The financial crisis of 2007-8 and its macroeconomic consequences / Joseph E. Stiglitz -- Sub-prime finance : yes, we are still in Kansas / Gerard Caprio, Jr. -- Background considerations to a re-regulation of the US financial system : third time a charm? Or strike three? / Jan Kregel -- Responding to the crisis / Joseph E. Stiglitz -- Central banks, liquidity, and the banking crisis / Philip Turner -- Agenda and criteria for financial regulatory reform / Jane D'Arista, Stephany Griffith-Jones -- The role of policy and banking supervision in the light of the credit crisis / Avinash D. Persaud -- How, if at all, should credit rating agencies (CRAs) be regulated? / C.A.E. Goodhart -- Credit default swaps : the key to financial reform / Perry Mehrling -- Governing the global regulatory system / Marion Williams -- The management of capital flows and financial vulnerability in Asia / Yilmaz Akyüz -- Regulation of the financial sector in developing countries : lessons from the 2008 financial crisis / Y.V. Reddy -- Economic development and the international financial system / Roberto Frenkel, Martin Rapetti -- The accumulation of international reserves as a defense strategy / Fernando J. Cardim de Carvalho -- Reforming the global reserve system / José Antonio Ocampo -- A modest proposal for international monetary reform / Bruce Greenwald, Joseph E. Stiglitz.