Guillermo Calvo, one of the most influential macroeconomists of the last thirty years, has made pathbreaking contributions in such areas as time-inconsistency, lack of credibility, stabilization, transition economies, debt maturity, capital flows, and financial crises. His work on macroeconomic issues relevant for developing countries has set the tone for much of the research in this area and greatly influenced practitioners' thinking in Latin America, Eastern Europe, Asia, and elsewhere. In Money, Crises, and Transition, leading specialists in Calvo's main areas of expertise explore the themes behind this impressive body of work.
The essays take on the issues that have fascinated Calvo most as an academic, a senior advisor at the International Monetary Fund, and as the chief economist at the Inter-American Development Bank: monetary and exchange rate policy (both in theory and practice); financial crises; debt, taxation, and reform; and transition and growth. A final section provides a behind-the-scenes look at Calvo's career and intellectual journey and includes an interview with Calvo himself.
Contributors: Leonardo Auernheimer, Fabrizio Coricelli, Padma Desai, Allan Drazen, Sebastian Edwards, Roque B. Fernández, Stanley Fischer, Ricardo Hausmann, Bostjan Jazbec, Peter Isard, Graciela L. Kaminsky, Michael Kumhof, Amartya Lahiri, I. Igal Magendzo, Enrique G. Mendoza, Frederic S. Mishkin, Igor Masten, Pritha Mitra, Alejandro Neut, Maurice Obstfeld, Edmund S. Phelps, Assaf Razin, Carmen M. Reinhart, Francisco Rodriguez, Efraim Sadka, Ratna Sahay, Rajesh Singh, Evan Tanner, Carlos A. Végh, Andrés Velasco, Rodrigo Wagner.
About the Editors
Carmen M. Reinhart is Professor of Economics at the University of Maryland and a Research Associate at the National Bureau of Economic Research.
Carlos A. Végh is Professor of Economics at the University of Maryland and a Research Associated at the National Bureau of Economic Research.
Andrés Velasco, on leave as Sumitomo Professor of International Finance and Development at Harvard's John F. Kennedy School of Government, is currently serving as Chile's Minister of Finance. He is also a Research Associate at the National Bureau of Economic Research.
"This impressive collection of papers is a fitting tribute to one of thegreatest economists of the late twentieth century."
Michael Bordo, Department of Economics, Rutgers University
"Guillermo Calvo's work has always been rigorous in its theoreticaltreatment of the most important macroeconomic phenomena of our time. Thisfine collection of papers is very much in the spirit of his work, tacklingcritical problems with new theories and careful empirical analysis. Itincludes important new research by the leaders in the profession whosepapers deal with financial crises, monetary regimes, policy rules, anddeterminants of economic growth. This is a masterful achievement, one thatno serious scholar of international finance can afford to be without."
—Andrew K. Rose, Rocca Professor, Haas School of Business, University ofCalifornia Berkeley