UNDERSTANDING THE RUSSIAN VIRUS with special reference to Latin America by Guillermo A. Calvo October 13, 1998

Policymakers in Emerging Market economies (EMs) are facing a serious dilemma: while their economies are currently benefiting from a surge of capital inflows, they fear a replay of the 1990s and early 2000s when their economies underwent costly Sudden Stops (of capital inflows). A serious concern is that a capital‐inflow episode could give rise to "bubbles," i.e., an artificial or transitory inc...

U.S. airlines achieved a startling turnaround in 2009. Profits rose to $2.3 billion after a loss of $3.3 billion the year before. Also during 2009, the airlines collected $2.7 billion in baggage fees (U.S. Bureau of Transportation Statistics 2010). In other words, by charging separately for a service once associated with the price of a ticket, the airlines turned a potential loss into a profit....

GUILLERMO BLANCO,* LUIS M. BAUTISTA, D AMASO HORNERO-M ENDEZ, SERGIO A. LAMBERTUCCI, GUILLERMO WIEMEYER, JOS E A. SANCHEZ-ZAPATA, FERNANDO HIRALDO & JOS E A. DON AZAR Department of Evolutionary Ecology, National Museum of Natural History (CSIC), Madrid, Spain Food Phytochemistry Department, Instituto de la Grasa (CSIC), Seville, Spain Laboratorio Ecotono-INIBIOMA (CONICET-Universidad Nacional d...

Guillermo Calvo is one of the most influential economists in the field of international macroeconomics of the past 30 years. He has produced seminal articles in every area of macroeconomics and international economics that he has worked on, including his early classic articles on capacity utilization and time inconsistency, his 1980’s works on efficiency wages, price stickiness, and policy cred...