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21. Designing and Regulating Retail Digital Currencies

Author:
Steven L. Schwarcz
Publication Date:
09-2021
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Governments and multinational organizations are exploring the feasibility of developing “retail” digital currencies, sponsored by governmental central banks or privately issued, which consumers could use on a day-to-day basis as an alternative to cash. Central bank digital currencies could be either account-based or token-based. Privately issued digital currencies would likely be token-based. Private issuers are focusing on “stablecoins,” which are digital currencies backed by assets having intrinsic value. Retail digital currencies raise new regulatory issues in addition to those typically associated with money and payment systems. The most successful retail digital currencies are likely to be used not only domestically but also in cross-border transactions, which can be costly. They therefore should be designed, regulated and supervised to reduce these costs and, ideally, also to increase consumer accessibility — and thus to broaden financial inclusion.
Topic:
International Cooperation, Currency, Innovation, Cryptocurrencies, and Digital Currency
Political Geography:
Global Focus

22. Regional Financial Arrangements and the International Monetary Fund: Sustaining Coherence in Global Financial Governance

Author:
C. Randall Henning
Publication Date:
01-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Cooperation and competition among regional financial arrangements (RFAs) and the International Monetary Fund (IMF) increasingly determine the effectiveness of the global financial safety net (GFSN), which many observers fear is becoming fragmented. Overlap among these crisis-fighting institutions has important benefits but also pitfalls, including with respect to competition, moral hazard, independence, institutional conflict, creditor seniority and non-transparency. The study reviews the RFAs in Latin America, East Asia and Europe to assess their relationships with the IMF and address these problems. Among other things, it concludes: institutional competition, while harmful in program conditionality, can be beneficial in economic analysis and surveillance; moral hazard depends critically on institutional governance and varies substantially from one regional arrangement to the next; secretariats should be independent in economic analysis, but lending programs should be decided by bodies with political responsibility; and conflicts among institutions are often resolved by key member states through informal mechanisms that should be protected and developed. Findings of other recent studies on the GFSN are critiqued. Architects of financial governance should maintain the IMF at the centre of the safety net but also develop regional arrangements as insurance against the possibility that any one institution could be immobilized in a crisis, thereby safeguarding both coherence and resilience of the institutional complex.
Topic:
Governance, Surveillance, Strategic Competition, and IMF
Political Geography:
Europe, Middle East, Asia, South America, Australia, North America, and Global Focus

23. Standards for Digital Cooperation

Author:
Michel Girard
Publication Date:
01-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Global data standards are urgently needed to foster digital cooperation and manage global tech platforms. No global organization is currently mandated to coordinate the development, maintenance and use of technical standards covering data value chains and policy-oriented standards covering data governance. Precedents exist where standards development work is coordinated by international organizations in sectors of the economy operating across borders, from aviation and maritime shipping to meteorology, food production, public health and the management of the internet. This paper proposes the creation of a Data Standards Task Force (DSTF), which would be entrusted with a dual mandate: enabling the development of technical standards to create data value chains and being accountable for the development of data governance standards needed by regulators to properly frame the leading big tech platforms (Facebook, Amazon, Apple, Microsoft and Google). The ultimate objective of the DSTF would be to create the required architecture for a “single data zone” where data can circulate freely between participating jurisdictions.
Topic:
Science and Technology, Social Media, Data, Digital Cooperation, and Big Tech
Political Geography:
Global Focus

24. conomic Rents and the Contours of Conflict in the Data-driven Economy

Author:
Dan Ciuriak
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
In the era of continuous and steadily accelerating technological change that started with the Industrial Revolution, economies and societies were repeatedly transformed in ways that can be traced to ownership of the essential and scarce factor of production of the day and command of the economic rents that flowed to that factor. The digital transformation is now ushering in a new economic era, in which the economy is again being reordered by new technologies based on a new essential capital asset — data. Data generates massive rents, fuels the rise of superstar firms and generates powerful incentives for strategic trade and investment policy. The emergence of this new economy signals a new era of conflict, on new battlegrounds and with new tools or weapons, between new coalitions within and between countries. This paper describes the contours of the conflicts that are to be expected with the digital transformation as it realigns interests; compares these expectations with actual developments; and comments on the strategies of the main protagonists and the implications for the rules-based system of international commerce.
Topic:
Science and Technology, Commerce, and Digitalization
Political Geography:
Global Focus

25. Data Standards Task Force for Digital Cooperation

Author:
Michel Girard
Publication Date:
08-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
There is no consensus to create a global framework for managing data governance under the United Nations. A Data Standards Task Force (DSTF) is needed to create a single data zone where trustworthy data could circulate freely between like-minded countries. This proposal is aligned with the objectives of fora such as the International Grand Committee on Big Data, Privacy and Democracy. Canada could also spearhead the launch of the DSTF with like-minded countries through the implementation of regional free trade agreements such as the Canada-United States-Mexico Agreement, the Canada-European Union Comprehensive Economic and Trade Agreement or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Topic:
International Cooperation, United Nations, Trade Policy, and Digitalization
Political Geography:
Global Focus

26. Helping Organizations Master Data Governance

Author:
Michel Girard
Publication Date:
08-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Data is seen by many as the most lucrative commodity of the new global economy. Data analytics and self-teaching algorithms are projected to continue to disrupt every imaginable market and to create new ones. Many organizations are struggling to integrate big data analytics into their operations. New data governance challenges could be tackled through adherence to a data governance standard. There is currently no standard in place to provide guidance on the deployment of corporate data policies to manage ethics, transparency and trust in data value chains. This policy brief outlines the issues that should be covered in the proposed standard.
Topic:
Science and Technology, Governance, and Data
Political Geography:
Global Focus

27. Modern Conflict and Artificial Intelligence

Author:
Aaron Shull, Daniel Araya, Samantha Bradshaw, Amandeep Singh Gill, Michael Horowitz, Meg King, Robert Mazzolin, Maya Medeiros, Rodrigo Nieto-Gomez, and Liis Vihul
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Autonomous systems are revolutionizing our lives, but they present clear international security concerns. Despite the risks, emerging technologies are increasingly applied as tools for cybersecurity and, in some cases, cyberwarfare. In this essay series, first published online, experts explore digital threats to democracy and security, and the geopolitical tensions they create.
Topic:
Cybersecurity, Conflict, Artificial Intelligence, and Emerging Technology
Political Geography:
Global Focus

28. Technology-Facilitated Gender-Based Violence: An Overview

Author:
Suzie Dunn
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
As digital technologies become more sophisticated, so does technology-facilitated gender-based violence (TFGBV). This type of violence can take many forms, from the release of personal information and private images without consent, to online stalking and death threats. For perpetrators of TFGBV, the internet is their weapon of choice — it allows them to monitor and control their targets from anywhere in the world. Victim-survivors have little recourse against the many forms of online gender-based violence, including threats of harm, some of which have been carried out. The resulting mental and physical health effects of TFGBV, among other impacts, have forced many victim-survivors out of online spaces and silenced their voices.
Topic:
Gender Issues, Science and Technology, Gender Based Violence, and Mental Health
Political Geography:
Global Focus

29. Data Is Divisive: A History of Public Communications on E-commerce, 1998–2020

Author:
Susan Ariel Aaronson and Thomas Struett
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
For 22 years, the members of the World Trade Organization (WTO) have been discussing how to govern e-commerce and the data that underpins it. In 2019, some 74 (now 86) nations began to negotiate e-commerce. These talks are conducted in secret and little is known about how they are progressing. However, WTO members issued a wide range of public comments on both the Work Programme on Electronic Commerce and the Joint Statement Initiative on Electronic Commerce from 1998, when the work program began, to the present. These communications provide context as well as a window into the negotiations. Using qualitative techniques to analyze these communications, the authors of this paper found that throughout the 22-year period, member states were divided by their understanding, capacity and willingness to set rules governing e-commerce or digital trade. Data, digital prowess and data governance expertise were creating division among members. The paper offers three suggestions for action policy makers could take to address this divide.
Topic:
Communications, Digital Economy, Data, and WTO
Political Geography:
Global Focus

30. The World with and after COVID-19

Author:
Giovanni Tria, Angelo Arcelli, and Robert Fay
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The COVID-19 pandemic has posed significant challenges for all economies, and for the financial sector, in 2020. At the same time, the crisis also brings material opportunities for beneficial change. Policy makers, regulators and governments have the chance to rethink the evolution of the financial systems and international relations to make them fit-for-purpose for what could now be called a “new normal,” where green finance and sustainability will likely become key pillars of the post-pandemic world. Discussions as part of the Financial Regulatory Outlook partnership between CIGI and Oliver Wyman, held virtually on November 23, 2020, focused on how policy makers and financial services leaders can help the industry navigate the risks they face during and after the pandemic and, as a result, build more resilient economies and financial systems for the future.
Topic:
Public Health, Pandemic, and COVID-19
Political Geography:
Global Focus