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The Antecedents and Aftermath of Financial Crises as told by Carlos F. Díaz Alejandro

Carmen M. Reinhart

NBER Working Paper No. 21350
Issued in July 2015

---- Acknowledgments ----

This paper is based on the lecture delivered at the Carlos Diaz Alejandro Prize awarded for lifelong scholarly contributions to the study of Latin America by the Latin American and Caribbean Economic Association (LACEA), Río de Janeiro, November 2014. I presented an earlier version of the talk at the Eighth Carlos F. Díaz-Alejandro Lecture sponsored by the Association for the Study of the Cuban Economy (ASCE) in Washington DC, April 2011. I wish to thank Guillermo A. Calvo, Graciela L. Kaminsky, Maurice Obstfeld, Vincent Reinhart, Kenneth Rogoff, and seminar participants for helpful comments and suggestions. Ernesto Zedillo, himself a student of Carlos, deserves special thanks for encouraging me during my visit to Yale in 2010 to write about Carlos’ contributions. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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