Did global imbalances cause the financial crisis? A number of influential figures have argued that inflows of foreign capital into the US due to the current account deficit helped to trigger the crisis. This paper argues that the evidence for this position is weak. The capital inflows into the...

The global currency system is likely to change significantly after the global financial crisis, but decline of the U.S. dollar may be a gradual process. These would impact the Peoples Republic of Chinas (PRC) renminbi policy, which, in turn, may generate feedbacks on the global system. The PRC...