Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

Guillermo A. Calvo

NBER Working Paper No. 12788
Issued in December 2006

---- Acknowledgements -----

I am grateful to Jose De Gregorio, Marcio Garcia, Frederic Mishkin, Ugo Panizza, Andrew Powell, Ernesto Talvi, John B. Taylor, Rodrigo Valdes, and participants in the Latin American Network of Central Banks and Finance Ministries at the Inter-American Development Bank, Washington DC, October 19-20, 2006, for helpful comments; and especially to Gonzalo Llosa for first-rate research assistance and literature search, and John Smith for expert editing. The usual caveats apply. The views expressed here do not necessarily represent those of the IDB or the Ntional Bureau of Economic Research.

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