Do we truly understand the sources of America's credit crisis? In a thorough telling of the history of foreign currency flows, these two economists persuasively assert that global imbalances, poorly managed, were the true source of the problem. If so, the solution is not merely guaranteeing bank...

Credit allocation is a potentially useful instrument for environmental policy. The authors propose the establishment of a U.S. Environmental Finance Authority, modeled on existing institutions that support home mortgage lending. They also call for a fundamental redirection of international...