Focus areas: Macroeconomics of emerging market and transition economies, capital flows and balance-of-payments crises in emerging market economies

Guillermo Calvo is a professor at the School of International and Public Affairs. His main field of expertise is macroeconomics of emerging market and transition economies. His recent work has dealt extensively with capital flows and balance-of-payments crises in emerging market economies. He has published several books and more than 100 articles in leading economic journals.

Calvo's recent positions include: Director of the Center for International Economics and Distinguished University Professor at the University of Maryland; Chief Economist at the Inter-American Development Bank; Senior Advisor in the Research Department of the International Monetary Fund; and Research Associate at the National Bureau of Economic Research (NBER). In addition, he is a member of the Academia Nacional de Ciencias Económicas, Argentina, and a fellow of the Econometric Society and the American Academy of Arts and Science.

Calvo is the former President of the Latin American and Caribbean Economic Association (LACEA), and the former President of the International Economic Association. Calvo has testified before the United States Congress on dollarization and on the 1994 Mexican crisis and has served as an economic advisor to several governments in Latin America and Eastern Europe. He has received Honors including the Simon Guggenheim Foundation Fellowship in 1980–1981 and the King Juan Carlos Prize in Economics in 2000. Calvo is returning to Columbia, where he was a member of the faculty from 1973 to 1986.

Calvo received his PhD at Yale in 1974.

His publications can be accessed at:

Research & Publications

October 2017|Columbia University|Guillermo Calvo
November 2016|MIT Press|Guillermo Calvo

Macroeconomics in Times of Liquidity Crisis: Searching for Economic Essentials

December 2013||Guillermo Calvo
November 2013|NBER Working Paper Series|Guillermo Calvo, Fabrizio Coricelli, Pablo Ottonello
December 2012|NBER Working Paper Series|Guillermo Calvo
December 2012|Guillermo Calvo
December 2011|European Economic Review|Guillermo Calvo
October 2008|NBER working papers|Guillermo Calvo, Alejandro Izquierdo, Luis-Fernando Mejia