News
VoxEU.org, a website promoting research-based policy analysis and commentary from leading economists, publishes a new article, "A Theory of How International Reserves and Easy Money Caused the Crisis", by Guillermo Calvo. Prof. Calvo's previous contributions to VoxEU.org are available on the VoxEU website, as well as linked from the Policy Notes section.
NBER publishes a new working paper, "Financial Crises and Liquidity Shocks: A Bank-Run Perspective", by Guillermo Calvo, as part of its International Finance and Macroeconomics research program. The paper is available for download in the Research and Policy Papers section. Full list of Professor Calvo’s NBER publications is available on the NBER website.
A new version of the working paper,
"Looking at Financial Crises in the Eye: A Simple Finance/Macro Framework" (revised Sep. 22, 2009), by Guillermo Calvo is posted in the Research and Policy Papers section.
A new policy note, "Easy to Explain, Hard to Prognosticate: Discussion Notes on Systemic Sudden Stops", by Guillermo Calvo is posted in the Research and Policy Papers section. The note is prepared for a discussion on the lessons of financial crises organized by the Centro de Estudios Espinosa Yglesias, A.C., Mexico City, Mexico, July 10, 2009.
World Scientific publishes a book, Globalization and Systemic Risk, edited by Douglas D. Evanoff, David S. Hoelscher, and George G. Kaufman that contains a special address by Guillermo Calvo, "The Current Financial Crisis: Will Latin America Be Caught in the Web, Again?" The book is also available from Amazon.com.
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Biography
Guillermo Calvo is Professor of Economics, International and Public Affairs, and Director of the Program in Economic Policy Management (PEPM) at Columbia University since January 2007. He 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 graduated with a Ph.D. from Yale in 1974.
He was professor of economics at Columbia University (1973-1986), the University of Pennsylvania (1986-1989), and Distinguished University Professor at the University of Maryland (1993-2006). He was Senior Advisor in the Research Department of the IMF (1988-1993), and afterwards advised several governments in Latin America and Eastern Europe.
Honors include: Simon Guggenheim Foundation Fellowship for 1980-1981, King Juan Carlos Prize in Economics in 2000, LACEA 2006 Carlos Diaz-Alejandro Prize; and fellow of the Econometric Society, the American Academy of Arts and Sciences, and the National Academy of Economic Sciences (Argentina). On April 15-16, 2004, the Research Department of the IMF sponsored a conference in his honor.
He 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. His recent work has dealt extensively with capital flows and balance-of-payments crises in Emerging Market Economies. He has published several books and more than 100 articles in leading economic journals. His latest book “Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?” was published in 2005 by MIT Press, Cambridge, MA.