RANDALL S. KROSZNER
Professor of Economics
Graduate School of Business
University of Chicago
5807 S. Woodlawn Avenue
Chicago, IL 60637
Phone: (773) 702 - 8779
Fax: (773) 702 - 0458 or (773) 834 - 9134
randy.kroszner@chicagogsb.edu
Working Papers
Testimony before Senate Finance Committee on Pension Reform Proposals, March 1, 2005
"Financial Crises, Financial Dependence, and Industry Growth," January 2005, with Daniela Klingebiel and Luc Laeven.
"Is it Better to Forgive Than to Receive? An Empirical Analysis of the Impact of Debt Repudiation," November 2003.
"Promoting Global Economic Growth: The Productivity Challenge," July 2003.
"Testimony before the House Banking Committee on Bank Powers and Bank Mergers," April 29, 1998.
"Private versus Public Regulatory Structures in International Financial Markets: An Analysis of the Development of Derivative Products Companies," December 1997.
"An Analysis of Financial Institution Privatization," May 1996.
"Much Ado About Nothing? Capital Market Reactions to Changes in Precedent concerning Exclusive Territories," Center for the Study of the Economy and the State, Working Paper No. 102, October 1994, with Sherry Glied.
"The Political-Economy of the Reconstruction Finance Corporation's Bail-Out of the U.S. Banking System during the Great Depression," April 1994.
Articles:
"Corporate Campaign Contributions, Repeat Giving, and the Rewards To Legislator Reputation," Journal of Law and Economics, Forthcoming, with Thomas Stratmann.
"Bankers on the Boards: Monitoring, Conflicts of Interest, and Lender Liability," Journal of Financial Economics, December 2001, Vol.62, Issue 3, pp. 415-452, with Philip Strahan.
"The Motivations Behind Banking Reform: Why Do Lawmakers Pursue Deregulation?" Regualtion, Summer 2001, Vol 24, no. 2, pp. 36-41.
"What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," Quarterly Journal of Economics, November 1999, 1437-67, with Philip Strahan.
"Interest, Institutions, and Ideology in Securing Policy Change: The Republican Conversion to Trade Liberalization after Smoot-Hawley," Journal of Law and Economics, October 1999, 643-73, with Douglas Irwin.
"Can the Financial Markets Privately Regulate Risk? The Development of Derivatives Clearing Houses and Recent Over-the-Counter Contractual and Organizational Innovations," Journal of Money, Credit and Banking, August 1999, 569-618.
"Rethinking Bank Regulation: A Review of the Historical Evidence," Journal of Applied Corporate Finance, Summer 1998, pp. 48-58.
"Were the Good Old Days that Good? Changes in Managerial Stock Ownership since the Great Depression," Journal of Finance, April 1999, 435-69 with Clifford Holderness and Dennis Sheehan (Winner of the Brattle Prize for the Best Corporate Finance Paper in The Journal of Finance)."Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services Political Action Committees," American Economic Review, December 1998, 1163-87, with Thomas Stratmann.
"On the Political Economy of Banking and Financial Regulatory Reform in Emerging Markets," Research in Financial Services, vol. 10, 1998, 33-51. .
"Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass-Steagall Act," Journal of Monetary Economics, August 1997, 475-516, with Raghuram G. Rajan.
"Log-Rolling and Economic Interests in the Passage of the Smoot-Hawley Tariff," Carnegie-Rochester Conference Series on Public Policy, December 1996, 173-200, with Douglas A. Irwin.
"Regulatory Incentives and the Thrift Crisis: Dividends, Mutual-to-Stock Conversions, and Financial Distress in the Thrift Industry," Journal of Finance, September 1996, 1285-1320, with Philip E. Strahan (nominated for the Smith Breeden Prize for best paper of the year in the JF).
"Is the Glass-Steagall Act Justified? A Study of the U. S. Experience with Universal Banking before 1933," American Economic Review, September 1994, 810-32, with Raghuram G. Rajan.
"Money's Marketability Premium and the Microfoundations of Keynes' Theory of Money and Interest," Cambridge Journal of Economics, August 1994, 379-90, with Tyler Cowen.
"German-Language Precursors of the New Monetary Economics," Journal of Institutional and Theoretical Economics (Zeitschrift fuer die gesamte Staatswissenschaft), September 1992, 387-410, with Tyler Cowen.
"Empirical Predictions of the New Monetary Economics: Perspectives on Velocity," Journal of Policy Modelling, Summer 1990, 265-79, with Tyler Cowen.
"Scottish Banking Before 1845: A Model for Laissez-Faire?" Journal of Money, Credit, and Banking, May 1989, 221-31, with Tyler Cowen (reprinted in Lawrence H. White, ed., International Library of Macroeconomic and Financial History, no. 11, Aldershot, UK: Elgar 1993).
"The Development of the New Monetary Economics," Journal of Political Economy, June 1987, 567-90, with Tyler Cowen (reprinted in Lawrence H. White, ed., International Library of Macroeconomic and Financial History, no. 11, Aldershot, UK: Elgar, 1993.)
Books:
The Economic Nature of the Firm: A Reader, second edition, New York: Cambridge University Press, 1996, co-edited with Louis Putterman. (First edition 1986. Spanish language edition, 1994.)
Explorations in the New Monetary Economics, Cambridge: Basil Blackwell, 1994, with Tyler Cowen.
Book Chapters:
"Obstacles to Optimal Policy: The Interplay of Politics and Economics in Shaping Bank Supervision and Regulation Reforms," pp. 233-66 in Fredrick S. Mishkin, ed., Prudential Supervision: What Works and What Doesn't, Chicago: University of Chicago Press and the National Bureau of Economic Research, 2001, with Philip Strahan.
"Is the Financial System Politically Independent? Perspectives on the Political Economy of Banking and Financial Regulation," pp.127-62 in Finanssektorn Framtid [Government Inquiry on the International Competitivenesss of the Swedish Financial Sector] Volume D, Stockholm: Swedish Ministry of Finance, 2000.
"Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms, pp.86-110, " in Guillermo Calvo and Mervyn King, eds., The Debt Burden and its Consequences for Monetary Policy, London: Macmillan.
"How Should Financial Institutions and Markets Be Structured? Analysis and Options for Financial System Design," pp. 97-122 in Liliana Rojas-Suarez, eds., Safe and Sound Financial Systems: What Works for Latin America, Washington: Inter-American Development Bank and Johns Hopkins University Press, 1997, with George Kaufman (reprinted in translation in Ilter Turan, ed., Finansal Piyasalarin Derinlesmesi, Istanbul: Koc Universitesi, 1997).
"Free Banking: The Scottish Experience as a Model for Emerging Market Economies," pp. 41-64 in Gerard Caprio and Dimitri Vittas, eds., Reforming Financial Systems: Historical Implications for Policy, New York: Cambridge University Press, 1997.
"The Political Economy of Banking and Financial Regulation in the U.S." pp. 200-13 in George M. von Furstenberg, ed., The Banking and Financial Structure in the NAFTA Countries and Chile, Boston: Kluwer Academic Publishers, 1997.
"The Evolution of Universal Banking and Its Regulation in Twentieth Century America," pp. 70-99 in Anthony Saunders and Ingo Walter, eds., Universal Banking: Financial System Design Reconsidered, Chicago: Irwin, 1996.
"New Monetary Economics," pp. 487-89 in David Glasner, ed., Business Cycles and Depressions: An Encyclopedia. New York: Garland Press, 1996, with Tyler Cowen.
"Scottish Free Banking," pp. 398-400 in John Eatwell, Murray Milgate, and Peter Newman, eds., New Palgrave Dictionary of Money and Finance, London: Macmillan, 1992, with Tyler Cowen.
Comments, Shorter Papers, and Book Reviews:
"Less is More in the New International Financial Architecture," pp.447-52 in William C. Hunter, George G. Kaufman, and Thomas H. Krueger, eds., The Asian Financial Crisis: Origins, Implications, Solutions, Boston: Kluwer Academic Publishers, 1999.
"Payments System Reform and the Suffolk Banking System," Federal Reserve Bank of St. Louis Review, forthcoming.
"The Role of Private Regulation in Maintaining Global Financial Stability: A Comment on Litan," Maintaining Financial Stability in a Global Economy, Kansas City: Federal Reserve Bank of Kansas City, forthcoming.
"The Market as International Regulator," Financial Times, July 21, 1997, pp. 13-14 and forthcoming in The Complete Finance Companion, London: FT Publishers.
"Are Self-Regulated Payments Systems Efficient? A Comment on Calomiris and Kahn," Journal of Money, Credit, and Banking, November 1996, 798-803.
"Comment on Richard Sylla's 'The 1930s Financial Reform in Historical Perspective'," pp. 30-33 in Dimitri Papadimitriou, ed., Stability in the Financial System, New York: St. Martins, 1996.
"Reforming U.S. International Telecommunications Regulation," Via Satellite, February 1991, 57-64, with Robert W. Hahn.
"Lost in Space: U.S. International Satellite Communications Policy," Regulation, Summer 1990, 57-66, with Robert W. Hahn.
"Banking in Hong Kong: Regulation, Stability, and the Role of Money Market Mutual Funds," Asian Monetary Monitor, July/August 1990, 16-36.
"Mutual Fund Banking," Cato Journal, Spring/Summer 1990, 223-37, with Tyler Cowen.
"Futures Markets, Loans, and Asset Marketability: A Review Essay on Jeffrey Williams's The Economic Function of Futures Markets," Market Process, Spring 1990, 77-81, with Tyler Cowen.
"An Assessment of Deregulation and Privatization in the United States," Business in the Contemporary World, Spring 1989, 55-63, with Thomas Gale Moore.
"The Mismanagement of Air Transport," The Public Interest, Spring 1989, 100-11, with Robert W. Hahn.
"Review of M. Baranzini and R. Scazzieri, eds., The Foundations of Economics," Journal of Comparative Economics, June 1988, 260-3.
"Technology and the Control of Labor: A Review of David Noble's Forces of Production," Critical Review, Spring 1987, 6-16.
"Recent Developments in the New Monetary Economics," Zeitschrift fuer Wirtschaftspolitik, vol. 36, 1987, 207-20, with Tyler Cowen.