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Emerging Capital Markets in Turmoil Bad Luck or Bad Policy?

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ISBN-10: 0262033348

ISBN-13: 9780262033343

Edition: 2005

Authors: Guillermo A. Calvo

List price: $10.75
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Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises -- Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001 -- prompted an urgent search in economic policy circles…    
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Book details

List price: $10.75
Copyright year: 2005
Publisher: MIT Press
Publication date: 9/23/2005
Binding: Hardcover
Pages: 564
Size: 6.00" wide x 9.25" long x 1.00" tall
Weight: 0.880
Language: English

Guillermo A. Calvo is Distinguished University Professor and the Director of the Center for International Economics at the University of Maryland. Since 2001 he has served as Chief Economist and Manager of the Research Department at the Inter-American Development Bank. He is the author of Money, Exchange Rates, and Output (MIT Press, 1996).

Early Rumblings
Introduction to Part I
Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors
Capital Inflows to Latin America: The 1970s and 1990s
The Beast Awakens
Introduction to Part II
Capital Flows and Macroeconomic Management: Tequila Lessons
Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle
Capital Market Contagion and Recession: An Explanation of the Russian Virus
Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
In Search of a Theory
Introduction to Part III
Varieties of Capital-Market Crises
Uncertain Duration of Reform: Dynamic Implications
Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops
Rational Contagion and the Globalization of Securities Markets
Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments
Contagion in Emerging Markets: When Wall Street Is a Carrier
Explaining Sudden Stop, Growth Collapse, and BOP Crisis: The Case of Distortionary Output Taxes
The Exchange Rate and All That
Introduction to Part IV
Fixing for Your Life
Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America
Fear of Floating
The Mirage of Exchange Rate Regimes for Emerging Market Countries
Parting Shots
Globalization Hazard and Delayed Reform in Emerging Markets
Sudden Stop, Contractionary Devaluation, and Time Inconsistency