WorldCat Identities

Calvo, Guillermo A.

Works: 204 works in 654 publications in 2 languages and 9,216 library holdings
Genres: Conference proceedings 
Roles: Author, Editor, Dedicatee
Classifications: HB3722, 332.042
Publication Timeline
Most widely held works by Guillermo A Calvo
Emerging capital markets in turmoil bad luck or bad policy by Guillermo A Calvo( )
11 editions published in 2005 in English and held by 1,553 WorldCat member libraries worldwide
Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom
Money, exchange rates, and output by Guillermo A Calvo( )
18 editions published between 1996 and 2006 in English and held by 1,479 WorldCat member libraries worldwide
Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics
Money, crises, and transition essays in honor of Guillermo A. Calvo ( )
9 editions published in 2008 in English and held by 1,276 WorldCat member libraries worldwide
Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years discussing the themes behind his work
Currency boards and external shocks how much pain, how much gain? by Guillermo Perry( )
9 editions published in 1997 in English and held by 817 WorldCat member libraries worldwide
Money, capital mobility, and trade : essays in honor of Robert A. Mundell ( Book )
14 editions published between 2001 and 2004 in English and Spanish and held by 638 WorldCat member libraries worldwide
Annotation Written by Robert Mundell's academic descendants, as well as other leading economists and scholars, the essays in this volume reflect Mundell's broad influence on modern open-economy macroeconomics. The topics include the vicissitudes of gold in the international system, choice of exchange rate regime, post-World War II European monetary reform, banking crises in emerging markets, speculative attacks on fixed exchange rates, monetary policy rules, interactions between economists and policy makers over macrostabilization and structural microeconomic issues, the connection between international factor mobility and trade, the Mundell-Fleming open-economy macro model, the quantitative implications of general-equilibrium sticky price models, the international roles of the euro and yen, and the employment effects of import tariffs
Financial sector reforms and exchange arrangements in Eastern Europe by Eduardo Borensztein( Book )
13 editions published in 1993 in English and held by 387 WorldCat member libraries worldwide
The first paper discusses developments in the financial sector and constraints on the performance of recently constituted commercial banks. The second paper discusses the extent to which exchange arrangements in these countries have contributed to the reform process and the restructuring under way
Debt, stabilization, and development : essays in memory of Carlos Díaz-Alejandro ( Book )
11 editions published in 1989 in English and held by 280 WorldCat member libraries worldwide
Private capital flows to emerging markets after the Mexican crisis ( Book )
7 editions published in 1996 in English and held by 217 WorldCat member libraries worldwide
The debt burden and its consequences for monetary policy : proceedings of a conference held by the International Economic Association at the Deutsche Bundesbank, Frankfurt, Germany by Guillermo A Calvo( Book )
18 editions published between 1997 and 1998 in English and held by 183 WorldCat member libraries worldwide
Inflation stabilization and BOP crises in developing countries by Guillermo A Calvo( Book )
13 editions published between 1998 and 1999 in English and held by 86 WorldCat member libraries worldwide
Abstract: High and persistent inflation has been one of the distinguishing macroeconomic characteristics of many developing countries since the end of World War II. Countries afflicted by chronic inflation, however, have not taken their fate lightly and have engaged in repeated stabilization attempts. More often than not, stabilization plans have failed. The end of stabilizations -- particularly those which rely on a pegged exchange rate -- has often involved dramatic balance of payment crises. As stabilization plans come and go, a large literature has developed trying to document the main empirical regularities and understand the key issues involved. This paper undertakes a critical review and evaluation of the literature related to inflation stabilization policies and balance of payment crises in developing countries
Phoenix miracles in emerging markets recovering without credit from systemic financial crises by Guillermo A Calvo( )
16 editions published in 2006 in English and held by 84 WorldCat member libraries worldwide
Abstract: collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where output "rises from its ashes", suggesting that firms go through a process of financial engineering to restore liquidity outside the formal credit markets. Moreover, we show that the US Great Depression could be catalogued as a Phoenix Miracle. However, in contrast to the US Great Depression, EM output collapses occur in a context of accelerating price inflation and falling real wages, casting doubts on price deflation and nominal wage rigidity as key elements in explaining output collapse, and suggesting that financial factors are prominent for understanding these collapses
Uncertain duration of reform : dynamic implications by Guillermo A Calvo( Book )
11 editions published in 1997 in English and held by 83 WorldCat member libraries worldwide
Abstract: We develop a framework to study the effects of policies of uncertain duration on consumption dynamics under both complete and incomplete markets. We focus on the dynamic implications of market incompleteness, specifically on the lack of state-contingent bonds. Two policies are considered: pure output-increasing and tariff-reducing (trade liberalization). With" complete markets, the output-increasing policy leads to flat consumption, while with no contingent assets, consumption jumps upward on the announcement of the policy, continues rising as long as the policy is in effect, and collapses when it is abandoned. A similar consumption path obtains in a trade liberalization in the realistic case of low elasticity of substitution and no rebate of tariffs. Market incompleteness rationalizes the existence of gradual changes in consumption
Rational contagion and the globalization of securities markets by Guillermo A Calvo( Book )
10 editions published in 1999 in English and held by 82 WorldCat member libraries worldwide
This paper argues that the globalization of securities markets may promote contagion among investors by weakening incentives for gathering costly country-specific information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints, the utility gain of gathering information at a fixed cost converges to a constant level and may diminish as securities markets grow. Moreover, if a portfolio manager's marginal cost for yielding below-market returns exceeds the marginal gain for above-market returns, there is a range of optimal portfolios in which all investors imitate arbitrary market portfolios and this range widens as the market grows. Numerical simulations suggest that these frictions can have significant quantitative implications and they may induce large capital flows in emerging markets
Obstacles to transforming centrally-planned economies : the role of capital markets by Guillermo A Calvo( Book )
13 editions published in 1991 in English and held by 80 WorldCat member libraries worldwide
This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The analysis is motivated by the recent experience with economic transformation and restructuring in Eastern Europe and the U.S.S.R. The economic system in CPEs is highly distorted. Prices do not represent real social costs, incentives systems are absent, losses of unprofitable state-owned enterprises are automatically financed, legislations vital for the functioning of markets are not in place, private ownership and property rights are underdeveloped, bankruptcy laws are absent, markets are missing, shortages prevail and, occasionally, inflation is high. The obstacles identified relate to (i) anticipatory dynamics, (ii) monetary overhang and the budget, and (iii) underdeveloped credit markets. It is demonstrated that these obstacles inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. The analysis focuses on various ways to remove the obstacles. In this regard, a special examination is made of the implications of cleaning the balance sheets of enterprises and banks from nonperforming loans, as well as ways to enhance credibility. In the absence of such measures, privatization will be difficult since the necessary information about creditworthiness of firms is lacking. The paper concludes with a brief discussion of sequencing, safety nets. and their associated obstacles
From centrally-planned to market economies : the road from CPE to PCPE by Guillermo A Calvo( Book )
13 editions published in 1991 in English and held by 77 WorldCat member libraries worldwide
This paper deals with the early stages of transformation of centrally-planned economies (CBEs) into market economies during which expectations playa key role. It focuses on the transitional phase during which the economy is not any more a CPE but has not yet become a market economy. During this phase the economy is referred to as a 'previously centrally-planned economy" (PCPE). A simple model is developed to analyze the consequences of expected price liberalization. The model highlights the anticipatory character of economic behavior during the early stages of the transformation process. A major focus is given to credit markets. The CPEs undergoing transformation lack depth and breadth of financial markets. The lack of information necessary to assess risk and creditworthiness complicates the conduct of credit polity. The analysis illustrates the benefits of an early development of such markets, and of finding appropriate ways to "clean" the balance sheets of enterprises and banks from bad loans. It demonstrates the cost of a fine-tuning strategy and the benefits from a quick implementation of price reform. The paper also examines alternative means to reduce 'liquidity overhang, " and shows that all involve taxation of one form or another. The consequences of privatization are analyzed and the benefits of an early development of an effective tax system highlighted
Fixing for your life by Guillermo A Calvo( Book )
10 editions published in 2000 in English and held by 75 WorldCat member libraries worldwide
Abstract: The Asian crisis took place against a background of exchange rate regimes that were characterized as soft pegs. This has led many analysts to conclude that the peg did it' and that emerging markets (EMs) should just say no' to pegged exchange rates. We present evidence that EMs are very different from developed economies in key dimensions that play a key role when it comes to the choice of exchange rate regime--floating for EMs is no panacea. In EMs currency crashes are contractionary, the adjustments in the current account are far more acute. Credibility and market access, as captured in the behavior of credit ratings and interest rates, is adversely affected by devaluations or depreciations. Exchange rate volatility is more damaging to trade and the passthrough from exchange rate swings to inflation is far higher in EMs. These differences between emerging and developed economies may explain EMs reluctance to tolerate large exchange rate movements. In a simple framework we illustrate why large exchange rate swings are feared when access to international credit may be lost
Fear of floating by Guillermo A Calvo( Book )
11 editions published in 2000 in English and held by 74 WorldCat member libraries worldwide
Abstract: In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view advise countries to allow their currency to float. We analyze the behavior of exchange rates, reserves, the monetary aggregates, interest rates, and commodity prices across 154 exchange rate arrangements to assess whether official labels' provide an adequate representation of actual country practice. We find that, countries that say they allow their exchange rate to float mostly do not--there seems to be an epidemic case of fear of floating.' Since countries that are classified as having a free or a managed float mostly resemble noncredible pegs--the so-called demise of fixed exchange rates' is a myth--the fear of floating is pervasive, even among some of the developed countries. We present an analytical framework that helps to understand why there is fear of floating
The capital inflows problem : concepts and issues by Guillermo A Calvo( Book )
8 editions published between 1993 and 1994 in English and held by 73 WorldCat member libraries worldwide
The mirage of exchange rate regimes for emerging market countries by Guillermo A Calvo( Book )
7 editions published in 2003 in English and held by 71 WorldCat member libraries worldwide
Abstract: This paper argues that much of the debate on choosing an exchange rate regime misses the boat. It begins by discussing the standard theory of choice between exchange rate regimes, and then explores the weaknesses in this theory, especially when it is applied to emerging market economies. It then discusses a range of institutional traits that might predispose a country to favor either fixed or floating rates, and then turns to the converse question of whether the choice of exchange rate regime may favor the development of certain desirable institutional traits. The conclusion from the analysis is that the choice of exchange rate regime is likely to be of second order importance to the development of good fiscal, financial, and monetary institutions in producing macroeconomic success in emerging market countries. This suggests that less attention should be focused on the general question whether a floating or a fixed exchange rate is preferable, and more on these deeper institutional arrangements. A focus on institutional reforms rather than on the exchange rate regime may encourage emerging market countries to be healthier and less prone to the crises that we have seen in recent years
Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons by Guillermo A Calvo( Book )
9 editions published in 2003 in English and held by 70 WorldCat member libraries worldwide
Abstract: We offer an alternative explanation for the fall of Argentina's Convertibility Program based on the country's vulnerability to Sudden Stops in capital flows. Sudden Stops are typically accompanied by a substantial increase in the real exchange rate that breaks havoc in countries that are heavily dollarized in their liabilities, turning otherwise sustainable fiscal and corporate sector positions into unsustainable ones. In particular, we stress that the required change in relative prices is larger the more closed an economy is in terms of its supply of tradable goods. By contrasting Argentina's performance relative to other Latin American countries that were also subject to the Sudden Stop triggered by the Russian crisis of 1998, we identify key vulnerability indicators that separated Argentina from its piers. We also provide an explanation for the political maelstrom that ensued after the Sudden Stop, based on a War of Attrition argument related to the wealth redistribution conflict triggered by the Sudden Stop and fiscal collapse. This framework also provides elements to rationalize the banking crisis that accompanied the fall of Convertibility
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Audience level: 0.58 (from 0.35 for Currency b ... to 0.94 for Obstacles ...)
Alternative Names
Calvo, G. 1941-
Calvo, Guillermo.
Calvo, Guillermo 1941-
Calvo, Guillermo Antonio 1941-
English (230)
Spanish (1)