The global currency system is likely to change significantly after the global financial crisis, but decline of the U.S. dollar may be a gradual process. These would impact the Peoples Republic of Chinas (PRC) renminbi policy, which, in turn, may generate feedbacks on the global system. The PRC...

This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insuffciently...

Did global imbalances cause the financial crisis? A number of influential figures have argued that inflows of foreign capital into the US due to the current account deficit helped to trigger the crisis. This paper argues that the evidence for this position is weak. The capital inflows into the...