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38841. Legal Mechanisms for Governing the Transition of Key Domain Name Functions to the Global Multi-stakeholder Community

Author:
Aaron Shull, Paul Twomey, and 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?
Topic:
Science and Technology, Communications, and Governance
Political Geography:
United States and California

38842. United Nations Peace Building in Sierra Leone —Toward Vertical Integration?

Author:
Michael Lawrence
Publication Date:
11-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
This research report examines the “vertical integration” of United Nations (UN) peace building efforts in Sierra Leone by examining the extent to which the mission reached beyond national government institutions and elites to engage society more broadly in peace building. It focuses on the country's youth crisis as a persistent cause of conflict that presents ample opportunity for civil society engagement, and identifies two modes of coordinating youth peace building efforts across international, national and local scales. After exploring different understandings of peace building between these actors, this report ultimately argues that the United Nations fostered only weak vertical integration on the crucial issue of youth marginalization; that the lack of engagement leaves the peace vulnerable; and that deeper vertical integration can help ameliorate this ongoing challenge.
Topic:
Youth Culture and Peacekeeping
Political Geography:
Africa, United Nations, and Sierra Leone

38843. The Environmental Risk Disclosure Regime: Navigating Complexity in Global Financial Markets

Author:
Jason Thistlethwaite
Publication Date:
10-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
In recent years, a plurality of different governance initiatives has emerged that are designed to expand the disclosure of environmental risk within financial markets. The emergence of these initiatives represents an important policy development, and it has the potential to reduce environmental risk within the financial sector by incentivizing investments in sustainable economic activity capable of long-term value creation. Unfortunately, environmental risk disclosure has yet to be assessed as a field of governance activity in addition to its potential effectiveness in improving disclosure within financial markets. This paper addresses this gap by describing environmental risk disclosure as a “regime complex” that is defined by a field of fragmented but related governance initiatives that lacks an overarching hierarchy. While this regime complex does reveal evidence for policy convergence among different initiatives, it lacks the enforcement necessary to produce a coherent and comparable disclosure and contributes to uncertainty within the financial sector over the impact of environmental risk. This uncertainty justifies an expanded role of international financial regulations in establishing a mandatory and harmonized disclosure standard that can be applied across different domestic jurisdictions.
Topic:
Environment, International Trade and Finance, and Markets
Political Geography:
United Nations

38844. The State-owned Enterprises Issue in China's Prospective Trade Negotiations

Author:
John Whalley and Hejing Chen
Publication Date:
10-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
China, in the next few years, faces the prospect of major regional and bilateral trade negotiations possibly including the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership with the Association of Southeast Asian Nations (ASEAN) and Japan, Korea, India, Australia and New Zealand and separate negotiations with India, Korea and Japan, potentially the United States and even possibly the European Union. A likely key element in such negotiations, and one already raised by the United States in the TPP negotiations, is that of trade arrangements involving state-owned enterprises (SOEs). China is viewed from outside as having a large SOE sector, and large SOEs are viewed as having a protected monopoly position in domestic Chinese markets.
Topic:
International Trade and Finance, Markets, and World Trade Organization
Political Geography:
Japan, China, Europe, India, Asia, Australia, and Korea

38845. China in the G20 Summitry: Review and Decision-making Process

Author:
Alex He
Publication Date:
10-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
As the largest emerging economy, China believes that the Group of Twenty (G20), instead of the Group of Eight (G8), is the ideal platform for its participation in global governance. This paper examines the reasons why China joined the G20 rather than the G8, and then focuses on a detailed review of China's participation in G20 summits since the enhanced forum began in 2008. China took a very active and cooperative attitude in dealing with the global financial crisis in 2008-2009. The paper observes that China also insisted on its own agenda for reforms to the international monetary system, through reforms to the international financial institutions that manage it — in particular, raising the number of voting shares and the representation of developing countries at the IMF and the World Bank. Based on the reviews of China's performance in the G20 summits since 2008, the paper explores China's policy making through its participation in the G20, determining that it is shaped by several major economic departments in addition to the Ministry of Foreign Affairs, and coordinated by a vice premier responsible for economic and financial affairs. The paper concludes that China has gained immensely from its participation in the G20. Most importantly, China entered the centre stage of global economic governance through the G20, which allowed the country to demonstrate that it is a responsible great power, and communicate and maintain relations with other major powers. The main challenges China has faced since joining the G20, from the perspective of some Chinese scholars, are a lack of capacity for agenda setting and shaping initiatives, as well as inadequate communication and coordination among different government departments and between the Sherpa and financial tracks of the G20.
Topic:
Economics, International Political Economy, International Trade and Finance, International Monetary Fund, Global Recession, Financial Crisis, and World Bank
Political Geography:
China

38846. The Effect of Index Futures Trading on Volatility: Three Markets for Chinese Stocks

Author:
Pierre Siklos, Martin T. Bohl, and Jeanne Diesteldorf
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
This paper examines whether the introduction of Chinese stock index futures had an impact on the volatility of the underlying spot market. To this end, we estimate several Generalized Auto-Regressive Conditional Heteroscedasticity (GARCH) models and compare our findings for mainland China with Chinese index futures traded in Singapore and Hong Kong. Our results indicate that Chinese index futures decrease spot market volatility with all three spot markets considered. In contrast, we do not obtain the same results for the companion index futures markets in Hong Kong and Singapore. China's stock market is relatively young and largely dominated by private retail investors. Nevertheless, our evidence is favourable to the stabilization hypothesis usually confirmed in mature markets.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
China and Singapore

38847. China and Sovereign Debt Restructuring

Author:
Hongying Wang
Publication Date:
09-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
More than a decade after it put forth the idea of the Sovereign Debt Restructuring Mechanism (SDRM) in the early 2000s, the International Monetary Fund (IMF) is again seeking to engage various stakeholders in a new round of discussions about improving sovereign debt restructuring. As a major international creditor, China is an important force to reckon with. So far, the Chinese government has said little publicly regarding the recent IMF reports on this issue. Chinese policy makers and analysts are supportive of the IMF's attempt to explore ways for earlier and more orderly debt restructuring, but they find the proposed reforms to be only marginally useful. From China's point of view, the most important question in debt management is how to prevent excessive borrowing and lending and reduce the likelihood of unsustainable debt. It sees discussions about the mechanisms of sovereign debt restructuring as having little effect on this question. As an international creditor, China's main concern has to do with safeguarding the value of its overseas assets from the detrimental effect of macroeconomic policies of Western countries, especially the United States. This is not an issue that can be addressed by improved debt restructuring mechanisms. China remains deeply concerned about the power imbalance between developed and developing countries in the international financial system. Going forward in the global dialogue over sovereign debt restructuring, China's priority will be to minimize international financial instability while protecting the development needs of developing countries.
Topic:
Debt and International Monetary Fund
Political Geography:
United States and China

38848. The Role of International Trade in the Rise of the New Zealand Dairy Industry from Its Beginnings to the Fonterra Era

Author:
Bruce Muirhead
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Since its widespread settlement by Europeans in the 1840s, New Zealand (NZ) has been an agricultural economy. As has been pointed out “there [has been] no serious challenge to the fundamental precept that the country's economy rested on an agricultural foundation” (Macdonald and Thomson 1987, 231), and dairy has been a significant focus of that base. Dairy production was introduced to New Zealand with the clear intent to establish New Zealand as an adjunct to the economic needs of Britain (Hawke 1985). Indeed, the closeness of the relationship between “the Britain of the south” and the metropolitan centre is one of the fundamental characteristics of any environmental history of NZ agriculture (Pawson 2008). This would persist in a material sense for more than a century, until the United Kingdom joined the European Community (EC) in 1973.
Topic:
Economics and Food
Political Geography:
Britain, United Kingdom, Europe, and New Zealand

38849. Equator Principles Reporting: Do Financial Institutions meet their Goals?

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, and Reform
Political Geography:
Canada

38850. China's Goals in the G20: Expectation, Strategy and Agenda

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, and International Trade and Finance
Political Geography:
United States and China

38851. Crisis Management Mechanisms: Pathologies and Pitfalls

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, and Political Theory
Political Geography:
United States, China, and Asia

38852. Organizational Culture, Learning and Structure in Central Banks: Best Practices and the Case of the Moroccan Central Bank

Author:
Bessma Momani and 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 and Reform
Political Geography:
Canada and Morocco

38853. Reforming the Global Architecture of Financial Regulation: The G20, the IMF and the FSB

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, and Reform
Political Geography:
United States, United Kingdom, and Europe

38854. African Perspectives on Sovereign Debt Restructuring

Author:
Domenico Lombardi, Skylar Brooks, and 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, and Economics
Political Geography:
Uganda, Africa, Liberia, Zimbabwe, Nigeria, Ghana, and Cameroon

38855. Respond and Restrain: Deterrence and Reassurance in Northeast Asia

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, and Nuclear Power
Political Geography:
Japan, Asia, South Korea, and North Korea

38856. Korean Unification in a New Era

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, and Bilateral Relations
Political Geography:
South Korea, North Korea, and Germany

38857. International Shifts and Their Security Impact on the Gulf: Key Trends and Key Numbers

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, and Governance
Political Geography:
Russia, United States, Middle East, Arabia, and Qatar

38858. The Gulf Military Balance Volume III: The Gulf and the Arabian Peninsula

Author:
Anthony H. Cordesman, Robert M. Shelala II, and 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 and Political Power Sharing
Political Geography:
Washington, Arabia, Saudi Arabia, and United Arab Emirates

38859. Evolving Threats and Strategic Partnership in the Gulf

Author:
Anthony H. Cordesman
Publication Date:
12-2014
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
This paper provides an updated analysis of the military balance in the Gulf region focusing on US power projection capability and the relative size and capability of GCC and Iranian military forces. It shows that Iran is anything but a regional superpower if GCC states provide the cooperation and interoperability between their forces.
Topic:
Regional Cooperation, Military Strategy, and Hegemony
Political Geography:
Iran and Arabia

38860. Gulf Security, Stability, and Terrorism: Country Rankings

Author:
Anthony H. Cordesman
Publication Date:
11-2014
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
There is no one way to measure the level of security and stability in given countries, the conditions of life, or the rising threat posed by internal; and domestic terrorism. This analysis provides a wide range of metrics from reporting by the World Bank, UN, and US government. It focuses on trends and it will be immediately clear to the reader that it does not always reflect the shattering impact of the violence and upheavals that have taken place in some countries since 2011.
Topic:
Religion, Terrorism, International Security, and Governance
Political Geography:
Arabia