In this article, I review the role of the IMF in the global crisis and argue that the Fund has emerged as a powerful institutional force, providing analysis and recommendations that have served as the basis of official action on several fronts. By contrast, the Fund was barking up the wrong tree...

This paper discusses two opposing views on global imbalances: The quot;traditional viewquot;, which regards the imbalances as a threat to global economic and financial stability, and the quot;new paradigmquot; view, which considers that they are the natural consequence of economic and financial...