What is wrong with the IMF? -- Governance and decision-making -- Surveillance -- Lending and conditionality -- Capacity development -- Democratize governance and decision making -- Diversify the IMF staff -- Commit to inclusive growth -- Enhance multilateral partnerships -- Closing the hypocrisy gap

This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...

Contents: 1. Introduction and summary -- Part I: the unraveling of the 1930s-era framework -- 2. The Euro market erodes US financial structure -- 3. Commercial paper guarantees and the emergence of a parallel banking system -- 4. ERISA moves savings into securities markets -- Part II:...

Problems & contradictions of central banking -- Evolution of central banking: functions, targets & tools -- Central bank independence: but from whom? -- Hamilton's curse: the 1st bank of the United States -- The 2nd US bank & the depression of 1837-43 -- National banking goes bust: three crashes...