1 Should Developing Countries Support the US Dollar? By Way of Introduction

2 Global Imbalances and Emerging Markets

3 Global Imbalances and Latin America: A Comment on Eichengreen and Park

4 The Dilemmas and Dangers of the Build-Up of US Debt: Proposals for Policy Responses

5 Currency Asymmetry, Global Imbalances, and Rethinking of the International Currency System

6 China’s Macroeconomic Imbalances: The Liquidity Tango Mechanism Wing Thye Woo 4

7 How Effective Is Monetary Policy in China? A Comment on Woo’s “Inflationary Tango”

8 Asian Monetary Coordination and Global Imbalances

9 Understanding Imbalances in a Globalised International Economic System

10 Policy Recommendations for the US, Europe and Asia: By Way of Epilogue