tax revenues and deficits on interest rates and the effect of changing revenues on government spending.

A Globalist Manifesto for Public Policy

Tue, 01 Jan 2002 01:00:00 +0100

The Fastest, Fairest Way out of the Argentine Debt Crisis

Fri, 09 Nov 2001 00:00:00 +0100

Argentina's attempt to swap debt for lower-interest bonds is an admission that its current balance sheet is unsustainable; had this been acknowledged a year ago, much misery might have been averted.

Homeownership That's Too Important to Risk

Mon, 20 Aug 2001 00:00:00 +0100

Loans that have been labeled predatory reveal the dark side of subprime lending.

Subordinated Debt Issuance by Fannie, Freddie Falls Short

Fri, 11 May 2001 00:00:00 +0100

The subordinated debt issued by Fannie Mae and Freddie Macis notcredibly unprotected and of sufficient size.

Argentina Can't Pay What It Owes

Fri, 13 Apr 2001 00:00:00 +0100

Further postponement of an Argentinedebt restructuring is likely to increase the damage both locally and in other markets.

Give Credit Where It Is Due

Thu, 16 Mar 2000 00:00:00 +0100

The Meltzer Commission makesrecommendations for reform of the International Monetary Fund, the World Bank, and the regional development banks.

The IMF Needs More Than a New Boss

Thu, 02 Mar 2000 00:00:00 +0100

Appointing a successor to Michel Camdessus as managing director of the International Monetary Fund promises to be a global opera bouffe.

The McCain Tax Plan

Thu, 10 Feb 2000 00:00:00 +0100

Three AEI economists debate the merits of Senator John McCain's (R-Ariz.) tax reform proposals.

Lessons from the Tequila Crisis for Successful Financial Liberalization

Fri, 01 Oct 1999 00:00:00 +0100

The “Tequila Crisis," which originated in Mexico and spread to Brazil and Argentina, is one of the most significant events in emerging financial markets during the past two decades.

Building an Incentive-Compatible Safety Net

Fri, 01 Oct 1999 00:00:00 +0100

Constructing and managing a proper “bank safety net”--a set of policies designed to protect banks from adverse shocks--presents the government with a unique set of challenges.

A Welcome to Foreign Banks Could Energize Mexico

Fri, 16 Jul 1999 00:00:00 +0100

Further allegations arose that a couple of now-defunct Mexican banks had illegally financed Mexico’s ruling Institutional Revolutionary Party in the 1994 presidential campaign.

Fixing the IMF

Tue, 01 Jun 1999 00:00:00 +0100

The future role of the International Monetary Fund is today in doubt.

How to Invent a New IMF

Fri, 01 Jan 1999 01:00:00 +0100

The Impending Collapse of the European Monetary Union

Fri, 01 Jan 1999 00:00:00 +0100

Reductions in transactions and hedging costs from currency homogeneity within Europe could increase European wealth and income.

Runs on Banks and the Lessons of the Great Depression

Fri, 01 Jan 1999 00:00:00 +0100

Banking instability and regulation in the United States suggests the need to reevaluate views of the inherent instability of banking systems and the value of deposit insurance.

High Loan-to-Value Mortgages

Tue, 01 Sep 1998 00:00:00 +0100

The growth ofhigh loan-to-valuelending in the consumer marketis causing the product to be viewed under a harsher light both by those inside and outside the financial services industry.

Wanted: Market Discipline in Deposit Insurance

Tue, 01 Sep 1998 00:00:00 +0100

Concerns that expanding bank powers might unwittingly increase the safety net “subsidy” must be addressed, and market discipline is the way to do it.

The IMF's Moral Hazard

Wed, 05 Aug 1998 00:00:00 +0100

FutureInternational Monetary Fundpolicy must takethe issue of moral hazardseriously.

Revitalizing Ailing Banks

Fri, 01 May 1998 00:00:00 +0100

The IMF's Imprudent Role as Lender of Last Resort

Thu, 01 Jan 1998 00:00:00 +0100

The responses by the IMF and the U.S. government to the Mexican crisis of 1994 to 1995 and the recent Asian crises are examples of dangerous short-sightedness.

Contagion and Bank Failures During the Great Depression

Mon, 01 Dec 1997 00:00:00 +0100

Mortgage Reform

Fri, 18 Apr 1997 00:00:00 +0100

A Globalist Manifesto for Public Policy

Tue, 01 Jan 2002 00:00:00 +0100

The worldwide trend toward privatization, liberalization, and globalization has produced substantial economic benefits.

Emerging Financial Markets

Tue, 31 Oct 2000 00:00:00 +0100

This book suggests and explores three key foundations that explain why emerging markets behave differently than developed markets.

U.S. Bank Deregulation in Historical Perspective

Sat, 01 Jan 2000 00:00:00 +0100

This book shows how deregulation is transforming the size, structure,and geographic range of U.S. banks, the scope of banking services,and the nature of bank-customer relationships.

High Loan-to-Value Mortgage Lending

Sun, 01 Aug 1999 00:00:00 +0100

High loan-to-value mortgage lending is a fast-growing sector of the mortgage industry that has evolved to meet the needs of today's consumers.

Is the Bank Merger Wave of the 1990s Efficient?

Thu, 01 Jan 1998 00:00:00 +0100

This book discusses banking, insurance, and securities regulation, as well as issues in consumer finance and electronic commerce.

The Postmodern Bank Safety Net

Fri, 19 Dec 1997 00:00:00 +0100

The financial safety net constructed in the 1930s may be the single most destabilizing influence in the financial system.

Shadow Financial Regulatory Committee

Mon, 14 Sep 2009 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 May 2009 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Feb 2009 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 Dec 2008 13:00:00 +0100

Beyond November: Economics and the New President

Tue, 28 Oct 2008 11:00:00 +0100

What Lies Beyond the Credit Crunch? Part III

Thu, 02 Oct 2008 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 15 Sep 2008 13:00:00 +0100

Has the Effect of Foreclosures on Housing Prices Been Overstated?

Tue, 17 Jun 2008 13:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 May 2008 13:00:00 +0100

What Lies Beyond the Credit Crunch? Part II

Mon, 28 Apr 2008 14:00:00 +0100

What Lies Beyond the Credit Crunch?

Mon, 17 Dec 2007 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 10 Dec 2007 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 17 Sep 2007 13:00:00 +0100

Is Sarbanes-Oxley Impairing Corporate Risk-Taking?

Mon, 18 Jun 2007 15:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 07 May 2007 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 Dec 2006 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 18 Sep 2006 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 May 2006 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 13 Feb 2006 12:30:00 +0100

What Will Greenspan's Departure Mean?

Tue, 24 Jan 2006 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 Dec 2005 12:00:00 +0100

Joint Shadow Financial Regulatory Committee

Mon, 15 Nov 2004 12:00:00 +0100

Joint Shadow Financial Regulatory Committee

Mon, 15 Nov 2004 10:00:00 +0100

Joint Meeting of the Shadow Financial Regulatory Committees

Mon, 15 Nov 2004 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 20 Sep 2004 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 24 May 2004 13:00:00 +0100

Argentina

Wed, 31 Mar 2004 14:00:00 +0100

Do the SEC's Shareholder Voting Rules Serve Any Useful Purpose?

Mon, 08 Mar 2004 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Feb 2004 12:00:00 +0100

Plan for Privatizing the Housing GSEs

Mon, 12 Jan 2004 14:00:00 +0100

Expensing Employee Stock Options Looks Like a Major Mistake

Thu, 08 Jan 2004 11:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 Dec 2003 13:00:00 +0100

Loan Pricing and the Repeal of the Glass-Steagall Act

Wed, 24 Sep 2003 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 22 Sep 2003 13:00:00 +0100

Saving Capitalism from the Capitalists

Wed, 21 May 2003 14:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 May 2003 12:00:00 +0100

A Tribute to Allan H. Meltzer

Wed, 26 Feb 2003 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 24 Feb 2003 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Dec 2002 12:00:00 +0100

Employee Stock Options and Corporate Earnings

Wed, 20 Nov 2002 09:00:00 +0100

Does Excessive Regulation Threaten Subprime Lending?

Wed, 30 Oct 2002 12:00:00 +0100

The IMF Proposal for Sovereign Debt Restructuring

Mon, 07 Oct 2002 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 23 Sep 2002 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 06 May 2002 12:00:00 +0100

Does a Stimulus Package Have Unintended Consequences?

Thu, 04 Apr 2002 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 25 Feb 2002 12:00:00 +0100

Who Lost Argentina?

Tue, 05 Feb 2002 09:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 03 Dec 2001 12:00:00 +0100

A Roundtable on the Gramm-Leach-Bliley Act

Tue, 13 Nov 2001 09:15:00 +0100

When Is a Tax Not a Tax?

Fri, 21 Sep 2001 21:15:00 +0100

Shadow Financial Regulatory Committee

Mon, 07 May 2001 13:00:00 +0100

Argentina--Next Candidate for a Bailout?

Wed, 11 Apr 2001 14:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 26 Feb 2001 13:00:00 +0100

Sovereign Debt Reductions

Wed, 21 Feb 2001 09:45:00 +0100

Dollarization and Debt Markets

Wed, 07 Feb 2001 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 Dec 2000 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 25 Sep 2000 13:00:00 +0100

The Effects of Tax Policy on the Decision to Start a Small Business

Fri, 19 May 2000 09:15:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 May 2000 13:00:00 +0100

Anna Schwartz

Fri, 14 Apr 2000 12:00:00 +0100

Reform of Bank Capital Regulation: A Critique of the Basel Guidelines

Thu, 02 Mar 2000 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 13 Dec 1999 13:00:00 +0100

Saving the Euro

Mon, 22 Nov 1999 10:00:00 +0100

Is Bank Regulation Necessary?

Wed, 27 Oct 1999 08:45:00 +0100

What to Do, and What Not to Do, about "Predatory Lending"

Tue, 26 Jun 2001 00:00:00 +0100

For the most part, predatory lending practices can be addressed by focusing efforts on better enforcing laws against fraud, improving disclosure rules, offering government-financed counseling, and placing a few well thought out limits on credit industry practices.

How New is the "New IMF"?

Thu, 08 Mar 2001 01:00:00 +0100

Blueprints for a New Global Financial Architecture

Thu, 01 Oct 1998 00:00:00 +0100

This paper considers current problems in what is often termed the "global financial architecture" and proposes a set of solutions to those problems.

Banking Crises and the Rules of the Game

Fri, 23 Oct 2009 00:00:00 +0100

Risk-inviting microeconomic rules of the banking game that are established by government have always been the key additional necessary condition to producing a propensity for banking distress.

Financial Innovation, Regulation, and Reform

Sun, 01 Feb 2009 00:00:00 +0100

The main story of the subprime crisis is one of government errors of commission.

The Subprime Turmoil

Thu, 02 Oct 2008 00:00:00 +0100

The American financial system, if it remains true to its history, will adapt and innovate its way back to profitability and high stock prices sooner than is suggested bycurrent dire predictions.

The Foreclosure-House Price Nexus

Mon, 01 Sep 2008 00:00:00 +0100

Home prices are quite sticky, andfears of a major fall in house prices, with all of its attendant negative macroeconomic consequences, typically are not warranted even in extreme foreclosure circumstances.

Preserving Slave Families for Profit

Fri, 01 Aug 2008 00:00:00 +0100

Data from the New Orleans slave market reveal large price discounts for families that cannot be explained by scale effects, child care costs, legal restrictions, or transport costs.

The Regulatory Record of the Greenspan Fed

Thu, 26 Jun 2008 00:00:00 +0100

The Fed's role in banking regulation, orfinancial regulation, is not well understood.

Not (Yet) a 'Minsky Moment'

Fri, 05 Oct 2007 00:00:00 +0100

Despite recent economic disruptions, there is still little reason to believe a full-on recession will result.

Activity-Based Valuation of Bank Holding Companies

Wed, 28 Feb 2007 00:00:00 +0100

Predictable future variation in returns does not reflect priced risk factors, but is related to trading costs.

Expensing Employee Stock Options

Fri, 05 Aug 2005 00:00:00 +0100

It is clear that there is no legitimate basis for the proposed expensing of employee stock options.

Monopoly-Creating Bank Consolidation?

Sun, 01 May 2005 00:00:00 +0100

The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only one large, universal bank remained.

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers

Sun, 01 May 2005 00:00:00 +0100

Charles W. Calomiris and Donna M. Hitscherich analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers.

Venture Capital as Human Resource Management

Sun, 01 May 2005 00:00:00 +0100

Venture capitalists add value to portfolio firms by obtaining and transferring information about senior managers across firms over time.

Resolving the Puzzle of the Underissuance of National Bank Notes

Sat, 01 Jan 2005 00:00:00 +0100

The puzzle of underissuance of national bank notes disappears when one disaggregates data, takes account of regulatory limits, and considers differences in opportunity costs.

Resolving the Puzzle of the Underissuance of National Bank Notes

Wed, 01 Dec 2004 00:00:00 +0100

The puzzle of underissuance of national bank notes disappears when one disaggregates data, takes account of regulatory limits, and considers differences in opportunity costs.

Options Pricing and Accounting Practice

Thu, 08 Jan 2004 00:00:00 +0100

The establishment of new accounting rules for expensing options would likely do more harm than good.

How to Restructure Failed Banking Systems

Tue, 01 Apr 2003 00:00:00 +0100

The costs of government assistance to banks depend on the way rescues are managed.

How to Resolve the Argentine Sovereign Debt Crisis

Mon, 16 Apr 2001 00:00:00 +0100

An Argentine bailout by the United States would boost prices today and in the future, and result in greater creditor resistance to a future write down.

Causes of U.S. Bank Distress during the Depression

Fri, 01 Sep 2000 00:00:00 +0100

This paper provides the first comprehensive econometric analysis of the causes of bank distress during the Depression.

Can Emerging Market Bank Regulators Establish Credible Discipline?

Mon, 01 May 2000 00:00:00 +0100

Argentina's bank regulatory system now is widely regarded as one of the two or three most successful among emerging market economies.

Was the Great Depression a Watershed for American Monetary Policy?

Sat, 01 Mar 1997 00:00:00 +0100

The Great Depression changed the institutions governing monetary policy.

Financing the American Corporation

Thu, 01 Feb 1996 00:00:00 +0100

The history of institutional change and financial innovation in the United States has been attempts to work around costly restrictions on relationships not faced by corporations in most other countries.

The Efficiency of Self-Regulated Payment Systems

Mon, 01 Jan 1996 00:00:00 +0100

This paper analyzes the operation of the Suffolk System, an interbank note-clearing network operating throughout New England from the 1820s through the 1850s.

Historical Macroeconomic and American Macroeconomic History

Tue, 01 Nov 1994 00:00:00 +0100

This essay reviews American macroeconomic history to illustrate its potential uses, and to draw out methodological implications.

Contagion and Bank Failures during the Great Depression

Tue, 01 Nov 1994 00:00:00 +0100

This paper uses individual bank data to address the question of whether solvent Chicago banks failed during the panic as the result of confusion by depositors.

Commercial Paper, Corporate Finance, and the Business Cycle

Thu, 01 Sep 1994 00:00:00 +0100

Little is known about the characteristics or behavior of individual commercial paper issuers, or about the reasons for the countercyclical issuance of commercial paper in the aggregate.

Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment

Fri, 01 Jul 1994 00:00:00 +0100

This paper examines whether the responsiveness of employment, investment, and inventory accumulation to exogenous changes in sales depend on the leverage of the firm.

Is the Discount Window Necessary?

Wed, 01 Dec 1993 00:00:00 +0100

This paper argues that the primary role of the discount window should be to provide occasional, temporary support to particular financial markets during localized financial crises.

Corporate-Finance Benefits from Universal Banking

Thu, 01 Jul 1993 00:00:00 +0100

Limitations on bank consolidation and branching in the United States at an early date effectively limited the scope of commercial banks and their involvement in financing large-scale industry.

Internal Finance and Investment

Mon, 01 Mar 1993 00:00:00 +0100

The sensitivity of investment spending to internal funds for firms with high marginal surtax rates appears mainly to reflect information-related capital-market frictions.

Greenback Resumption and Silver Risk

Tue, 01 Sep 1992 00:00:00 +0100

This paper begins by developing a framework for price and interest rate determination under suspension of convertibility during the national banking period.

Firm Heterogeneity, Internal Finance, and Credit Rationing

Fri, 01 Jan 1988 00:00:00 +0100

Assessing the extent to which agents or firms face capital-market imperfections and quantity restrictions on credit is crucial for measuring the cost of capital for investment.

International Adjustment under the Classic Gold Standard

Wed, 01 Apr 1987 00:00:00 +0100

Recent studies of the classical gold standard have revived interest in the process by which macroeconomic shocks were transmitted internationally during the pre-World War I period.

Growing in Debt

Sat, 01 Nov 1986 00:00:00 +0100

U.S. farms, and with them agricultural lending institutions, are currently experiencing their most severe stress since the 1930s.

Price Flexibility, Credit Rationing, and Economic Fluctuations

Tue, 01 Oct 1985 00:00:00 +0100

The reawakening of interest in links between price flexibility and fluctuations in economic activity calls for a reconsideration of models of price and quantity adjustment.

The Last Trillion-Dollar Commitment

Tue, 30 Sep 2008 00:00:00 +0100

The government takeover of Fannie and Freddie was necessary because of their massive losses on more than $1 trillion of subprime and Alt-A investments.

Another "Deregulation" Myth

Wed, 29 Oct 2008 01:00:00 +0100

The current financial crisis was not caused by Republican deregulation, despite media reports to the contrary.

Searching for Sense in the Tax Cut Debate

Sat, 01 Dec 2001 00:00:00 +0100

The long-term tax cuts under consideration in Congress will result in moderate deficit increases, and moderate increases have little or no effect on interest rates.

The McCain Tax Plan

Thu, 10 Feb 2000 00:00:00 +0100

Three AEI economists debate the merits of Senator JohnMcCain's (Ariz.)tax reform proposals.

How to Invent a New IMF

Sat, 01 May 1999 00:00:00 +0100

Although many commentators discuss the need to reform the International Monetary Fund, few have offered detailed proposals to achieve that purpose.

Harmful Bailouts

Thu, 01 Jan 1998 00:00:00 +0100

The practice of bailing out banks has encouraged financial structures that keep profits private while losses are borne by the public.