WorldCat Identities

Calvo, Guillermo A.

Overview
Works: 218 works in 851 publications in 2 languages and 11,587 library holdings
Genres: Conference papers and proceedings  Festschriften 
Roles: Author, Editor, Other, Dedicatee
Publication Timeline
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Most widely held works by Guillermo A Calvo
Money, exchange rates, and output by Guillermo A Calvo( Book )

22 editions published between 1996 and 2006 in English and Undetermined and held by 475 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
Financial sector reforms and exchange arrangements in Eastern Europe by Guillermo A Calvo( Book )

19 editions published in 1993 in English and Undetermined and held by 397 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
Emerging capital markets in turmoil : bad luck or bad policy by Guillermo A Calvo( Book )

15 editions published in 2005 in English and held by 390 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, capital mobility, and trade : essays in honor of Robert A. Mundell( Book )

19 editions published between 2001 and 2004 in English and Spanish and held by 388 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
Debt, stabilization, and development : essays in memory of Carlos Díaz-Alejandro( Book )

11 editions published in 1989 in English and held by 291 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 213 WorldCat member libraries worldwide

Money, crises, and transition : essays in honor of Guillermo A. Calvo by Carmen M Reinhart( Book )

13 editions published in 2008 in English and Undetermined and held by 199 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 W. M Corden( Book )

16 editions published in 1997 in English and held by 168 WorldCat member libraries worldwide

Macroeconomics in times of liquidity crises : searching for economic essentials by Guillermo A Calvo( Book )

10 editions published between 2016 and 2017 in English and held by 109 WorldCat member libraries worldwide

"Financial crises are systemic occurring simultaneously in different economies. In this book Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of 'liquidity crunch' in triggering crises. Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He considers the role of liquidity and argues for liquidity's centrality, presenting what he calls the 'liquidity approach.' He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of the liquidity crunch by studying Systemic Sudden Stops (of capital inflows) and suggests that they are triggered by liquidity crunch-like phenomena"
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 )

23 editions published between 1997 and 1998 in English and Undetermined and held by 90 WorldCat member libraries worldwide

Inflation stabilization and BOP crises in developing countries by Guillermo A Calvo( Book )

15 editions published between 1998 and 1999 in English and held by 77 WorldCat member libraries worldwide

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
Uncertain duration of reform : dynamic implications by Guillermo A Calvo( Book )

12 editions published in 1997 in English and held by 67 WorldCat member libraries worldwide

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
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises by Guillermo A Calvo( Book )

19 editions published in 2006 in English and held by 62 WorldCat member libraries worldwide

Using a sample of emerging markets that are integrated into global bond markets, we analyse the 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
Fear of floating by Guillermo A Calvo( Book )

13 editions published in 2000 in English and held by 61 WorldCat member libraries worldwide

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
Obstacles to transforming centrally-planned economies : the role of capital markets by Guillermo A Calvo( Book )

16 editions published in 1991 in English and held by 59 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
Fixing for your life by Guillermo A Calvo( Book )

11 editions published in 2000 in English and held by 57 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
From centrally-planned to market economies : the road from CPE to PCPE by Guillermo A Calvo( Book )

15 editions published in 1991 in English and Undetermined and held by 55 WorldCat member libraries worldwide

This paper deals with the early stages of transformation of centrally planned economies (CPEs) into market economies during which expectations play a 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 CPEs undergoing transformation lack depth and breadth of financial markets. The analysis illustrates the benefits from an early development of such markets. It demonstrates the benefits from an early development of such markets. It demonstrates the cost of a fine-tuning strategy and the benefits from a quick implementation of price reform. The paper also examines means to reduce "liquidity overhang," and shows that they involve taxation of one form or another. The consequences of privatization are analyzed and the benefits from an early development of an effective tax system highlighted
Inflation inertia and credible disinflation : the open economy case by Guillermo A Calvo( Book )

11 editions published in 2003 in English and held by 52 WorldCat member libraries worldwide

This paper develops a model of inflation inertia based on optimizing forward looking staggered price setting in a small open economy. Unlike in current models of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated with significant output losses. There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. For reasonable parameter values inflation stabilization improves welfare. The optimal steady state is reached at the Friedman rule. Technical appendices are available at www.nber.org/data-appendix/w9557/ inert-techapp.pdf
Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons by Guillermo A Calvo( Book )

12 editions published between 2002 and 2003 in English and held by 52 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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Money, exchange rates, and output
Alternative Names
Calvo, G. 1941-

Calvo, Guillermo.

Calvo, Guillermo 1941-

Calvo, Guillermo A.

Calvo, Guillermo Antonio 1941-

Guillermo Calvo Argentijns econoom

Guillermo Calvo Argentine-American economist

Guillermo Calvo argentinischer Wirtschaftswissenschaftler

Кальво, Гильермо американский экономист аргентинского происхождения

伽利莫 安东尼 卡沃 拉美著名经济学家

伽利莫 安东尼 卡沃 拉美知名经济学家

Languages
English (272)

Spanish (1)

Covers
Financial sector reforms and exchange arrangements in Eastern EuropeEmerging capital markets in turmoil : bad luck or bad policyMoney, capital mobility, and trade : essays in honor of Robert A. MundellPrivate capital flows to emerging markets after the Mexican crisisMoney, crises, and transition : essays in honor of Guillermo A. CalvoThe debt burden and its consequences for monetary policy : proceedings of a conference held by the International Economic Association at the Deutsche Bundesbank, Frankfurt, GermanyThe debt burden and its consequences for monetary policy : proceedings of a conference held by the International Economic Association at the Deutsche Bundesbank, Frankfurt, Germany