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

SCHOLARLY PAPERS

45

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Scholarly Papers (45)

Inflation Stabilization and Bop Crises in Developing Countries

Number of pages: 89 Posted: 09 Jun 1998
Guillermo A. Calvo, Carlos A. Vegh and Carlos A. Vegh
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of EconomicsJohns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS)
Downloads 1,807 (13,051)
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 Last Revised: 05 Jun 2022
Guillermo A. Calvo, Carlos A. Vegh and Carlos A. Vegh
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of EconomicsJohns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS)
Downloads 110 (341,889)
Citation 5

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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 National Bureau of Economic Research (NBER)
Downloads 1,354 (20,618)
Citation 18

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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 795 (44,154)
Citation 3

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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 550 (71,189)
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 508 (78,502)
Citation 47

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6.
Downloads 450 ( 90,778)
Citation 394

Fear of Floating

NBER Working Paper No. w7993
Number of pages: 64 Posted: 03 Nov 2000 Last Revised: 07 May 2022
Columbia University - School of International & Public Affairs (SIPA) and National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson Institute for International Economics
Downloads 294 (144,679)
Citation 30

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Fear of Floating

Number of pages: 64 Posted: 08 Dec 2016 Last Revised: 22 Dec 2016
National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson Institute for International Economics and Columbia University - School of International & Public Affairs (SIPA)
Downloads 156 (262,032)
Citation 176

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

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 National Bureau of Economic Research (NBER)
Downloads 409 (101,389)
Citation 6

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8.

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
Columbia University - School of International & Public Affairs (SIPA), Tel Aviv University - Eitan Berglas School of Economics and National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson Institute for International Economics
Downloads 398 (104,636)
Citation 129

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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 186 (225,231)
Citation 7

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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 2022
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 56 (506,425)
Citation 1

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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 16 (759,137)

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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: 11 May 2022
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 126 (309,901)
Citation 2

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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 98 (369,654)
Citation 6

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11.

Perspectives on Inflation Targeting, Financial Stability and the Global Crisis

BIS Paper No. 51
Number of pages: 40 Posted: 03 May 2010
Central Bank of Iceland, International Monetary Fund, University of Basel, 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 212 (200,187)

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

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 Last Revised: 01 Apr 2022
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 135 (294,135)
Citation 6

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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 46 (552,577)
Citation 17

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13.

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 173 (239,669)
Citation 1

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14.

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 2022
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 168 (245,621)

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15.

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 148 (272,695)

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16.

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 140 (284,855)
Citation 4

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17.

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
Columbia University - School of International & Public Affairs (SIPA), affiliation not provided to SSRN and National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson Institute for International Economics
Downloads 128 (305,062)
Citation 65

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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: 21 Apr 2022
Guillermo A. Calvo and Frederic S. Mishkin
Columbia University - School of International & Public Affairs (SIPA) and Columbia University - Columbia Business School, Finance
Downloads 119 (323,269)
Citation 9

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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 University - Columbia Business School, Finance

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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: 12 Jun 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 69 (455,812)
Citation 4

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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 29 (652,500)
Citation 2

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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 Last Revised: 30 Apr 2022
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 53 (519,458)
Citation 1

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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 42 (573,346)
Citation 8

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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 Last Revised: 23 May 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 84 (403,303)
Citation 1

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22.

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 CEPR
Downloads 76 (427,272)

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Inflation inertia, staggered pricing, exchange rate based stabilization

23.

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 75 (430,331)

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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: 12 Feb 2022
Guillermo A. Calvo, Oya Celasun and Michael Kumhof
Columbia University - School of International & Public Affairs (SIPA), International Monetary Fund (IMF) - Research Department and CEPR
Downloads 74 (433,560)
Citation 1

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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: 24 Feb 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 68 (453,521)
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 65 (463,972)

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27.

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
National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson 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 64 (467,680)
Citation 1

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28.

Fixing for Your Life

NBER Working Paper No. w8006
Number of pages: 64 Posted: 17 Nov 2000 Last Revised: 19 May 2022
Columbia University - School of International & Public Affairs (SIPA) and National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson Institute for International Economics
Downloads 63 (471,357)
Citation 2

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29.

Regional Contagion and the Globalization of Securities Markets

NBER Working Paper No. w7153
Number of pages: 42 Posted: 21 Sep 1999 Last Revised: 20 Jul 2022
Guillermo A. Calvo and Enrique G. Mendoza
Columbia University - School of International & Public Affairs (SIPA) and National Bureau of Economic Research (NBER)
Downloads 56 (498,437)
Citation 15

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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: 16 Jun 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 38 (582,311)
Citation 1

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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: 12 Mar 2022
Guillermo A. Calvo and Allan Drazen
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of Economics
Downloads 36 (593,386)

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32.

Growth and External Financing in Latin America

IDB Working Paper No. 384
Number of pages: 42 Posted: 21 Apr 2011
National Bureau of Economic Research (NBER)World BankCentre for Economic Policy Research (CEPR)International Monetary Fund (IMF)University of Maryland - School of Public AffairsHarvard University, Harvard Kennedy School (HKS), Belfer Center for Science and International Affairs (BCSIA)Harvard University - Center for Business and GovernmentPeterson 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 33 (610,641)
Citation 1

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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 Last Revised: 28 May 2022
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 33 (610,641)
Citation 2

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34.

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: 04 Jul 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 32 (616,531)

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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 Last Revised: 11 May 2022
Guillermo A. Calvo and Maurice Obstfeld
Columbia University - School of International & Public Affairs (SIPA) and University of California, Berkeley
Downloads 29 (635,375)
Citation 5

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

NBER Working Paper No. w18480
Number of pages: 34 Posted: 20 Oct 2012 Last Revised: 01 Jul 2022
Guillermo A. Calvo, Fabrizio Coricelli and Pablo Ottonello
Columbia University - School of International & Public Affairs (SIPA), University of Siena - Department of Political and International Sciences and University of Michigan at Ann Arbor - Department of Economics
Downloads 23 (698,382)
Citation 2

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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), University of Siena - Department of Political and International Sciences and University of Michigan at Ann Arbor - Department of Economics
Downloads 4 (884,811)
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Financial crises, Jobless recovery, Wageless recovery

37.

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 Last Revised: 19 Jun 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 26 (655,770)

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38.

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: 28 Apr 2022
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 23 (677,749)

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39.

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

NBER Working Paper No. w19683
Number of pages: 46 Posted: 28 Nov 2013 Last Revised: 14 Apr 2022
Guillermo A. Calvo, Fabrizio Coricelli and Pablo Ottonello
Columbia University - School of International & Public Affairs (SIPA), University of Siena - Department of Political and International Sciences and University of Michigan at Ann Arbor - Department of Economics
Downloads 21 (693,212)
Citation 2

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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: 14 Apr 2022
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 20 (700,981)
Citation 2

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41.

On Dollarization

Number of pages: 11 Posted: 06 May 2003
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 19 (708,863)

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42.

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: 30 Jul 2022
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 16 (733,632)

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43.

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 Last Revised: 09 Feb 2022
Guillermo A. Calvo and Jacob A. Frenkel
Columbia University - School of International & Public Affairs (SIPA) and International Monetary Fund (IMF)
Downloads 15 (742,347)

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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 (889,061)
Citation 1

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Capital flows, financial crisis, speculative bubbles

45.

Economic Policy in Stormy Waters: Financial Vulnerability in Emerging Economies

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