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172. Sustainable Northern Development: The Case For An Arctic Development Bank
- Author:
- Alan Gill and David Sevigny
- Publication Date:
- 01-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The creation of the multilateral development bank (MDB) model represents one of the most ingenious financial innovations in recent times. Initially designed to address the problems of financing reconstruction after World War II, this model has shown itself to be surprisingly adaptable to meet a range of other challenges. These have included fostering developing country growth, dealing with the developing world debt problem and facilitating the transition of countries within Central and Eastern Europe from centrally planned to market-based economies.
- Topic:
- Economics and War
- Political Geography:
- Eastern Europe and Chicago
173. Completing the G20's Program to Reform Global Financial Regulation
- Author:
- Malcolm D. Knight
- Publication Date:
- 02-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Regulators have largely agreed on the main elements of a strengthened and internationally harmonized financial regulatory regime, endorsed at the 2014 Brisbane G20 Leaders Summit. These measures are a major step toward achieving a robust and less crisis-prone global financial system. Nevertheless, a number of specific measures need to receive closer attention in order for Group of Twenty (G20) leaders to declare their reform program a success.
- Topic:
- Reform
174. Capital Flows and Capital Account Management in Selected Asian Economies
- Author:
- Rajeswari Sengupta and Abhuit Sen Gupta
- Publication Date:
- 04-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Gross capital inflows and outflows to and from emerging market economies have witnessed a significant increase since the early 2000s. This rapid increase in the volume of flows, accompanied by sharp swings in volatility, has amplified the complexity of macroeconomic management in emerging economies. This paper focuses on capital flows in selected emerging Asian economies, analyzing surge and stop episodes as well as changes in the composition of flows across these episodes, then evaluating the policy measures undertaken by these economies in response to the surge and stop of capital flows. This kind of analysis is highly relevant, especially at a time when emerging economies around the world are facing the repercussions of a potential monetary policy normalization in the United States and continuing quantitative easing measures by the European Central Bank, either of which could once again heighten the volatility of cross-border capital flows, thereby posing renewed macroeconomic challenges for major EMEs.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, and Monetary Policy
- Political Geography:
- Asia
175. ICANN: Bridging the Trust Gap
- Author:
- Emily Taylor
- Publication Date:
- 04-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper addresses the proposed transfer of Internet Assigned Numbers Authority (IANA) oversight away from the US government. The background section explores how the technical architecture of critical Internet resources has certain governance implications, introduces the Internet Corporation for Assigned Names and Numbers (ICANN) and its relationship with the US government through the IANA function and the Affirmation of Commitments. After discussing why the relationship has caused controversy, the paper describes the work underway within ICANN to find a successor oversight mechanism and provides a short critique of the proposals so far. The majority of the paper is taken up with more general issues relating to ICANN's accountability. It explains how the IANA transition was recognized to be dependent on ICANN's wider accountability, and the trust issues between community and leadership that this exposed. There follows an analysis of ICANN's strengths and weaknesses in relation to accountability and transparency, followed by conclusions and recommendations.
- Topic:
- Government
- Political Geography:
- United States
176. Over Their Heads: The IMF and the Prelude to the Euro-zone Crisis
- Author:
- Paul Blustein
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The years prior to the global financial crisis were a peculiar period for the International Monetary Fund (IMF). The IMF was struggling to define its role and justify its existence even as trouble was brewing in countries it would later help to rescue. To understand the Fund's current strengths and weaknesses, a look back at this era is highly illuminating.
177. Capital Flows and Spillovers
- Author:
- Şebnem Kalemli-Özcan
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper shows that debt flows have contractionary effects on emerging markets' output, while equity flows have expansionary effects. Such correlations can be driven by counter-cyclical debt flows and pro-cyclical equity flows, or by debt flows that lead to an appreciation and hurt exports, and by equity flows that improve the productivity of the real economy, broadly defined. It focuses on business cycle frequencies and the effect of global risk appetite in driving capital flows into emerging markets. A positive initial impact of debt flows on output is followed by a negative impact. Equity flows have a positive impact on output initially, and thereafter. Foreign direct investment (FDI) inflows have a positive effect on output only after a two-year lag, and if this period coincides with increased global uncertainty, the effect on output reverses, but the total effect stays positive. This result also holds for equity flows, suggesting that during increased periods of uncertainty, private investors leave emerging markets. Quantitative impacts are not large except in the case of FDI flows.
- Topic:
- Markets
178. Short-selling Bans and the Global Financial Crisis: Are They Interconnected?
- Author:
- Pierre L. Siklos, Martin T. Bohl, and Badye Essid
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper observes that short-selling bans spread globally beginning in 2007. We seek to empirically determine whether there were spillover effects over and above the domestic impact from the imposition of such bans. There is some evidence that the bans were unsuccessful, at least insofar as they did not take into account the global component a short-selling ban might have. In the individual countries we examine, the bans had relatively little impact. Nevertheless, our finding that equity returns do not appear to show a decline may be evidence that the bans stemmed further deterioration in stock prices that policy makers sought to avoid.
- Topic:
- Financial Crisis
179. Financial Inclusion and Global Regulatory Standards: An Empirical Study across Developing
- Author:
- Mariana Magaldi de Sousa
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Expanding the access of financial services to low-income households and other disadvantaged groups has become an important public policy goal in the past decade. Many developing economies have encouraged the introduction of a variety of programs, services and branchless banking instruments ranging from automatic teller machines to cell phones to reach people for whom traditional, branch-based structures, had not. After the 2008 global financial crisis, the leaders of the Group of Twenty (G20) recognized the need to further promote these initiatives as key components in the development of healthy, vibrant and stable financial systems that contribute to sustainable economic growth and lower levels of income inequality. As a result, financial inclusion has become one of the new areas of international financial regulation coordination, alongside shadow banking, resolution regimes and new capital requirements.
- Topic:
- Development, Economics, and Health
180. The Shadow Banking System of China and International Regulatory Cooperation
- Author:
- Zheng Liansheng
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The shadow banking system was defined in 2007 by Paul McCulley, the managing director of Pacific Investment Management Company, but it began to receive significant attention in the immediate aftermath of the GFC. Since the beginning of the financial crisis in 2008, the regulatory agencies of different countries, international organizations and think tanks have all carried out in-depth research into shadow banking and have released a series of results. Regulatory reforms have also addressed shadow banking, the most important of which is the US Dodd-Frank Act of 2010, which aims to restrain the expansion and risk taking of shadow banking in the United States. The United Kingdom and the European Union have also adopted reforms and built up a supervisory system to track the risks of the shadow banking system.
- Topic:
- Financial Crisis
- Political Geography:
- United States, China, United Kingdom, and Europe