The financial crisis of 2008 was not unforeseen: it was preceded by clear warning signals with developments during the crisis that confirmed the underlying fault lines that had emerged as changed institutions, products and practices shifted the structure of the global system over the preceding...

The monetary policy that culminated in the current crisis and the failure of the Federal Reserve’s efforts to end the credit freeze in 2008 are critical components of the analysis needed as a backdrop for reform. This working paper argues that the link between excess liquidity, the buildup in...

Aging populations have altered saving and investment patterns in many developed and emerging market economies. The structural changes that have occurred have important implications for financial stability and for the conduct of monetary policy. As assets and borrowing shifted from banks to...

Concern about global imbalances has been building since the 1990s and analysts from a variety of disciplines have called attention to aspects of the problem, ranging from the unsustainability of the U.S. current account position to the role of ‘under’ and ‘over’ saving rates in deficit...