This paper examines the implications of the global financial crisis of 2007-10 for reform of the global financial architecture, in particular the International Monetary Fund and the Financial Stability Board and their interaction. These two institutions are not fully comparable, but they must...

The limitations of a dollar-based international financial system (IFS) was at the heart of the forces that precipitated the global financial crisis. While market consolidation gathered momentum amid intensifying cross-border capital flows, the supply of dollars remained subordinate to the...

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...