Money, Crises, and Transition

Money, Crises, and Transition : Essays in Honor of Guillermo A. Calvo

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Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years, discussing the themes behind his work.

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. InMoney, 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, 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
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Product details

  • Hardback | 512 pages
  • 178 x 229 x 29mm | 953g
  • MIT Press
  • Cambridge, Mass., United States
  • English
  • 56 figures, 65 tables; 121 Illustrations, unspecified
  • 0262182661
  • 9780262182669
  • 2,317,653

Review quote

"Guillermo Calvo's work has always been rigorous in its theoretical treatment of the most important macroeconomic phenomena of our time. This fine collection of papers is very much in the spirit of his work, tackling critical problems with new theories and careful empirical analysis. It includes important new research by the leaders in the profession whose papers deal with financial crises, monetary regimes, policy rules, and determinants of economic growth. This is a masterful achievement, one that no serious scholar of international finance can afford to be without."--Andrew K. Rose, Rocca Professor, Haas School of Business, University of California Berkeley -- Andrew Rose "This impressive collection of papers is a fitting tribute to one of the greatest economists of the late twentieth century."--Michael Bordo, Department of Economics, Rutgers University -- Michael Bordo "Guillermo Calvo's work has always been rigorous in its theoretical treatment of the most important macroeconomic phenomena of our time. This fine collection of papers is very much in the spirit of his work, tackling critical problems with new theories and careful empirical analysis. It includes important new research by the leaders in the profession whose papers deal with financial crises, monetary regimes, policy rules, and determinants of economic growth. This is a masterful achievement, one that no serious scholar of international finance can afford to be without." Andrew K. Rose , Rocca Professor, Haas School of Business, University of California Berkeley "This impressive collection of papers is a fitting tribute to one of the greatest economists of the late twentieth century." -- Michael Bordo , Department of Economics, Rutgers University
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About Carmen M. Reinhart

Carmen M. Reinhart is Professor of Economics at the University of Maryland and a Research Associate at the National Bureau of Economic Research. Carlos A. Vegh is Professor of Economics at the University of Maryland and a Research Associate at the National Bureau of Economic Research. Andres Velasco, on leave as Sumitomo Professor of International Finance and Development at Harvard's John F. Kennedy School of Government, is currently serving as Chile's Minister of Finance. He is also a Research Associate at the National Bureau of Economic Research. Maurice Obstfeld is Class of 1958 Professor of Economics at the University of California, Berkeley. Carlos A. Vegh is Professor of Economics at the University of Maryland and a Research Associate at the National Bureau of Economic Research. Frederic S. Mishkin is Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, Research Associate at the National Bureau of Economic Research, a past Executive Vice President and Director of Research at the Federal Reserve Bank of New York and after finishing this book was appointed a member of the Board of Governors of the Federal Reserve System. He is the author of The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich and other books. Sebastian Edwards is Professor of Economics at the University of California at Los Angeles and Research Associate at the National Bureau of Economic Research. Andres Velasco, on leave as Sumitomo Professor of International Finance and Development at Harvard's John F. Kennedy School of Government, is currently serving as Chile's Minister of Finance. He is also a Research Associate at the National Bureau of Economic Research. Carmen M. Reinhart is Professor of Economics at the University of Maryland and a Research Associate at the National Bureau of Economic Research. Padma Desai is the Gladys and Roland Harriman Professor of Comparative Economic Systems and director of the Center for Transition Economies at Columbia University. A leading scholar of the Russian economy, she is the author of Conversations on Russia: Reform from Yeltsin to Putin, which was the Financial Times Pick of the Year in 2007, and coathor of Work Without Wages: Russia's Non-Payment Crisis (MIT Press). Her most recent book, on the current economic crisis, is From Financial Crisis to Global Recovery. Assaf Razin is a former Professor at Cornell University, Emeritus Professor at the Eitan Berglas School of Economics at Tel Aviv University, and Research Fellow at the NBER, CEPR, and CESifo. He is the author of Understanding Global Crises: An Emerging Paradigm and a coauthor of, among other books, The Decline of the Welfare State: Demography and Globalization and Migration and the Welfare State: Political-Economy Policy Formation, all published by the MIT Press. He is the recipient of the 2017 EMET Prize in Economics. Efraim Sadka is Henry Kaufman Professor of International Capital Markets at Tel Aviv University. Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development (MIT Press). Ricardo Hausmann is Director of the Center for International Development at Harvard University, Professor of the Practice of Economic Development at Harvard Kennedy School, and George Cowan Professor at the Santa Fe Institute. Edmund S. Phelps is McVickar Professor of Political Economy at Columbia University and founder of Columbia's Center on Capitalism and Society. He was the 2006 Nobel Laureate in Economics.
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