Emerging Capital Markets in Turmoil
Bad Luck or Bad Policy?
By (author) Guillermo A. Calvo
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Emerging Capital Markets in Turmoil by Guillermo A. Calvo
Book DescriptionSince 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 for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector -- emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after a decade of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises.
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Book DetailsISBN: 9780262033343
(229mm x 152mm x 31mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 28-Oct-2005
Country of Publication: United States
Books By Author Guillermo A. Calvo
Money, Exchange Rates, and Output, Paperback (February 2006)
Focuses on the role of credibility in policy-making. This book analyses the origins and macroeconomic consequences of credibility problems. It also shows how monetary and trade theory can fail when the public does not fully believe in policy announcements. It also focuses on equilibrium multiplicity.
Money, Capital Mobility, and Trade, Paperback (March 2004)
Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.
Debt Burden and Its Consequences for Monetary Policy, Hardback (November 1997)» View all books by Guillermo A. Calvo
In all countries debt and deficits of the public sector are at the heart of economic policy debate. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice.
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Author Biography - Guillermo A. Calvo
Guillermo A. Calvo is Professor of International and Public Affairs at Columbia University's School for International and Public Affairs. He is the author of Money, Exchange Rates, and Output, Emerging Capital Markets in Turmoil (both published by the MIT Press) and other books.
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