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.

If the eurozone splinters, it will have been an avoidable disaster.

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.

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

The massive growth of hedge funds has sparked warnings of instability and demands that the industry be regulated. But the fear of hedge funds is overblown, based on a misunderstanding of their role in the international financial system. In reality, hedge funds do not increase risk; they manage it -- and policymakers, rather than clamping down, should make sure hedge funds have the tools to perform this function well.

Featuring teaching notes by CFR Senior Fellow Sebastian Mallaby, author of the CFR book More Money Than God: Hedge Funds and the Making of a New Elite, this academic module includes additional resources to supplement the teaching of the text in the classroom. In this book, Mr. Mallaby gives an insider's view on the origin and evolution of hedge funds in the broader context of the history of modern finance through extensive research and numerous case studies.

Sebastian Mallaby reviews Robert Reich's book "Aftershock: The Next Economy and America's Future."

Sebastian Mallaby discusses Paul Romer's vision for development through foreign-run "charter cities."

In this excerpt from his new book, More Money Than God, on the history of hedge funds, Sebastian Mallaby tells the story of the break-up of Europe's Exchange Rate Mechanism in 1992 from inside of George Soros's Quantum Fund.

Politicians are supposed to be the masters of persuasion, flattery and spin; technocrats just the opposite. In a review of The Age of Turbulence, Alan Greenspan’s new book, Sebastian Mallaby claims that Greenspan succeeded as much through charm as through his skills as an economist.

Sebastian Mallaby explains why the next World Bank president should continue the campaign against corruption in developing countries established by Paul Wolfowitz.

Britain has long been ambivalent about the European Union (EU) and Britons' low regard for the EU has been exacerbated by the euro crisis. British prime minister David Cameron has said two things. There will be a referendum on Europe before the end of 2017. But before that, Cameron promises to renegotiate Britain's relationship with the EU. Putting these two promises together, the referendum may be less important than one might think.

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

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.

Gridlock over raising the debt ceiling has already tarnished Washington's image and failure to address the problem in one month could cause enormous global financial upheaval, writes CFR's Sebastian Mallaby.

What are the implications for U.S. global competitiveness of running large budget deficits, and what should be done to reign in the fiscal shortfall? Five experts provide their take on the risks and recommend solutions.