Cover -- Contents -- Introduction -- Chapter 1 - Policy Response to the Global Financial Crisis: Key issues for Developing Countries -- A. Introduction -- B. Policy Response in DEEs: Payments Constraint and International Support -- C. Reform of the International Financial Architecture -- D. Summary of Policy Conclusions and Proposals -- Chapter 2 - Global Economic Prospects: The Recession May Be Over but Where Next? -- A. Issues at Stake -- B. Bubbles, Expansion and Imbalances -- C. Crisis, Recession and Recovery -- D. No Return to "Business as Usual" - Need for US Adjustment -- E. China Too Needs to Adjust, But It Cannot be a Global Locomotive -- F. Bringing in the Bystanders: Germany and Japan -- G. Exchange Rate Adjustments -- H. Removing the Deflationary Bias in the International Financial Architecture -- I. Conclusions -- Chapter 3 - Export Dependence, Sustainability of Growth and Adjustment in China -- A. Introduction -- B. Measurement of Contribution of Exports to Economic Growth -- C. Import Content of Exports -- D. To What Extent is Growth in China Export-Led? -- Chapter 4 - The Subprime Boom-Bust Cycle and Capital Flows to Developing Countries -- A. Introduction -- B. Previous Post-War Boom-Bust Cycles -- C. Capital Flows in the 2000s -- D. The Changing Nature of Capital Flows -- E. Changing Vulnerabilities to Boom-Bust Cycles -- F. The Impact of Recent Capital Flows on DEEs -- G. What is Next? -- H. Managing Capital Inflows -- I. Conclusions -- Chapter 5 - Why the IMF and the International Monetary System Need More than Cosmetic Reform -- A. Introduction -- B. The IMF's Failures in Financial Analysis and Early Warning -- C. IMF Surveillance and Members' Obligations -- D. The International Reserves System -- E. Crisis Intervention and Lending -- F. Conclusions -- References.