Short-selling Bans and Institutional Investors' Herding Behaviour: Evidence from the Global Financial Crisis
The authors examine bans on selected financial stocks in six countries during the 2008-2009 global financial crisis, which provided a...
During the recent global financial crisis, regulators, politicians and high-profile media coverage blamed short sellers for amplifying...
The failure of many observers to recognize the varied scale of the G20’s efforts — from macroeconomic rebalancing to ratification of the...
Project: G20 Working Group
Addressing the need for sustainable and balanced economic growth, the Global Economy program is a central area of CIGI expertise. Its importance was heightened by the global financial crisis at the end of the last decade which gave impetus to the formation of the G20 leaders’ summits — a development for which CIGI experts had advocated.
The Global Economy area includes macroeconomic regulation (such as fiscal, monetary and exchange rate policies), financial regulation (such as requirements on capitalization of banks) and trade policy. We live in an increasingly interdependent world, where rapid change in one nation’s economic system may affect many nations. CIGI believes improved governance of the global economy can increase prosperity for all humankind.
The research agenda for the Global Economy Program is currently focused on four broad areas:
- International financial regulation, particularly the need to strike the appropriate balance between stability and efficiency to ensure the appropriate pricing of risk and the development of effective, efficient international capital markets. Work on international financial regulation governance, especially the role of the Financial Stability Board, will form a key element of CIGI's global economy program going forward.
- A framework for the timely, orderly sovereign debt restructuring that preserves the bonding role of debt, creates the right incentives for sound policy making on the part of governments and encourages the efficient pricing of risk by investors.
- Possible reforms to the international monetary system to address the growing importance of key emerging market economies in the global economy, questions regarding the role of the U.S. dollar as the key vehicle currency and international reserve asset, and how to promote the international cooperation needed to secure sustained, strong and balanced growth.
- The role and reform of the International Monetary Fund (IMF), including strengthening the legitimacy, credibility and effectiveness of the IMF as the key international institution for monetary cooperation.