"Analyzes the feasibility of continued exchange rate pegging in East Asia and explores alternatives, including some form of regional monetary integration. Argues for coordinating the adjustment of Asian currencies against the dollar and sketches scenarios for the creation of an Asian central...

Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable.

The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented...