Research

For a complete list of my publications (in PDF format), click here.

Recent Publications:

"Sudden Stops and Phoenix Miracles in Emerging Markets" (with A. Izquierdo and E. Talvi). American Economic Review 96(2), May 2006, 405-410.

"Relative price volatility under Sudden Stops: The relevance of balance sheet effects" (with A. Izquierdo and R. Loo-Kung).  Journal of International Economics 69(1), June 2006, 231-254,

“Sudden Stops, the Real Exchange Rate and Fiscal Sustainability: Argentina’s Lessons” (with A. Izquierdo and E. Talvi), in Alexander V., Mélitz J., von Furstenberg G.M. (Eds.), Monetary Unions and Hard Pegs; Oxford University Press, Oxford, UK, 2003, pp. 150—181. Also in G. Calvo Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?, Cambridge, MA: MIT Press 2005.

“The Mirage of Exchange Rate Regimes for Emerging Markets Countries” (with F. Mishkin) Journal of Economic Perspectives 17(4), Fall 2003, 99-118. Also in G. Calvo Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?, Cambridge, MA: MIT Press 2005.

Working papers:

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration, NBER Working Paper 14026, May 2008.

Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open-Economy Case, NBER Working Paper 13177, June 2007.

Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort. NBER Working Paper 12788.

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises (with Alejandro Izquierdo and Ernesto Talvi) NBER Working Paper 12101.

Crises in Emerging Market Economies: A Global Perspective. NBER Working Paper 11305.

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile (with E. Talvi) NBER Working Paper W11153.

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects (with A. Izquierdo and F. Mejia) NBER Working Paper 10520.