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  • Author: Olaf Weber
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The Equator Principles (EP) are a voluntary code of conduct for assessing, managing and reporting environmental and social impacts in project finance. This paper analyses the compliance of the 79 Equator Principles Financial Institutions (EPFI) with the seven mandatory requirements: annual reporting, disclosure of the number of transactions, assessment, risk categories, sector, region and implementation. The three findings from this study are that while all EPFIs required to disclose information do so, at least partially, only about five percent disclose all the information required by the EP guidelines. In addition, the larger the EPFI, with respect to its total assets and membership duration, the higher the reporting quality. In conclusion, further mechanisms are needed to guarantee transparent reporting of environmental and social project finance impacts.
  • Topic: Environment, Human Welfare, Reform
  • Political Geography: Canada
  • 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: Brad Glosserman
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: The US extended deterrent in Northeast Asia is strong. US alliances with Japan and South Korea are each arguably in the best shape in years, with alliance modernization efforts proceeding in tandem with domestic adjustments to security policy that strengthen the foundation for cooperative action. Policy toward North Korea, historically a wedge between Washington and allied governments in the region, is largely aligned, and serving as a glue rather than a source of discord. This otherwise sunny outlook is darkened by the difficulties in the Seoul-Tokyo relationship. The (from a US perspective) obvious convergence of interests among the three governments is overshadowed by a lengthy and depressingly well-rehearsed list of problems. The second US-ROK-Japan Trilateral Extended Deterrence Dialogue, hosted by Pacific Forum CSIS and the Asan Institute for Policy Studies, with indirect support from the Project on Advanced Systems and Concepts for Countering WMD (PASCC) and the Defense Threat Reduction Agency (DTRA), explored ways to overcome those obstacles to enhanced cooperation. In an attempt to push the envelope, the 43 senior participants from the three countries joined 17 Pacific Forum Young Leaders (all attending in their private capacities) in discussions and a tabletop exercise that was designed to explore reactions to a nuclear contingency on the Korean Peninsula. The results were sobering and underscored the need for increased coordination and planning among the three governments to prepare for such a crisis in Northeast Asia.
  • Topic: Conflict Prevention, Diplomacy, Regional Cooperation, Weapons of Mass Destruction, Nuclear Power
  • Political Geography: Japan, Asia, South Korea, North Korea
  • Author: Victor D. Cha
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: As a result of a speech delivered by Republic of Korea (ROK) president Park Geun- hye in Dresden, Germany, on March 28, 2014, the topic of unification of the Korean peninsula has been on the minds of many. This is, of course, not the first time that unification has been in the news. During the Cold War era, unification was defined as the absolute military victory of one side over the other. In Korean, this was known as “songgong t'ongil” or “p'ukch'in t'ongil” (“march north” or “unification by force”). In political science literature influenced by the European experience, it was defined as the perfect integration of the two countries. After the reunification of Germany on October 3, 1990, unification was seen as the economic and political absorption of one side by the other. And yet at other times, it was defined, by both North and South Korea, as the imperfect operation of one country, two systems. For a decade during the period of “sunshine” policy, 1997–2007, unification was defined as something to be avoided for generations. It was framed as an outcome that was too difficult to contemplate, too dangerous to suggest, and too expensive to afford.
  • Topic: Security, Economics, Bilateral Relations
  • Political Geography: South Korea, North Korea, Germany
  • Author: Anthony H. Cordesman
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: I have been asked to help set the stage for this conference by looking at the broader issues that can address the issue of A World with No Axis? International Shifts and their Impact on the Gulf. I have spent enough time in the Gulf over the years to know how often people have strong opinions, interesting conspiracy theories, and a tendency to ignore hard numbers and facts. We all suffer from the same problems, but today I'm going to focus as much on f act s and numbers as possible. I'm only going to select only a portion of the key trends and numbers involved in my oral remarks , but I will leave the conference with a much longer paper that lists a fuller range of such data. This paper that will also be on the CSIS web site, along with a series of very detailed papers on the military balance in the Gulf. If you want to provide me with your card, I'll also make sure the papers involved are sent to your directly.
  • Topic: Diplomacy, Regional Cooperation, International Security, Governance
  • Political Geography: Russia, United States, Middle East, Arabia, Qatar
  • Author: Anthony H. Cordesman, Robert M. Shelala II, Omar Mohamed
  • Publication Date: 09-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: The Gulf and the Arabian Peninsula are critical to US strategic interests and collectively represent the single most important theater in the US - Iranian strategic competition. The proximity of the Arab Gulf states to Iran; the region's geostrategic value to the stability of the global economy; the shifting military balance; and the social, demographic, and economic tensions that threaten to create political upheavals in several key states make it a potential flash -point for tensions between Washington and Tehra.
  • Topic: Regional Cooperation, Political Power Sharing
  • Political Geography: Washington, Arabia, Saudi Arabia, United Arab Emirates