July’s publication summarizes two articles. The first examines the implications of not raising the U.S. debt ceiling. The second looks at how global liquidity flows might impact currency valuations, and discusses measures that could be used to reduce their impact.

•  “The Implications of Not Raising the Debt Ceiling” by David McCormick et al., Bridgewater Daily Observations, July 7, 2011.
• “Global Liquidity” by Hyun Song Shin of Princeton University, Remarks at the IMF Conference on Macro and Growth Policies in the Wake of the Crisis, March 7-8, 2011.