Money, Crises, and Transition

by Reinhart, Carmen M.; Vegh, Carlos A.; Velasco, Andres

• ISBN13: 9780262182669
• ISBN10: 0262182661
• Format: Hardcover
• Copyright: 2008-09-30
• Publisher: Mit Pr

Summary

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. Fernandez, 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. Vegh, Andres Velasco, Rodrigo Wagner.

Table of Contents

List of Contributors	p. ix
Acknowledgments	p. xi
Introduction	p. xiii
Monetary and Exchange Rate Policy in Theory	p. 1
Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate	p. 3
Optimal Exchange Rate Regimes	p. 21
Turning Mundell-Fleming's Dictum on Its Head
Monetary Policy Rules, the Fiscal Theory of the Price Level, and (Almost) All that Jazz	p. 41
In Quest of Simplicity
Monetary and Exchange Rate Policy in Practice	p. 69
Can Inflation Targeting Work in Emerging Market Countries?	p. 71
Why Should Emerging Economies Give up National Currencies?	p. 95
A Case for ''Institutions Substitution''
Hard Currency Pegs and Economic Performance	p. 121
Financial Crises	p. 157
Asset Prices and Self-Fulfilling Macroeconomic Pessimism	p. 159
The Center and the Periphery	p. 171
The Globalization of Financial Turmoil
Why Do Some Countries Recover More Readily from Financial Crises?	p. 217
Debt, Taxation, and Reforms	p. 247
Government Debt	p. 249
A Key Role in Financial Intermediation
Capital Income Taxation in the Globalized World	p. 279
Can Public Discussion Enhance Program ''Ownership''?	p. 295
Transition and Growth	p. 325
Sources and Obstacles for Growth in Transition Countries	p. 327
The Role of Credit
Growth in Transition Economies	p. 349
Domestic Policies, External Assistance, and Institution Building
Growth Collapses	p. 377
The Man Behind the Mind	p. 429
The Columbia Years	p. 431
The Practitioner	p. 437
In His Own Words	p. 445
An Interview with Guillermo Calvo
Publications of Guillermo A. Calvo	p. 463
Index	p. 471
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