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62. Sovereign Debt Restructuring: Old Debates, New Challenges
- Author:
- James A. Haley
- Publication Date:
- 05-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Ten years ago, in the wake of the Asian financial crisis and subsequent Argentine default, the international community debated how to best promote the timely, effective restructuring of sovereign debt. The debate then focused largely on the relative merits of a so-called statutory approach for sovereign restructurings, with features of domestic bankruptcy regimes, versus the voluntary use of contractual terms designed to facilitate restructurings. At the time, the statutory approach did not have the support necessary to move from proposal to policy and efforts to improve the framework of sovereign debt restructuring rested on the contractual approach.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- Asia
63. IMF Lending Practices and Sovereign Debt Restructuring
- Author:
- Domenico Lombardi, James M. Boughton, and Skylar Brooks
- Publication Date:
- 06-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The IMF has struggled for decades to develop a set of lending practices that enable sovereign borrowers to resolve serious debt problems and restore economic growth, but also respect the right of private financial markets to enter into and enforce contractual obligations. The challenge has always been to operate under a well-defined set of principles while dealing with each situation in a way that takes account of relevant circumstances. Recently, the international financial crisis that began in 2008 and the subsequent European sovereign debt crisis have raised this challenge to new heights. In providing €30 billion to Greece — the largest financial package ever granted to a single country — the IMF invoked greater discretion in its lending decisions to counteract potential "systemic" crises. By doing so, it entered a program without a restructuring agreement.
- Topic:
- Debt, Economics, International Trade and Finance, International Monetary Fund, and Reform
64. Global Cybercrime: The Interplay of Politics and Law
- Author:
- Aaron Shull
- Publication Date:
- 06-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Examining global cybercrime as solely a legal issue misses an important facet of the problem. Understanding the applicable legal rules, both domestically and internationally, is important. However, major state actors are using concerted efforts to engage in nefarious cyber activities with the intention of advancing their economic and geostrategic interests. This attempt to advance a narrow set of economic interests through cybercrime and economic cyber espionage holds to the potential to erode the trust in the digital economy that has been a necessary condition for the success of the Internet as an economic engine for innovation and growth. By pursuing these efforts, states are prioritizing short-term interests over long-term stability and a responsibly governed, safe and secure Internet platform. This paper explores the recent unsealing of a 31-count indictment against five Chinese government officials and a significant cyber breach, perpetrated by Chinese actors against Western oil, energy and petrochemical companies. The paper concludes by noting that increased cooperation among governments is necessary, but unlikely to occur as long as the discourse surrounding cybercrime remains so heavily politicized and securitized. If governments coalesced around the notion of trying to prevent the long-term degradation of trust in the online economy, they may profitably advance the dialogue away from mutual suspicion and toward mutual cooperation.
- Topic:
- Defense Policy, Crime, International Trade and Finance, Terrorism, and Bilateral Relations
- Political Geography:
- United States, China, and Asia
65. Power Shift and Renminbi Internationalization: Recommendations for the G20
- Author:
- Raluca Diana Ardelean and Mengun Zhang
- Publication Date:
- 07-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- China has gained substantial economic power in recent years, becoming the second-largest trading nation after the United States and the largest goods-trading nation since 2012 (Eichengreen 2014). It is also currently the largest source of savings and the largest potential source of capital for international investment (ibid.). Measured by GDP, China is now the second-largest economy in the world (see Figure 1), and the World Bank surmises it is likely to surpass the United States in 2014 (World Bank 2014). Because of China's growing economic importance, a shift in power is reasonably assumed. As its economic power grows, internationalization of the RMB has become a key policy goal for China, especially after the 2008 financial crisis (Zhang 2009; Park 2010; China Securities Regulatory Commission [CSRC] 2014). This goal demonstrates China's desire for better integration and representation in the international economic community and signals its willingness to perform internal financial reforms and take more responsibility in global economic affairs.
- Topic:
- Economics, International Trade and Finance, and Monetary Policy
- Political Geography:
- United States, China, and Asia
66. Transatlantic Economic Agreements: Parsing CETA and TTIP
- Author:
- Patricia M. Goff
- Publication Date:
- 07-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- In October 2013, Prime Minister Stephen Harper announced that the Government of Canada had reached a "political agreement" with the European Union on the Comprehensive Economic and Trade Agreement (CETA). The timing of Mr. Harper's statement was not coincidental. Evidence suggests that talks between Canada and the European Union are actually continuing several months after his announcement, if only on technical elements. Nonetheless, it seems the Government of Canada wanted to signal that a successful end to Canada-EU talks was in sight, just as talks between the United States and the European Union were getting under way towards the Trans-Atlantic Trade and Investment Partnership (TTIP). The Canadian government did not want to risk a redirection of European energies away from the Canadian negotiation toward their American counterparts.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- Europe and Canada
67. The Northwest Territories and Arctic Maritime Development in the Beaufort Area
- Author:
- John Higginbotham and Marina Grosu
- Publication Date:
- 05-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The Arctic is facing remarkable climatic and oceanic change that is triggering unprecedented opportunities and challenges for Arctic nations, as well as for countries that do not have Arctic territory but are eager to engage and invest in the region. For Canada and the United States, the Beaufort basin offers unique opportunities for Alaska and Canada's Arctic territories.
- Topic:
- Economics, International Trade and Finance, and Bilateral Relations
- Political Geography:
- United States, Canada, North America, and Arctic
68. Facing West, Facing North: Canada and Australia in East Asia
- Author:
- Leonard Edwards and Peter Jennings
- Publication Date:
- 02-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Canada and Australia have shared interests in bolstering economic prosperity and security cooperation across East Asia. The focus of the world economy has shifted to Asia; Canada should follow the path Australia has taken for decades and orient itself — in economic and security terms — toward the emerging economies of East Asia. The risk of regional instability is growing, however, due to China's re-emergence, continued speculation about US strategic engagement in Asia and increased competition over disputed maritime boundaries. These developments provide opportunities for collaboration between countries like Canada and Australia. Non-traditional security threats, including natural disasters, climate change, food security and cyber security, point to a range of areas where the two countries can work more closely together.
- Topic:
- Security, Diplomacy, Economics, International Trade and Finance, Bilateral Relations, and Governance
- Political Geography:
- America, Canada, and Australia
69. Reforming Finance: Macro and Micro Perspectives
- Author:
- Pierre Siklos
- Publication Date:
- 02-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Reforms of the financial system in the wake of the global financial crisis are incomplete. Beyond reforms, good judgment is essential in a crisis. Short-termism in finance cannot be completely controlled by regulation and supervision. Financial crises are inevitable but need not be as virulent at the global financial crisis. Central banks will have to rethink their policies and how they interact with other agencies partially responsible for maintaining financial system stability.
- Topic:
- Economics, Globalization, International Trade and Finance, Financial Crisis, Governance, and Reform
- Political Geography:
- Europe
70. Boxing with Elephants: Can Canada Punch above Its Weight in Global Financial Governance?
- Author:
- James M. Boughton
- Publication Date:
- 03-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Canadians have long harboured a desire to "punch above their weight" in international diplomacy, an aspiration justified by Canada's position in the world both geographically and culturally. This paper examines one aspect of that effort: Canada's role in international financial governance, particularly within the International Monetary Fund. The key issue for the future is whether Canada will continue to have the capacity and the will to take leading positions and actions in the face of increasing competition from the rapidly growing emerging market countries.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, International Monetary Fund, and Governance
- Political Geography:
- United States and Canada