 | Capital Inflows and Real Exchange Rate Appreciation in Latin America : The Role of External Factors Author/Editor: Leonardo Leiderman, Carmen Reinhart, Guillermo Calvo. Release Date:August, 1992 The characteristics of recent capital inflows into Latin America are discussed. It is argued that these inflows are partly explained by conditions outside the region, like recession in the United more...
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| Output Collapse in Eastern Europe : The Role of Credit Author/Editor: Guillermo Calvo, Fabrizio Coricelli. Release Date:August, 1992 Real bank credit in Eastern European countries after their recent stabilization programs is shown to have fallen sharply, except in the case of Hungary. The meaning of the fall is discussed under the more...
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| Currency Substitution in Developing Countries : An Introduction Author/Editor: Guillermo Calvo, Carlos A Végh Gramont. Release Date:May, 1992 This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or more...
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| Exchange-Rate-Based Stabilization under Imperfect Credibility Author/Editor: Guillermo Calvo, Carlos A Végh Gramont. Release Date:August, 1991 This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an more...
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| Obstacles to Transforming Centrally-Planned Economies : The Role of Capital Markets Author/Editor: Guillermo Calvo, Jacob A Frenkel. Release Date:July, 1991 This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The obstacles identified relate to (i) anticipatory more...
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| From Centrally-Planned to Market Economies : The Road from CPE to PCPE Author/Editor: Jacob A Frenkel, Guillermo Calvo. Release Date:February, 1991 This paper deals with the early stages of transformation of centrally-planned economies (CPEs) into market economies during which expectations play a key role. It focuses on the transitional phase more...
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| Speculative Attacks Author/Editor: Pablo Emilio Guidotti, Guillermo Calvo. Release Date:January, 1991 A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the behavior of the current account and the real more...
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| Management of the Nominal Public Debt Theory and Applications Author/Editor: Pablo Emilio Guidotti, Guillermo Calvo. Release Date:December, 1990 Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is non—indexed, policy—makers are more...
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| Money Supply and Interest Rate Policy in a New-Keynesian Framework Author/Editor: Guillermo Calvo, Carlos A Végh Gramont. Release Date:December, 1990 The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and more...
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| Credibility and the Dynamics of Stabilization Policy : A Basic Framework Author/Editor: Guillermo Calvo, Carlos A Végh Gramont. Release Date:November, 1990 This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial more...
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