Since its founding, the International Monetary Fund (IMF) has in theory sought to act as the international “lender of last resort,” providing financing to countries facing balance-of-payments and macrofinancial pressures.  However, in the 21st century, the landscape of international rescue lending has shifted. China has become the world’s largest bilateral lender, providing assistance comparable to … Continue reading The Lender of First Resort? Chinese Swap Lines, the IMF and the Changing International Financial Architecture