Dec 2006
Author(s): Calvo, Guillermo A.
The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is…
Jul 2004
Author(s): Calvo, Guillermo A.; Izquierdo, Alejandro; Mejía, Luis Fernando
Using a sample of 32 developed and developing countries we analyze the empirical characteristics of Sudden Stops in capital flows and the relevance of balance-sheet effects in the likelihood of their…
Aug 2001
Author(s): Calvo, Guillermo A.; Fernández-Arias, Eduardo; Talvi, Ernesto; Reinhart, Carmen M.
This paper discusses the economic performance of Latin America in the last decade, paying special attention to growth and the financial sector. In particular, it shows that external factors, such as…
Mar 2001
Author(s): Calvo, Guillermo A.; Fernández-Arias, Eduardo; Talvi, Ernesto; Reinhart, Carmen M.
At the time of writing there were widespread concerns about the health of the U.S. economy. There is conclusive evidence that the pace of growth has slowed, which has prompted the Federal Reserve to…