Contents -- Contributors -- Acknowledgments -- Introduction -- I Monetary and Exchange Rate Policy in Theory -- 1 Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate -- 2 Optimal Exchange RateRegimes: Turning Mundell-Fleming's Dictum on Its Head -- 3 Monetary Policy Rules, theFiscal Theory of the Price Level, and (Almost) All that Jazz: In Quest of Simplicity -- II Monetary and Exchange Rate Policy in Practice -- 4 Can Inflation Targeting Workin Emerging Market Countries? -- 5 Why Should Emerging Economies Give up National Currencies? A Case for ''Institutions Substitution'' -- 6 Hard Currency Pegs and Economic Performance -- III Financial Crises -- 7 Asset Prices and Self-Fulfilling Macroeconomic Pessimism -- 8 The Center and the Periphery: The Globalization of Financial Turmoil -- 9 Why Do Some Countries Recover More Readily from Financial Crises? -- IV Debt, Taxation, and Reforms -- 10 Government Debt: A Key Rolein Financial Intermediation -- 11 Capital Income Taxation in the Globalized World -- 12 Can Public Discussion Enhance Program ''Ownership''? -- V Transition and Growth -- 13 Sources and Obstacles for Growth in Transition Countries: The Role of Credit -- 14 Growth in Transition Economies: Domestic Policies, External Assistance, and Institution Building -- 15 Growth Collapses -- VI The Man Behind the Mind -- 16 The Columbia Years -- 17 The Practitioner -- 18 In His Own Words: AnInterview with Guillermo Calvo -- Publications of Guillermo A.Calvo -- Index.