The global financial and economic crisis and prospects for large and sustained budget deficits in the United States have prompted countries with massive dollar holdings such as China to consider alternatives to the US dollar. These countries realize that they would suffer losses if inflation...

Three propositions have become conventional wisdom in Washington and elsewhere: Americans save too little. The US current account deficit is thus unsustainably large. The Chinese currency must appreciate significantly to bring the global economy into sustainable balance. All these separate but...

The current allocation of decision making in the International Monetary Fund (IMF), determined largely by the distribution of members' quotas, has failed to keep up with the changing world economy. The situation undermines the Fund's relevance and legitimacy in promoting global growth and...