In the highly globalized world economy of our times, where markets are tightly integrated, setting domestic economic policy with a view simply to keeping one’s house in order is no longer optimal. New responsibilities follow for each member of the community of countries from the...

In this article I review Joseph P. Joyce’s thought-provoking book The IMF and global financial crises: Phoenix rising?†(Cambridge University Press, 2012). The book is a comprehensive yet concise appraisal of the IMF’s history of successes and failures in preventing crises, and...

IMF surveillance of the international monetary and financial system is a global public good. Its effectiveness depends critically on the dynamics that underpin the mechanisms governing the IMF and global finance. These dynamics, in turn, reflect the interests and power of influence of countries...