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Explore the literary world of this author
Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the co...
Essays in Honor of Guillermo A. Calvo
The essays taken on the issues that have fascinated Calvo most as an academic, a senior advisor at the International Monetary Fund and as the chief ec...
How Much Pain, how Much Gain?
Currency boards are institutions that replace central banks and ensure that a country's currency can be purchased at a given price (or exchange rate) ...
Searching for Economic Essentials
An examination of Liquidity Crunch in triggering and characterizing financial crises. Since the subprime mortgage crisis that began in 2007, advanced ...
The Role of Credit
Real bank credit in Eastern European countries after their recent stabilization programs is shown to have fallen sharply, except in the case of Hungar...
The Role of External Factors
The characteristics of recent capital inflows into Latin America are discussed. It is argued that these inflows are partly explained by conditions out...
An Introduction
This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether...
This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a re...
A Basic Framework
This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible...
The Predetermined Exchange Rates Case
An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This pap...
A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the beh...
Theory and Evidence
This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemp...
The Role of Capital Markets
This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The obstacl...
Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is nonโin...
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, c...
35 YEARS OF FLAR
Hardcover book with hood, printed on paper Dalรญ Camoscio....
Evidence and Policy Options
This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987โ93. The data show th...
Bad Luck Or Bad Policy?
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 c...
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A First Approximation
This paper examines trade reforms of uncertain duration undertaken in economies subject to real foreign and domestic shocks. These reforms induce cons...
The 1970's and the 1990's
During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the...
This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open eco...
This paper examines factors determining the allocation of bank credit to the enterprise sector, and the implications of this allocation for aggregate ...
Exchange rate-based stabilizations often result in an initial output expansion. One explanation for this phenomenon has been that, in the presence of ...
The two papers draw from the brief yet radical reform experiences of five countries-Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. the...
The Road from CPE to PCPE
This paper deals with the early stages of transformation of centrally-planned economies (CPEs) into market economies during which expectations play a ...
Financial Markets and Intermediation
Essays in Honor of Enrique V. Iglesias
Latin America in a New Era of Globalization: Essays in Honor of Enrique V. Iglesias is the tribute a group of friends pays to Enrique Iglesias. By vir...