Commentary: Large, global financial institutions offer benefits

Charles Calomiris, a finance professor at Columbia Business School, writes that concerns about financial institutions becoming "too big to fail" have led to calls to limit the size of banks. Calomiris, who is also a research associate of the National Bureau of Economic Research, labels the calls misguided because there are considerable benefits to allowing big, complex financial institutions to operate on a global basis. He argues that there are other ways to protect taxpayers from the cost of government rescue efforts.

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