Charles Calomiris and Stephen Haber on Fragile by Design

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4.7 • 4.4K Ratings

🗓️ 17 February 2014

⏱️ 77 minutes

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Summary

Charles Calomiris of Columbia University and Stephen Haber of Stanford University, co-authors of Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, talk with EconTalk host Russ Roberts about their book. The conversation focuses on how politics and economics interact to give some countries such as Canada a remarkably stable financial system while others such as the United States have a much less stable system. The two authors discuss the political forces that explain the persistence of seemingly bad financial regulation. The conversation includes a discussion of the financial crisis of 2008.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:06.6	I'm your host Russ Roberts of Stanford University's Hoover Institution.
0:11.2	Our website is econtalk.org where you can subscribe, comment on this podcast, and find links
0:16.4	and other information related to today's conversation.
0:19.2	You'll also find our archives where you can listen to every episode we've ever done
0:23.2	going back to 2006.
0:25.6	Our email address is mailadykontalk.org.
0:28.1	We'd love to hear from you.
0:32.6	Welcome to this special edition of Econ Talk, recorded in front of a live audience here at
0:38.0	the Hoover Institution's Washington office.
0:40.8	Today is February 5th, 2014, and my guests are Charles Calamaris and Stephen Haber.
0:47.1	Charles is the Henry Coffin Professor of Financial Institutions at Columbia University's
0:52.0	Graduate School of Business, and he co-directs the Hoover Institution's Regulation and Rule
0:56.9	of Law Research Initiative.
0:59.8	Stephen Haber is the AA and Gene Welch Milligan Professor in the School of Humanities
1:05.4	and Science at Stanford University and a Senior Fellow at the Hoover Institution.
1:10.1	Their book is Spragial by Design, the Political Origins of Banking Crisis and Scariest Credit,
1:16.2	which is our topic for today's episode.
1:17.8	Charles and Stephen, welcome to Econ Talk.
1:19.8	Great to light it up here.
1:21.4	I want to start with a fundamental claim of the book.
1:24.1	You reject the idea that bank crises are just bad luck or a perfect storm of random events.
	...

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