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22. Development: Advancement through International Organizations
- Author:
- Rohinton Medhora and David Malone
- Publication Date:
- 05-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The familiar world of international organizations principally devoted to development has been upended by two phenomena. First is the emergence of sustained economic success in the developing world (mostly in Asia, but increasingly also in Africa and, in a less spectacular way, Latin America) amid compelling, continuing need among the world's poor. Second, the slow-moving, serious financial and economic crisis of the industrialized world since 2008 has reordered priorities in many of their capitals toward domestic spending and away from costly international projects.
- Topic:
- Development, Economics, International Cooperation, International Organization, and Financial Crisis
- Political Geography:
- Africa, Asia, United Nations, and Latin America
23. Comments on the September 29, 2014 FSB Consultative Document, "Cross-Border Recognition of Resolution Action"
- Author:
- Steven L. Schwarcz
- Publication Date:
- 11-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The International Law Research Program (ILRP) of the Centre for International Governance Innovation (CIGI) welcomes the opportunity to comment on the Financial Stability Board's (FSB's) Consultative Document, “Cross-Border Recognition of Resolution Action” (hereafter referred to as the “Consultative Document”) that was released on September 29, 2014.
- Topic:
- International Trade and Finance, Financial Crisis, and Reform
24. 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
25. 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
26. 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
27. The Sovereign Debt Forum: Expanding Our Tool Kit for Handling Sovereign Crises
- Author:
- Richard Gitlin and Brett House
- Publication Date:
- 08-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- A sovereign debt forum (SDF) would assist in facilitating more predictable, transparent and timely treatments of sovereign crises during future episodes of debt-servicing difficulties. An SDF would provide a non-statutory, neutral standing body to identify lessons from past episodes of sovereign distress, maintain information on sovereign debt and convene stakeholders to engage in confidential discussions at the outset of a sovereign crisis. The SDF proposal takes inspiration from existing precedents, such as the Paris Club and Vienna Initiative, which demonstrate that informal, rules-based representative entities have a long-standing history of organizing effective workouts for distressed countries An SDF would have a limited remit: to enable early, discreet consultation and information sharing between distressed sovereigns and their creditors to speed the process by which a sovereign is returned to solvency, stability and growth. An SDF would not supersede existing institutions and would rely on close collaboration with the International Monetary Fund (IMF). An SDF would complement other proposals for automatic maturity extensions on securitized debt, arbitration and mediation processes, voluntary standstills and improved aggregation in collective action clauses (CACs). The SDF and other incremental, pragmatic proposals to improve sovereign crisis management should be put at the core of the G20 agenda on an ongoing basis.
- Topic:
- Economics, Financial Crisis, and Governance
28. Unsustainable Debt and the Political Economy of Lending: Constraining the IMF's Role in Sovereign Debt Crises
- Author:
- Susan Schadler
- Publication Date:
- 10-2013
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The timely resolution of severe debt crises has long been one of the most difficult challenges for global financial cooperation. Focussing on the case of Greece, this paper examines how the euro crisis precipitated large International Monetary Fund (IMF) loans that violated the framework developed on the basis of the preceding decade to prevent a costly delay in restructuring. The paper reveals that safeguards meant to prevent the IMF from providing support for crisis countries without a reasonably clear path to debt sustainability failed. In fact, changes made in the context of the euro crisis to the IMF's framework for lending in severe sovereign debt crises will weaken the IMF's effectiveness in future crises. The paper concludes with four suggestions for how to re-establish an adequate framework for IMF intervention in severe debt crises in the future.
- Topic:
- Debt, Economics, International Monetary Fund, and Financial Crisis
29. ARBITERS AMISS: THE FAILINGS AND SHORTCOMINGS OF INSTITUTIONS GOVERNING THE GLOBAL FINANCIAL SYSTEM
- Author:
- Paul Blustein
- Publication Date:
- 10-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Myriad dangers beset the global economy. The US Federal Reserve is trying to curb its ultra-easy money policy, a delicate operation that could plunge the world into recession if done too abruptly. The euro zone might fall back into turmoil. Japan's experiment with “Abenomics”1 could go sour. China's banking system looks shaky. Emerging economies are suffering large scale withdrawals of foreign funds.
- Topic:
- Debt, Development, Economics, International Monetary Fund, Foreign Aid, Fragile/Failed State, and Financial Crisis
- Political Geography:
- China
30. A Markov Switching Approach to Herding
- Author:
- Pierre Siklos, Martin T. Bohl, and Arne C. Klein
- Publication Date:
- 12-2013
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Existing models of market herding suffer from several drawbacks. Measures that assume herd behaviour is constant over time or independent of the economy are not only economically unreasonable, but describe the data poorly. First, if returns are stationary, then a two-regime model is required to describe the data. Second, existing models of time-varying herding cannot be estimated from daily or weekly data, and are unable to accommodate factors that explain changes in this behaviour. To overcome these deficiencies, this paper proposes a Markov switching herding model. By means of time-varying transition probabilities, the model is able to link variations in herding behaviour to proxies for sentiment or the macroeconomic environment. The evidence for the US stock market reveals that during periods of high volatility, investors disproportionately rely on fundamentals rather than on market consensus.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States and Canada
31. Perspectives on the G20: The Los Cabos Summit and Beyond
- Author:
- James A. Haley
- Publication Date:
- 06-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The G20 leaders meeting in Los Cabos confront a number of challenges. Most prominent among these is the state of the global economy, which remains dangerously unbalanced, and in which the balance of risks is clearly weighted on the downside. These risks emanate from several sources.
- Topic:
- Economics, International Cooperation, International Organization, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- China
32. How Global Watchdogs Missed a World of Trouble
- Author:
- Paul Blustein
- Publication Date:
- 07-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper provides the first detailed look inside the operations of the Financial Stability Forum (FSF), a little- known and secretive institution created shortly after the emerging-market crises of the late 1990s. Although other institutions have come under intense scrutiny and criticism since the eruption of the global financial crisis in 2007, the FSF has gotten much less attention than it deserves. Its primary aim was to coordinate efforts in preventing and mitigating future crises, and its members included top- ranking officials from the finance ministries, central banks and regulatory agencies of the world's richest countries. Moreover, the FSF's successor body, the Financial Stability Board (FSB) — whose name reflects the two bodies' many similarities — was established at a summit of world leaders in April 2009, amid solemn promises that the leaders were putting in place the mechanisms necessary to ensure the safety and soundness of the global financial system.
- Topic:
- Security, Development, Economics, Emerging Markets, Globalization, Global Recession, Financial Crisis, and Governance
33. Sovereign Debtors in Distress: Are Our Institutions Up to the Challenge?
- Author:
- Susan Schadler
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Global economic developments over the past two years have dashed hopes that the risks of sovereign debt crises have been tamed. The turmoil in Europe has, of course, been the most acute of these developments, but growing national fiscal imbalances, anemic prospects for growth and the expanding reach of private financial markets to newly emerging economies are potent, if less immediately threatening, signs of the risks ahead. After lying dormant for almost a decade, pressing questions about whether global institutions are capable of containing the costs of debt crises are again being raised.
- Topic:
- Debt, Economics, Globalization, Political Economy, Financial Crisis, and Governance
- Political Geography:
- Europe
34. From Bretton Woods to the Euro: How Policy-Maker Overreach Fosters Economic Crises
- Author:
- Pierre Siklos
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper considers the relevance of the Bretton Woods system for the prospects of reform of the international monetary system and in the context of the ongoing euro area financial crisis. It explores the challenges that must be met in attempting to reform the present international monetary system and euro area policies. After considering what resonates, and what does not, from the Bretton Woods regime of fixed exchange rates, it examines some of the key lessons from that era. The paper concludes that policy makers at Bretton Woods promised too much in terms of the stability and durability of the policy regime, and did not give sufficient thought to how the arrangement devised in the 1940s would actually function. They failed to instill the logic of collective action among their members. In particular, the Bretton Woods system failed because the agreement paid virtually no attention to governance issues. Finally, in terms of the current situation in the euro zone, policy makers have failed to recognize that the problems are not purely economic; domestic political considerations are important too. A political-economy approach is required for the design of new international monetary arrangements. The same principles apply today when we contemplate the survival of the euro zone. Politicians need to be more realistic and less ambitious, lest they create the preconditions for the next global crisis.
- Topic:
- Economics, Global Recession, Financial Crisis, and Governance
- Political Geography:
- Europe
35. National Perspectives on Global Leadership During the Cannes G20
- Author:
- Colin Bradford
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Reporting from 13 G20 countries reveals that, through the eyes of the national media, the euro crisis “overwhelmed,” “dominated,” “totally sidetracked” or “hijacked” the Cannes G20 Summit on Thursday night through Friday afternoon, November 4-5, 2011. Only Argentina seems to have been captivated by the bilateral meeting between US President Barack Obama and their leader, President Cristina Kirschner, to such a degree that it overshadowed the global preoccupation with the Greek debt crisis and its implications for the euro zone and the global economy. As she did at other G20 summits, Cristina Kirschner found a way to project her own priorities and portray them to the Argentine public through deliberate preparation with her cabinet beforehand and in regional consultations, and this also held true at her appearance at the B20 (G20 business summit) held just before the G20.
- Topic:
- Economics, Globalization, International Cooperation, and Financial Crisis
- Political Geography:
- Europe and Latin America
36. Social Partnerships and Development: Implications for the Caribbean
- Author:
- Indianna D. Minto-Coy
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The effects of the ongoing global financial crisis have intensified the existing economic issues facing the Commonwealth Caribbean, including declining investment, productivity levels and employment opportunities for its citizens. Although the current crisis presents challenges for governments in the region, it also offers an opportunity for these countries to implement innovative solutions to contend with the short-term effects of the financial crisis, while addressing long-standing problems. A solution that has been successful in Botswana, Ireland and Barbados, is the use of social partnerships. Undertaken while these countries were facing economic and social crises, social partnership as a specific governance model allowed them to achieve levels of development and stability that other states yearn to attain.
- Topic:
- Development, Economics, Labor Issues, Foreign Direct Investment, Financial Crisis, and Governance
- Political Geography:
- Caribbean
37. G7 to G8 to G20: Evolution in Global Governance
- Author:
- Gordon S. Smith
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper provides a brief history of the evolution of the Group of Seven (G7) from its origins in the aftermath of the 1971 breakdown of the Bretton Woods system of exchange rates and the oil crisis in 1973. It then discusses Russia's participation at summits after the fall of the Berlin Wall, formally joining the group in 1997, thus becoming the Group of Eight (G8). The paper gives a concise account of the formation of the Group of Twenty (G20) finance ministers and central bank governors in the late 1990s, in the wake of financial crises in Asia and Latin America, which was elevated to a leaders' summit forum at the outbreak of the global financial crisis in 2008. The paper wraps up with a discussion of the differences in the G8 and G20 models, concluding that the G20 process is still the best option for meeting the challenges of complex global governance issues.
- Topic:
- International Cooperation, International Organization, International Trade and Finance, Financial Crisis, and Governance
- Political Geography:
- Russia, Asia, and Latin America
38. The Future of the G20 and Its Place in Global Governance
- Author:
- Paul Heinbecker
- Publication Date:
- 04-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper examines the Group of 20 (the G20) from a perspective of global governance, reviewing the G20's history to date and seeking to answer two sets of questions: Is the G20 succeeding, and what does the future likely hold for it? Is it still necessary for the G20 to meet at the leaders' level, or should the enterprise be returned to finance ministers? Presuming that it endures at the leaders' level, will the G20 stick to a largely economic and financial agenda, or should it address other pressing issues? Will it complement or conflict with the Group of Eight (G8), the International Monetary Fund (IMF), the United Nations (UN) and other global institutions with economic and security vocations?
- Topic:
- Security, Climate Change, Economics, Emerging Markets, International Cooperation, Global Recession, Food, and Financial Crisis
- Political Geography:
- United Nations
39. Developing Countries – even China – Cannot Rescue the World Economy
- Author:
- Manmohan Agarwal
- Publication Date:
- 01-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Many analysts believe that developed countries will recover very slowly from the global economic crisis. Consequently, they have looked to the emerging economies of the developing world to help stabilize the world economy and generate a stronger recovery. Indeed, when the financial crisis first engulfed the rich countries in 2008 and early 2009, growth in developing economies was not affected as their banks and financial systems faced neither credit problems nor a more serious meltdown. It is true that some foreign investors, particularly institutional investors, withdrew their money from developing countries with large stock exchanges, setting off stock price declines and some currency devaluations. But this did not affect the “real” economy of production and employment. There was a wide belief that many developing economies were “decoupled” from the rich economies and could continue to grow and this growth would buoy the world economy. Even when output declined dramatically in the developed economies, reducing the demand for developing countries' exports, it was expected that growth in the larger emerging economies would not be significantly affected. This has been borne out by subsequent events. Growth in China has been 8-9 percent and in India about 6 percent in the first three quarters of 2009.
- Topic:
- Development, Economics, Emerging Markets, International Trade and Finance, and Financial Crisis
- Political Geography:
- China and India
40. The G20 Framework for Strong, Sustainable And Balanced Growth: A Study in Credible Cooperation
- Author:
- Daniel Schwanen
- Publication Date:
- 06-2010
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The G20 has launched far-ranging reforms of economic governance institutions and the manner in which key economies should cooperate in the future. Its ambitious aim is not only to stabilize the world economy following the economic crisis of 2007-09, but also to anticipate and, as far as possible, prevent future crises and foster sustainable growth going forward. A central element of the promised reform is the “Framework for Strong, Sustainable and Balanced Growth,” introduced at the 2009 summit in Pittsburgh, in which the G20 agreed to accept joint and individual responsibility for the health of the global economy. By specifying the key elements of growth, agreeing to assess their policies mutually with the help of the International Monetary Fund (IMF) and other institutions and agreeing to discuss actions required in light of these assessments, the G20 leaders have launched a potentially effective vehicle for delivering on their promises.
- Topic:
- Economics, International Cooperation, International Organization, Monetary Policy, and Financial Crisis