Bessma Momani PublicationsBessma Momani Publications
Greece in 2011: Argentina in 2002 Redux?
The Greek tragedy of sovereign debt, the overlay of a potential for regional recession, social turmoil, perceptions of structural corruption, and political theatrics and brinkmanship is all too familiar. This is reminiscent of Argentina in 2002, which remains the largest sovereign debt default in economic history. This comparison should give the Greeks some hope — after all, Argentine 10-year government bonds today are comparable to other emerging market economies and investors flocked back to Argentina. What did Argentina do and what can Greece learn from its experience?
Lagarde and the IMF: The Unlikely Winners of the Cannes G20 Summit
Most world leaders left the recent G20 meetings in Cannes with little to show and with great disappointment at failing to come to any detailed resolution over many of the key systemic issues that were on the agenda. Yet, there appears to be one unintended winner of the Cannes summit: Christine Lagarde and the International Monetary Fund (IMF). The managing director of the IMF and former French finance minister, who played a key role in organizing the G20 agenda under her former — and known to be prickly — boss President Nicolas Sarkozy, left the meetings with promises of additional funding, boosting of global confidence in IMF surveillance roles and endorsements from China and Brazil in the IMF as the credible monitor of Europe’s promises at reform.
Where Was the Fight for IMF Leadership?
Following the announcement that Christine Lagarde has been chosen as the new head of the IMF, CIGI Senior Fellow Bessma Momani comments on the missed opportunity for emerging market economies to claim their rightful role at the helm of the IMF.
The G20 Agenda and Process: Analysis and Insight by CIGI Experts
These 21 CIGI commentaries analyze the policy issues and debates under discussion in 2010 that are still relevant to the ongoing G20 agenda under the French presidency and the G20’s aspirations for the future.
Political Realities Will Test G20's Plans for Financial Stability
The G20, in one of its most important actions to date, established the Financial Stability Board (FSB). But lessons from previous years suggest that familiar political realities will intrude to challenge the efficacy of this new post-Bretton Woods order, writes CIGI Senior Fellow Bessma Momani
From Desolation to Reconstruction: Iraq's Troubled Journey
From Desolation to Reconstruction: Iraq’s Troubled Journey examines Iraq’s reality after the 2003 US-led invasion. It begins by relating Iraq’s modern social and political history prior to the invasion and then outlines the significant challenges of democratization and the creation of an Iraqi constitution, which will be necessary for Iraq to become a strong and effective state.
The Future of the International Monetary Fund: A Canadian Perspective
The CIGI/CIC Special Report on the future of the International Monetary Fund looks at the IMF’s role in the context of the global economic crisis and the new economic and financial governance architecture that is emerging. The report makes recommendations regarding the IMF’s role in the international financial system, governance of the IMF, and IMF functional reforms.
Flashpoints for the Pittsburgh Summit
CIGI Special G20 Report: Flashpoints for the Pittsburgh Summit is a compendium of brief policy papers by respected academics and practitioners who have studied the G20. The Special Report highlights the breadth of CIGI's research into economic governance, financial regulatory reform and regulation, international trade, and the capacity of the expanded G20 leadership to resolve and ideally prevent future crises.
The Oil-Producing Gulf States, the IMF and the International Financial Crisis
This policy brief outlines the reasons for their reluctance to contribute to IMF liquidity, noting that the Gulf states increasingly are looking inward to deal not only with their own economic difficulties in the light of the recent collapse of oil prices but also with demands of a rising class of educated middle-class citizens for more scrutiny of traditional petrodollar recycling policies.
IMF and Monetary Reforms II
To date, the debate about International Monetary Fund (IMF) reform has been limited to conversations among policy makers and scholars from OECD countries. The Centre for International Governance Innovation (CIGI), in collaboration with the Initiative for Policy Dialogue, Columbia University and New Rules for Global Finance Coalition proposed to remedy this imbalance by sponsoring of a series of regional conferences in order to bring voices from emerging and developing countries to the IMF reform debate. Following previous meetings that have covered Asia, Central Asia, Africa and the Middle East, this meeting in Washington, DC focused on Latin American and Caribbean perspectives to the IMF reform debate. The initiative brought together scholars and officials from central banks and governments throughout the region who have been or currently are involved in relations with the IMF. The objective of the meeting was to articulate the needs and priorities for future services from the Fund for these countries.