Abstract
The paper, drawing on a series of recent notes, discusses some of the most intensely debated policy issues in international economics, including: the recent financial market turmoil that started with the U.S. subprime loan crisis and the much discussed wealth effect (or lack thereof) of a house price change; global current account imbalances, with a focus on the underlying causes and the needed policy changes; and the role of the International Monetary Fund (IMF) in facilitating a successful resolution of the global imbalance problem. The paper conclude by emphasizing the critical operational role the IMF can play in offering a multilateral solution to current global challenges. The solution cannot be anything other than multilateral, and a multilateral solution cannot be achieved without the IMF effectively playing its mandated role, with full support of its shareholders.
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