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  • Author: Alex He
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The G20 has emerged as the lynchpin of China's involvement in global economic governance. It remains the only economic institutional setting where the country can operate on par with major Western powers. China has a strong interest in maintaining the status of the G20 as the premier forum for economic cooperation, and a vested interest in ensuring that the G20 does not degrade into yet another “talk shop” of multilateral diplomacy. However, the Chinese leadership's current approach to the G20 is not driven by a desire to position the country as a leading agenda setter. Instead, China's main policy priority is ensuring that the country is treated as an equal and respected partner. China recognizes that in many ways it is still in a comparatively weak position and does not have the institutional capabilities and talents needed to operate in global financial and economic institutions such as the G20.
  • Topic: Economics, International Cooperation, International Trade and Finance
  • Political Geography: United States, China
  • Author: David A. Welch
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: As events demonstrate on a regular basis, the Asia-Pacific is a region prone to crisis. In recent years there has been a marked increase in the use of military force to signal interests or resolve, and even, in some cases, to alter the status quo, particularly in the East and South China Seas. Fortunately, none of these “mini crises” have escalated to the level of a shooting war. The received wisdom is that, all other things being equal, no country in the region desires conflict, owing to their high levels of economic interdependence. However, it is clear that in a context of rising nationalism, unresolved historical grievances and increasing hostility and suspicion, there is no reason to be complacent about the prospect of managing every future crisis successfully. Hence the recent surge in interest in crisis management “mechanisms” (CMMs). This paper explores the dangers of thinking of crisis management in an overly technical or mechanistic fashion, but also argues that sensitivity to those very dangers can be immensely useful. It draws upon US and Soviet experiences in the Cuban missile crisis to inform management of a hypothetical future Sino-American crisis in the East China Sea, and to identify general principles for designing and implementing CMMs.
  • Topic: Conflict Prevention, Foreign Policy, International Security, Political Theory
  • Political Geography: United States, China, Asia
  • Author: Bessma Momani, Samantha St. Amand
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This paper provides both theoretical and empirical evidence that maintains that a central bank's organizational structure, culture and learning system are important for achieving best governance practices. It argues that a central bank's organizational structure and culture facilitate the effective implementation of governance practices that have been enacted by law or in a strategic plan, with specific reference to central bank independence, communication, transparency, professionalization, technical excellence and reputation risk management.
  • Topic: Governance, Reform
  • Political Geography: Canada, Morocco
  • Author: Malcolm D. Knight
  • Publication Date: 09-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The global financial crisis that began in 2007 and deepened in 2008 exposed major weaknesses in financial and macroeconomic policy coordination, and profound flaws in financial risk management and regulation in a number of advanced countries. The severity of the crisis led global leaders to recognize that they must find a way to reform the global regulatory architecture to ensure that the financial system can absorb shocks while continuing to function efficiently.
  • Topic: International Trade and Finance, Markets, International Monetary Fund, Financial Crisis, Reform
  • Political Geography: United States, United Kingdom, Europe
  • Author: Domenico Lombardi, Skylar Brooks, Ezra Suruma
  • Publication Date: 09-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: On August 7 and 8, 2014, CIGI's Global Economy Program co-hosted a conference with Uganda Debt Network to discuss African perspectives on sovereign debt restructuring. The proceedings, opened by the vice president of Uganda, took place in Kampala, and featured several distinguished participants — including current and former finance ministers and central bank governors, academics and practitioners, and civil society representatives — from Uganda, Liberia, Cameroon, Ghana, Nigeria, Zambia and Zimbabwe. Participants also came from civil society organizations and intergovernmental institutions representing broader groups of African countries or the continent as a whole.
  • Topic: Debt, Development, Economics
  • Political Geography: Uganda, Africa, Liberia, Zimbabwe, Nigeria, Ghana, Cameroon
  • Author: Aaron Shull, Paul Twomey, Christopher S. Yoo
  • Publication Date: 11-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The US government has announced that it is prepared to unilaterally relinquish its historical control of the key technical functions that make up the modern-day Internet. This control stems from the foundational role played by the United States in the creation of the Internet, and has been exercised through the law of contract over the organization that performs these functions, a not-for-profit corporation based in California, the Internet Corporation for Assigned Names and Numbers (ICANN). Under the existing contractual arrangement, ICANN has been accountable to the US government for the performance of these functions. However, if the US government is no longer party to this agreement, then to whom should ICANN be accountable? The existing contractual arrangement includes much more than simple contractual terms. In fact, these obligations make up many of the core tenets of contemporary multi-stakeholder Internet governance. These core principles should be preserved during the transition, and this paper advances two main arguments to achieve this. First, the existing contractual accountabilities held by the US government could be transitioned through the law of contract to the existing customers of Internet Assigned Numbers Authority (IANA) services, creating direct accountability for the performance of those functions between the organization performing those services and the organizations using them. Second, in order to increase support within the broader community, modest revisions could be made to ICANN's independent review process to expand the grounds of review, allowing the review tribunal to hear additional cases on a broader range of complaints, with expanded powers of administrative review of decision-making processes.
  • Political Geography: United States, California
  • Author: A. Neil Craik, Nigel Moore
  • Publication Date: 11-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Transparency has become a dominant theme within academic and policy discussions on climate engineering (CE) research governance. As CE research moves from modelling and laboratory studies to field experiments, there is a need to operationalize transparency; that is, to move from transparency in principle to transparency in practice. This, in turn, requires greater attention be paid to the purposes that CE research transparency is intended to serve since the ends sought, as well as the context in which they will operate, will drive the design features of disclosure mechanisms. The objective of this paper is to focus attention on the implementation challenges that disclosure faces in the realm of CE research governance. To this end, we identify and elaborate on two distinct roles that disclosure-based governance is anticipated to play: minimization of the potential for environmental and social concerns associated with CE research; and to generate and maintain legitimacy in the research process itself. Drawing on that discussion, we then identify a number of key design features that disclosure-based governance will need to achieve those ends, and we argue in favour of an approach to disclosure-based governance that recognizes the iterative and inherently normative nature of CE governance and supports the development of a decentralized system of disclosure serving multiple ends.
  • Author: David Kempthorne, Steven L. Schwarcz, Mark Jewett, Catherine Walsh
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The International Law Research Program (ILRP) of the Centre for International Governance Innovation (CIGI) welcomes the opportunity to comment on the Financial Stability Board's (FSB's) Consultative Document, “Cross-Border Recognition of Resolution Action” (hereafter referred to as the “Consultative Document”) that was released on September 29, 2014. The 2008-2009 financial crisis highlighted the costs and consequences of disorderly resolution procedures for large, complex and systemically important financial institutions. The appropriate design and implementation of resolution procedures for G-SIFIs is critical to limit taxpayers' exposure to the failure of systemically important financial firms and to reduce the costs of financial firms' failure for the wider financial system and the real economy. This paper's analysis concludes that a contractual approach intended to give effect to resolution proceedings in a jurisdiction outside the jurisdiction where the contract was issued has a number of limitations that cannot be effectively overcome through appropriate contract design.
  • Author: Hongying Wang
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: As part of a shift toward a more activist foreign policy, China has accelerated its engagement in minilateralism, which is the gathering of a sub-group of countries within or outside a multilateral institution to solve a problem when the multilateral institution is unable to reach agreements among its members. This paper examines China's minilateral diplomacy in the financial area. Although China has been involved in regional financial cooperation for the last 15 years, its recent minilateral initiatives, such as the New Development Bank (NDB), the Contingent Reserve Arrangement (CRA) and the Asian Infrastructure Investment Bank (AIIB), are far more China-centred. What are China's motivations? Will these minilateral schemes undermine the traditional multilateral institutions? This paper argues that the Chinese government seeks to use financial minilateralism to stimulate reform of global financial institutions, provide financial public goods for its regional neighbours and fellow developing countries, as well as directly promote China's economic and political interests. China's financial minilateralism is not meant to overthrow the existing multilateral institutions, but this could change depending on the interaction between how the world responds to China's new activism and the domestic political dynamics in China. Western countries should understand and accommodate China's aspirations and encourage China to keep its minilateralism open.
  • Political Geography: China
  • Author: Rolf H. Weber
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The recently developed term “legal interoperability” addresses the process of making legal rules cooperate across jurisdictions. It can facilitate global communication, reduce costs in cross-border business and drive innovation, thereby creating a level playing field for the next generation of technologies and cultural exchange.