This paper proposes a Markov switching herding model. By means of time-varying transition probabilities, the model is able to link...
Challenges of the International Monetary System
The focus in this paper is on the international reserve currency dispensation that could best serve the world. In particular, aspects of...
A picture of flying pigs was the image used by award-winning author and esteemed journalist Paul Blustein to denote the likelihood of the “...
Addressing limitations in the way nations tackle shared economic challenges, the Global Economy program is a central area of CIGI expertise. It strives to inform and guide policy debates through world-leading research and sustained stakeholder engagement. In undertaking its research, the program leverages its comparative advantage in bridging the gap between economic and political economy analysis.
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.