In light of the U.S. current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some U.S. policymakers for tariffs on imports from China has sparked fears that this could trigger a world-wide surge in protectionism. This study evaluates the risk of...

The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Funds' (IMF’s) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and...