Columbia University

Guillermo Calvo has been Professor of Economics and International and Public Affairs at Columbia University since January 2007, and is a Research Associate at the National Bureau of Economic research (NBER). He is the former Chief Economist of the Inter-American Development Bank (2001-2006), President of the Latin American and Caribbean Economic Association, LACEA (2000-2001), and President of the International Economic Association, IEA (2005-2008). He has advised several governments in Latin America and Eastern Europe and has testified before the U.S. Congress on dollarization and the 1994 Mexican crisis. His main field of expertise is macroeconomics of Emerging Market and Transition Economies and his recent work has dealt extensively with capital flows and balance-of-payments crises in Emerging Market Economies. His latest book, Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?, was published in 2005 by MIT Press.


  • Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?

    Guillermo A. Calvo
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    Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. (The MIT Press)