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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637

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1,254

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 1,803 (11,646)
Citation 4

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Inflation Stabilization and Bop Crises in Developing Countries

Number of pages: 91 Posted: 12 Sep 2000 Last Revised: 05 Jun 2021
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 90 (359,774)
Citation 10

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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 1,330 (18,996)
Citation 17

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3.

Currency Substitution in Developing Countries: An Introduction

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 783 (40,655)
Citation 3

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4.

The Perils of Sterilization

Number of pages: 10 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 547 (64,875)
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 463 (79,633)
Citation 47

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6.

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 402 (94,007)
Citation 5

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7.

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

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 GovernmentPeter G. Peterson Institute for International Economics
Downloads 396 (95,559)
Citation 129

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8.
Downloads 371 (103,030)
Citation 394

Fear of Floating

Number of pages: 64 Posted: 03 Nov 2000 Last Revised: 05 Nov 2021
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 GovernmentPeter G. Peterson Institute for International Economics
Downloads 233 (167,292)
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 GovernmentPeter G. Peterson Institute for International Economics and Columbia University - School of International & Public Affairs (SIPA)
Downloads 138 (265,999)
Citation 176

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

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 185 (207,606)
Citation 8

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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

Number of pages: 47 Posted: 14 May 2006 Last Revised: 26 Jul 2021
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 (468,831)
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 15 (711,181)

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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
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 208 (186,720)

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

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina&Apos;S Lessons

Number of pages: 50 Posted: 14 Jul 2003 Last Revised: 10 Nov 2021
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 120 (295,754)
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 77 (395,807)
Citation 6

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12.

Is Inflation Effective for Liquidating Short-Term Nominal Debt?

Number of pages: 14 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 173 (220,033)
Citation 1

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

Number of pages: 51 Posted: 15 Jun 2004 Last Revised: 07 Oct 2021
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 132 (275,366)
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 40 (541,408)
Citation 14

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14.

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

Number of pages: 36 Posted: 22 Mar 2005 Last Revised: 24 Jun 2021
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 (225,496)

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15.

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

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 (262,089)
Citation 4

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16.

Controlling Inflation: The Problem of Non-Indexed Debt

Number of pages: 28 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 133 (272,845)

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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 GovernmentPeter G. Peterson Institute for International Economics
Downloads 122 (290,903)
Citation 65

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The Mirage of Exchange Rate Regimes for Emerging Market Countries

Number of pages: 42 Posted: 03 Jul 2003 Last Revised: 21 Oct 2021
Guillermo A. Calvo and Frederic S. Mishkin
Columbia University - School of International & Public Affairs (SIPA) and Columbia Business School - Finance and Economics
Downloads 119 (297,538)
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 Business School - Finance and Economics

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

Number of pages: 31 Posted: 24 Dec 2006 Last Revised: 12 Jun 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 69 (421,162)
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 (605,117)
Citation 2

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

Number of pages: 47 Posted: 29 May 2008 Last Revised: 30 Oct 2021
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 51 (489,432)
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 (531,227)
Citation 8

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21.

Crises in Emerging Market Economies: A Global Perspective

Number of pages: 41 Posted: 08 Jun 2005 Last Revised: 22 Nov 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 84 (372,280)
Citation 1

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22.

Costly Trade Liberalizations: Durable Goods and Capital Mobility

Number of pages: 18 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 75 (397,472)

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23.

Nominal Exchange Rate Anchoring Under Inflation Inertia

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 73 (403,568)

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Inflation inertia, staggered pricing, exchange rate based stabilization

24.

Inflation Inertia and Credible Disinflation - the Open Economy Case

Number of pages: 33 Posted: 06 Oct 2005 Last Revised: 14 Aug 2021
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 69 (416,075)
Citation 1

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25.

Financial Crises and Liquidity Shocks: A Bank-Run Perspective

Number of pages: 23 Posted: 26 Oct 2009 Last Revised: 26 Aug 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 67 (422,628)
Citation 1

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26.

Debt Relief and Default Penalties in an International Context

Number of pages: 28 Posted: 15 Feb 2006
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 62 (439,759)

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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 GovernmentPeter 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 61 (443,199)
Citation 1

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28.

Fixing for Your Life

Number of pages: 64 Posted: 17 Nov 2000 Last Revised: 18 Nov 2021
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 GovernmentPeter G. Peterson Institute for International Economics
Downloads 60 (446,786)
Citation 2

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29.

Regional Contagion and the Globalization of Securities Markets

Number of pages: 42 Posted: 21 Sep 1999 Last Revised: 19 Jul 2021
Guillermo A. Calvo and Enrique G. Mendoza
Columbia University - School of International & Public Affairs (SIPA) and National Bureau of Economic Research (NBER)
Downloads 55 (465,411)
Citation 15

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30.

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

Number of pages: 37 Posted: 20 Jul 2003 Last Revised: 16 Jun 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 37 (545,128)
Citation 1

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31.

Uncertain Duration of Reform: Dynamic Implications

Number of pages: 24 Posted: 09 May 2000 Last Revised: 11 Sep 2021
Guillermo A. Calvo and Allan Drazen
Columbia University - School of International & Public Affairs (SIPA) and University of Maryland - Department of Economics
Downloads 34 (560,971)

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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 GovernmentPeter 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 33 (566,448)
Citation 1

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33.

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

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 32 (571,892)

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34.

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

Number of pages: 43 Posted: 29 Aug 2005 Last Revised: 27 Nov 2021
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 32 (571,892)
Citation 2

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35.

Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes

Number of pages: 32 Posted: 22 Jun 2004 Last Revised: 10 Nov 2021
Guillermo A. Calvo and Maurice Obstfeld
Columbia University - School of International & Public Affairs (SIPA) and University of California, Berkeley
Downloads 29 (589,259)
Citation 5

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

Number of pages: 34 Posted: 20 Oct 2012 Last Revised: 01 Jul 2021
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 20 (671,134)
Citation 2

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

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 (805,170)
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Financial crises, Jobless recovery, Wageless recovery

37.

The Price Theory of Money, Prospero&Apos;S Liquidity Trap, and Sudden Stop: Back to Basics and Back

Number of pages: 31 Posted: 10 Aug 2012 Last Revised: 19 Jun 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 24 (621,695)

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38.

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

Number of pages: 27 Posted: 19 Jun 2004 Last Revised: 28 Oct 2021
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 (628,532)

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39.

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

Number of pages: 46 Posted: 28 Nov 2013 Last Revised: 14 Oct 2021
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 20 (649,765)
Citation 2

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40.

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

Number of pages: 28 Posted: 14 Jul 2012 Last Revised: 14 Oct 2021
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 19 (656,959)
Citation 2

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41.

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

Number of pages: 38 Posted: 22 Aug 2016 Last Revised: 30 Jul 2021
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 15 (686,214)

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42.

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

Number of pages: 49 Posted: 11 Aug 2010 Last Revised: 11 Aug 2021
Guillermo A. Calvo and Jacob A. Frenkel
Columbia University - School of International & Public Affairs (SIPA) and International Monetary Fund (IMF)
Downloads 14 (693,935)

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43.

On Dollarization

Number of pages: 11 Posted: 06 May 2003
Guillermo A. Calvo
Columbia University - School of International & Public Affairs (SIPA)
Downloads 12 (709,570)
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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 (801,364)
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