Preface -- Introduction -- Part I - Early Rumblings -- Introduction to Part I -- 1 Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors - Guillermo A. Calvo, Leonardo Leiderman, and Carmen M. Reinhart -- 2 Capital Inflows to Latin America: The 1970s and 1990s - Guillermo A. Calvo, Leonardo Leiderman, and Carmen M. Reinhart -- Part II The Beast Awakens -- Introduction to Part II -- 3 Capital Flows and Macroeconomic Management: Tequila Lessons - Guillermo A. Calvo -- 4 Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle - Guillermo A. Calvo and Enrique G. Mendoza -- 5 Capital Market Contagionand Recession: An Explanation of the Russian Virus - Guillermo Calvo -- 6 Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina'sLessons - Guillermo A. Calvo, AlejandroIzquierdo, and Ernesto Talvi -- Part III In Search of a Theory -- Introduction to Part III -- 7 Varieties of Capital-Market Crises - Guillermo A. Calvo -- 8 Uncertain Duration of Reform: Dynamic Implications - Guillermo A. Calvo and Allan Drazen -- 9 Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops - Guillermo A. Calvo -- 10 Rational Contagion and the Globalization of Securities Markets - Guillermo A. Calvo and Enrique G. Mendoza -- 11 Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments - Guillermo A. Calvo -- 12 Contagion in Emerging Markets: When Wall Street Is a Carrier - Guillermo A. Calvo -- 13 Explaining Sudden Stop, Growth Collapse, and BOP Crisis: The Case of Distortionary Output Taxes - Guillermo A. Calvo -- Part IV The Exchange Rate and All That -- Introduction to Part IV -- 14 Fixing for Your Life - Guillermo A. Calvo and Carmen M. Reinhart.

15 Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America - Guillermo A. Calvo -- 16 Fear of Floating - Guillermo A. Calvo and Carmen M. Reinhart -- Part V Parting Shots -- 18 Globalization Hazard and Delayed Reform in Emerging Markets - Guillermo A. Calvo -- 19 Sudden Stop, Contractionary Devaluation, and TimeInconsistency - Guillermo A. Calvo -- Sources -- Index.