The first authoritative history of hedge funds; from their rebel beginnings to their role in defining the future of finance.

China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Drawing on some 200 interviews, including twenty hours of discussions with World Bank President James Wolfensohn, Washington Post editorial columnist and Director of the Council's Center for Geoeconomic Studies Sebastian Mallaby takes readers inside the world's premier development institution.

Sebastian Mallaby writes that China is advancing so rapidly in terms of productivity that a compromise on currency might serve only to slow its rise as an export juggernaut.

Obama's proposals to cut business taxes and boost infrastructure spending are worth a try, says CFR's Sebastian Mallaby, but more monetary stimulus by the Fed could "come back to bite."

Unlike "too big to fail" financial firms, hedge funds spot market bubbles and assume their own losses, says CFR's Sebastian Mallaby.

The financial reform bill passed by the Senate appears likely to help lessen risks, but it is doubtful the new measures will work as designed, says CFR's Sebastian Mallaby.

Despite the Senate's failure to move ahead with financial reform legislation, a package that aims to reduce some of the risky behavior that led to the global financial crisis is not far off, says CFR's Sebastian Mallaby.

Six experts debate whether the Obama administration's approach to China's currency policy is the right one, and why.

Markets' reaction to the sovereign debt crisis in Greece and other European countries suggests global governments "have used up all their ammunition to boost global growth," and could be punished by the markets if they sustain stimulus programs, says CFR's Sebastian Mallaby.

President Barack Obama's first State of the Union address focused heavily, as expected, on domestic economic recovery and reasserting U.S. competitiveness. Six CFR experts noted different aspects of the challenges facing Obama.

Sebastian Mallaby argues that China’s ideas on international finance are mostly muddled.

Sebastian Mallaby argues that forward-looking stress tests should be made permanent to prevent future financial blowups.

Sebastian Mallaby argues that Treasury Secretary Timothy Geithner's ideas on regulation and wind-downs are sensible, but they won't prevent the next crisis or save taxpayers from the cost, making it imperative that the financial industry take on less risk.

CFR economic expert Sebastian Mallaby credits President Obama with highlighting the long-term structural reforms needed to repair the U.S. economy and competitiveness, but says the scope of reforms may be too ambitious.

Sebastian Mallaby examines the dangers of transparency in the financial marketplace.

In this Washington Post op-ed, Sebastian Mallaby writes that China's currency manipulation is arguably the most important cause of the financial crisis. However, to get global growth going, it is more important to persuade China to extend its fiscal stimulus than to revalue its currency.

In this Wall Street Journal op-ed, Sebastian Mallaby writes that persuading China to change its currency policy would be a worthy goal for a 21^st-Century Bretton Woods. It will be up to the two great powers -- the U.S. and China -- to fashion a deal that brings China into the heart of the multilateral system.

After the nationalization of Fannie, Freddie, and AIG, it is too late to worry about the government owning chunks of the financial system, says Sebastian Mallaby. Paulson must use the $700 billion fund to tackle the problem directly by recapitalizing the banking system.

Sebastian Mallaby says, the Treasury plan outlined Friday (9/26) involves vast risks, huge complexity and no guarantee of success. There are better ways forward, such as ordering banks to raise capital or buying equity stakes in them.

Four CFR experts discuss the U.S. Treasury's takeover of mortgage lenders Fannie Mae and Freddie Mac, what the move means for financial markets, and what risks remain.

Sebastian Mallaby's update to his January/February 2007 essay "Hands Off Hedge Funds."

In this Washington Post op-ed, Sebastian Mallaby explores the double-bubble theory of the current financial crisis—not only do we face the bursting of a real estate bubble, but we also face the bursting of a second bubble which is the product of a quarter-century expansion in borrowing, excessive confidence in the dollar and an overblown faith in markets.  In order to deal with this double-bubble, Mallaby advocates two reforms: bringing complex, “over the counter” securities onto exchanges and requiring lenders to increase capital cushions during market upswings.