A deeply thoughtful and engaging collection of essays from a justly celebrated academic economist and policymaker who, for seven years as #2 at the International Monetary Fund, flew into the eye of the greatest international financial storms of the modern era.
Kenneth S. Rogoff, Thomas D. Cabot Professor of Public Policy, Department of Economics, Harvard University
Over the past 15 years international financial flows have expanded at a dizzying pace. Despite suffering dramatic crises with occasional worldwide repercussions, emerging markets now play a central role in the workings of the new global capital market. Guillermo A. Calvo has been at the forefront in analyzing and, in many cases, predicting these developments. This new collection of essays brings together his many landmark contributions on the economics of emerging markets. Every serious student of the inernational macroeconomy will want to study this book.
Maurice Obstfeld, Class of 1958 Professor of Economics, University of California, Berkeley
This book represents Guillermo A. Calvo's work at its best. It combines a deep understanding of the events and factors involved in ermerging markets' struggle with capital flow volatility, an unmatched ability to isolate and illuminate the essence of the phenomena in question, and an exciting irreverence towards misguided conventional wisdom. Essential for anyone interested in emerging markets and, more broadly, in connecting insightful theories with reality.
Ricardo J. Caballero, Ford International Professor of Economics, MIT
Guillermo A. Calvo not only thinks outside the box, he develops highly useful models there, as theses papers on contagion, sudden stops, and what to do about them so wonderfully demonstrate. You cannot doe ffective policy work, let alone research, in international finance without the benefit of ideas like the ones in this thoughtful and well-organized collectionl.
John B. Taylor, Stanford University
