Guillermo A. Calvo

Columbia University - School of International & Public Affairs (SIPA)

420 West 118th Street

New York, NY 10027

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • Columbia University - School of International & Public Affairs (SIPA)

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

45

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CITATIONS
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1,240

Scholarly Papers (45)

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1.

Inflation Stabilization and Bop Crises in Developing Countries

Downloads 1,834 ( 8,289)
Citation 36

Inflation Stabilization and Bop Crises in Developing Countries

Number of pages: 89 Posted: 09 Jun 1998
Guillermo A. Calvo and Carlos A. Vegh
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of Economics
Downloads 1,780 (8,544)
Citation 4

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Inflation Stabilization and Bop Crises in Developing Countries

NBER Working Paper No. w6925
Number of pages: 91 Posted: 12 Sep 2000
Guillermo A. Calvo and Carlos A. Vegh
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of Economics
Downloads 54 (378,839)
Citation 9

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2.

Rational Herd Behavior and the Globalization of Securities Markets

Duke Economics Working Paper No. 97-26
Number of pages: 46 Posted: 13 Aug 1998
Guillermo A. Calvo and Enrique G. Mendoza
Columbia University - School of International & Public Affairs (SIPA) and University of Pennsylvania
Downloads 1,256 (15,210)
Citation 8

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3.

Currency Substitution in Developing Countries: An Introduction

IMF Working Paper No. 92/40
Number of pages: 32 Posted: 15 Feb 2006
Guillermo A. Calvo and Carlos Végh
Columbia University - School of International & Public Affairs (SIPA) and affiliation not provided to SSRN
Downloads 601 (43,475)
Citation 1

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4.

The Perils of Sterilization

IMF Working Paper No. 90/13
Number of pages: 10 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 528 (51,322)
Citation 2

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5.

Varieties of Capital-Market Crises

IDB Working Paper No. 250
Number of pages: 22 Posted: 20 Apr 2011
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 411 (69,969)
Citation 29

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6.

Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors

IMF Working Paper No. 92/62
Number of pages: 66 Posted: 15 Feb 2006
Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart
Columbia University - School of International & Public Affairs (SIPA), Tel Aviv University - Eitan Berglas School of Economics and Peter G. Peterson Institute for International Economics
Downloads 387 (75,136)
Citation 89

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7.

Empirical Puzzles of Chilean Stabilization Policy

Number of pages: 40 Posted: 13 May 1998
Guillermo A. Calvo and Enrique G. Mendoza
Columbia University - School of International & Public Affairs (SIPA) and University of Pennsylvania
Downloads 386 (75,346)
Citation 3

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8.

Fear of Floating

Downloads 242 (125,464)
Citation 348

Fear of Floating

NBER Working Paper No. w7993
Number of pages: 64 Posted: 03 Nov 2000 Last Revised: 25 Jun 2001
Guillermo A. Calvo and Carmen M. Reinhart
Columbia University - School of International & Public Affairs (SIPA) and Peter G. Peterson Institute for International Economics
Downloads 172 (172,975)
Citation 11

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Fear of Floating

Number of pages: 64 Posted: 08 Dec 2016 Last Revised: 22 Dec 2016
Carmen Reinhart and Guillermo A. Calvo
Harvard University and Columbia University - School of International & Public Affairs (SIPA)
Downloads 70 (331,020)
Citation 17

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reserves, exchange rates, fear of floating, central banks, interest rates

9.

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises

Downloads 237 (128,135)
Citation 5

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises

BIS Working Paper No. 221
Number of pages: 45 Posted: 20 Sep 2007
Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 175 (170,363)
Citation 2

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Output collapse, systemic crises, Great Depression, Balance of Payments crisis, Sudden Stop, capital flows, Phoenix Miracle, credit crunch

Phoenix Miracles in Emerging Markets: Recovering Without Credit from Systemic Financial Crises

NBER Working Paper No. w12101
Number of pages: 47 Posted: 14 May 2006 Last Revised: 27 Jul 2010
Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 50 (392,470)

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Phoenix Miracles in Emerging Markets: Recovering Without Credit from Systemic Financial Crises

IDB Working Paper No. 475
Number of pages: 42 Posted: 25 Apr 2011
Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 12 (589,201)

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10.

Perspectives on Inflation Targeting, Financial Stability and the Global Crisis

BIS Paper No. 51
Number of pages: 40 Posted: 03 May 2010
Mar Gudmundsson, Camilo E. Tovar, Philip Turner, Jose de Gregorio, Guillermo A. Calvo, Michael P. Dooley and Vittorio Corbo
Central Bank of Iceland, International Monetary Fund, Bank for International Settlements (BIS) - Monetary and Economic Department, Central Bank of Chile, Columbia University - School of International & Public Affairs (SIPA), University of California at Santa Cruz and affiliation not provided to SSRN
Downloads 203 (148,705)

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inflation targeting, financial stability, global financial crisis, bank regulation, foreign reserves, BIS, LACEA

11.

Is Inflation Effective for Liquidating Short-Term Nominal Debt?

IMF Working Paper No. 89/2
Number of pages: 14 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 166 (178,282)
Citation 1

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12.

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile

NBER Working Paper No. w11153
Number of pages: 36 Posted: 22 Mar 2005 Last Revised: 24 Jun 2010
Guillermo A. Calvo and Ernesto Talvi
Columbia University - School of International & Public Affairs (SIPA) and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 159 (184,958)

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13.

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects

Downloads 146 (198,549)
Citation 22

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects

NBER Working Paper No. w10520
Number of pages: 51 Posted: 15 Jun 2004
Guillermo A. Calvo, Alejandro Izquierdo and Luis-Fernando Mejia
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and University of Chicago - Department of Economics
Downloads 113 (243,132)

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On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects

IDB Working Paper No. 422
Number of pages: 48 Posted: 25 Apr 2011
Guillermo A. Calvo, Alejandro Izquierdo and Luis Fernando Mejía
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and affiliation not provided to SSRN
Downloads 33 (461,708)
Citation 3

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14.

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons

Downloads 145 (199,700)
Citation 41

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons

NBER Working Paper No. w9828
Number of pages: 50 Posted: 14 Jul 2003 Last Revised: 24 Sep 2009
Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 107 (252,821)
Citation 1

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Sudden Stops, the Real Exchange Rate and Fiscal Sustainability: Argentina's Lessons

IDB Working Paper No. 393
Number of pages: 49 Posted: 21 Apr 2011
Alejandro Izquierdo, Ernesto Talvi and Guillermo A. Calvo
Inter-American Development Bank (IDB) - Research Department, Centro de Estudios de la Realidad Economica y Social (CERES) and Columbia University - School of International & Public Affairs (SIPA)
Downloads 38 (439,356)
Citation 2

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15.

Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies

IMF Working Paper No. 94/3
Number of pages: 94 Posted: 15 Feb 2006
Guillermo A. Calvo and Manmohan Kumar
Columbia University - School of International & Public Affairs (SIPA) and International Monetary Fund (IMF) - Research Department
Downloads 135 (211,580)
Citation 4

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16.

Controlling Inflation: The Problem of Non-Indexed Debt

IMF Working Paper No. 88/29
Number of pages: 28 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 121 (230,182)

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17.

The Mirage of Exchange Rate Regimes for Emerging Market Countries

Downloads 108 (249,840)
Citation 2

The Mirage of Exchange Rate Regimes for Emerging Market Countries

NBER Working Paper No. w9808
Number of pages: 42 Posted: 03 Jul 2003 Last Revised: 11 May 2004
Guillermo A. Calvo and Frederic S. Mishkin
Columbia University - School of International & Public Affairs (SIPA) and Columbia Business School - Finance and Economics
Downloads 108 (251,184)
Citation 2

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The Mirage of Exchange Rate Regimes for Emerging Market Countries

Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003
Posted: 13 May 2004
Guillermo A. Calvo and Frederic S. Mishkin
Columbia University - School of International & Public Affairs (SIPA) and Columbia Business School - Finance and Economics

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18.

Inflows of Capital to Developing Countries in the 1990s: Causes and Effects

IDB Working Paper No. 246
Number of pages: 15 Posted: 20 Apr 2011
Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart
Columbia University - School of International & Public Affairs (SIPA), affiliation not provided to SSRN and Peter G. Peterson Institute for International Economics
Downloads 105 (254,832)
Citation 12

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19.

Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

Downloads 94 (274,280)
Citation 4

Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

NBER Working Paper No. w12788
Number of pages: 31 Posted: 24 Dec 2006 Last Revised: 22 May 2007
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 67 (339,177)

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Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

IDB Working Paper No. 499
Number of pages: 25 Posted: 25 Apr 2011
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 27 (493,136)
Citation 1

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20.

Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

Downloads 83 (296,578)
Citation 17

Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

NBER Working Paper No. w14026
Number of pages: 47 Posted: 29 May 2008
Guillermo A. Calvo, Alejandro Izquierdo and Luis-Fernando Mejia
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and University of Chicago - Department of Economics
Downloads 49 (396,019)

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Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

IDB Working Paper No. 537
Number of pages: 43 Posted: 25 Apr 2011
Guillermo A. Calvo, Alejandro Izquierdo and Luis Fernando Mejía
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and affiliation not provided to SSRN
Downloads 34 (457,037)
Citation 1

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21.

Crises in Emerging Market Economies: A Global Perspective

NBER Working Paper No. w11305
Number of pages: 41 Posted: 08 Jun 2005
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 82 (298,839)
Citation 1

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22.

Costly Trade Liberalizations: Durable Goods and Capital Mobility

IMF Working Paper No. 87/79
Number of pages: 18 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 71 (324,700)

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23.

Nominal Exchange Rate Anchoring Under Inflation Inertia

IMF Working Paper No. 02/30
Number of pages: 37 Posted: 29 Jan 2006
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and Bank of England
Downloads 66 (337,803)

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Inflation inertia, staggered pricing, exchange rate based stabilization

24.

Inflation Inertia and Credible Disinflation - the Open Economy Case

NBER Working Paper No. w9557
Number of pages: 33 Posted: 06 Oct 2005 Last Revised: 01 Nov 2010
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and Bank of England
Downloads 64 (343,184)

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25.

Financial Crises and Liquidity Shocks: A Bank-Run Perspective

NBER Working Paper No. w15425
Number of pages: 23 Posted: 26 Oct 2009 Last Revised: 26 Aug 2010
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 62 (348,763)
Citation 1

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26.

Debt Relief and Default Penalties in an International Context

IMF Working Paper No. 89/10
Number of pages: 28 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 55 (369,757)

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27.

Fixing for Your Life

NBER Working Paper No. w8006
Number of pages: 64 Posted: 17 Nov 2000 Last Revised: 01 Mar 2010
Guillermo A. Calvo and Carmen M. Reinhart
Columbia University - School of International & Public Affairs (SIPA) and Peter G. Peterson Institute for International Economics
Downloads 54 (372,944)
Citation 1

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28.

Regional Contagion and the Globalization of Securities Markets

NBER Working Paper No. w7153
Number of pages: 42 Posted: 21 Sep 1999 Last Revised: 12 Oct 2010
Guillermo A. Calvo and Enrique G. Mendoza
Columbia University - School of International & Public Affairs (SIPA) and University of Pennsylvania
Downloads 54 (372,944)
Citation 4

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29.

The Growth-Interest Rate Cycle in the United States and its Consequences for Emerging Markets

IDB Working Paper No. 385
Number of pages: 29 Posted: 21 Apr 2011
Carmen M. Reinhart, Guillermo A. Calvo, Eduardo Fernandez-Arias and Ernesto Talvi
Peter G. Peterson Institute for International Economics, Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 51 (382,606)

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30.

Explaining Sudden Stops, Growth Collapse and Bop Crises: The Case of Distortionary Output Taxes

NBER Working Paper No. w9864
Number of pages: 37 Posted: 20 Jul 2003 Last Revised: 24 Sep 2009
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 32 (455,141)

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31.

Uncertain Duration of Reform: Dynamic Implications

NBER Working Paper No. w5925
Number of pages: 24 Posted: 09 May 2000 Last Revised: 05 Oct 2010
Guillermo A. Calvo and Allan Drazen
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of Economics
Downloads 30 (464,572)
Citation 2

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32.

Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case

NBER Working Paper No. w13177
Number of pages: 30 Posted: 27 Jun 2007 Last Revised: 05 Jul 2010
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 28 (474,318)

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33.

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects

NBER Working Paper No. w11492
Number of pages: 43 Posted: 29 Aug 2005
Guillermo A. Calvo, Alejandro Izquierdo and Rudy J. Loo-Kung
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Inter-American Development Bank (IADB)
Downloads 28 (474,318)
Citation 1

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34.

Growth and External Financing in Latin America

IDB Working Paper No. 384
Number of pages: 42 Posted: 21 Apr 2011
Carmen M. Reinhart, Guillermo A. Calvo, Eduardo Fernandez-Arias and Ernesto Talvi
Peter G. Peterson Institute for International Economics, Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) and Centro de Estudios de la Realidad Economica y Social (CERES)
Downloads 27 (479,452)
Citation 1

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35.

Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes

NBER Working Paper No. w1593
Number of pages: 32 Posted: 22 Jun 2004
Guillermo A. Calvo and Maurice Obstfeld
Columbia University - School of International & Public Affairs (SIPA) and University of California, Berkeley - Department of Economics
Downloads 26 (484,765)
Citation 2

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36.

Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets

NBER Working Paper No. w3776
Number of pages: 27 Posted: 19 Jun 2004 Last Revised: 31 Mar 2010
Guillermo A. Calvo and Jacob A. Frenkel
Columbia University - School of International & Public Affairs (SIPA) and Merrill Lynch & Co. - Sovereign Advisory Group and Global Financial Institutions Group
Downloads 21 (512,908)

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37.

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries

Downloads 19 (524,530)
Citation 3

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries

NBER Working Paper No. w18480
Number of pages: 34 Posted: 20 Oct 2012
Guillermo A. Calvo, Fabrizio Coricelli and Pablo Ottonello
Columbia University - School of International & Public Affairs (SIPA), Université Paris I Panthéon-Sorbonne and Columbia University
Downloads 15 (568,913)

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The Labor Market Consequences of Financial Crises with or Without Inflation: Jobless and Wageless Recoveries

CEPR Discussion Paper No. DP9218
Number of pages: 44 Posted: 01 Feb 2013
Guillermo A. Calvo, Fabrizio Coricelli and Pablo Ottonello
Columbia University - School of International & Public Affairs (SIPA), Université Paris I Panthéon-Sorbonne and Columbia University
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Financial crises, Jobless recovery, Wageless recovery

38.

Jobless Recoveries During Financial Crises: Is Inflation the Way Out?

NBER Working Paper No. w19683
Number of pages: 46 Posted: 28 Nov 2013
Guillermo A. Calvo, Fabrizio Coricelli and Pablo Ottonello
Columbia University - School of International & Public Affairs (SIPA), Université Paris I Panthéon-Sorbonne and Columbia University
Downloads 18 (530,340)

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39.

The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

NBER Working Paper No. w18285
Number of pages: 31 Posted: 10 Aug 2012
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 16 (541,897)

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40.

Optimal Holdings of International Reserves: Self-Insurance Against Sudden Stop

NBER Working Paper No. w18219
Number of pages: 28 Posted: 14 Jul 2012 Last Revised: 16 Oct 2012
Guillermo A. Calvo, Alejandro Izquierdo and Rudy J. Loo-Kung
Columbia University - School of International & Public Affairs (SIPA), Inter-American Development Bank (IDB) - Research Department and Inter-American Development Bank (IADB)
Downloads 14 (553,869)

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41.

From Centrally-Planned to Market Economies: The Road from Cpe to Pcpe

NBER Working Paper No. w3698
Number of pages: 49 Posted: 11 Aug 2010
Guillermo A. Calvo and Jacob A. Frenkel
Columbia University - School of International & Public Affairs (SIPA) and International Monetary Fund (IMF)
Downloads 12 (566,065)

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42.

On Dollarization

The Economics of Transition, Vol. 10, No. 2, pp. 393-403, 2002
Number of pages: 11 Posted: 06 May 2003
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 12 (566,065)
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43.

From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since Wwii

NBER Working Paper No. w22535
Number of pages: 38 Posted: 22 Aug 2016 Last Revised: 02 Sep 2016
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 9 (584,732)

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44.

Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution

The Scandinavian Journal of Economics, Vol. 116, Issue 1, pp. 5-19, 2014
Number of pages: 15 Posted: 31 Dec 2013
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 1 (648,128)
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Capital flows, financial crisis, speculative bubbles

45.

Economic Policy in Stormy Waters: Financial Vulnerability in Emerging Economies

Journal of Applied Economics, Vol. 4, No. 1, pp. 1-25, May 2001
Posted: 02 Jul 2004
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)

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time inconsistency, external factors, contagion, sudden stop, fear of floating, dollarization, inflation targeting