CIGI Papers

CIGI Papers present well-considered policy positions and/or research findings, insights or data relevant to policy debates and decision making. This category includes papers linked to particular projects or topic areas.

Transatlantic Economic Agreements: Parsing CETA and TTIP

July 21, 2014
CIGI Paper No. 35
Both Canada and the United States are in the process of working through two separate trade agreements with the European Union. The Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union is, allegedly, almost complete, while the Trans-Atlantic Trade and Investment Partnership (TTIP) between the United States and the Europe Union is still in the early stages. This paper examines the similarities and differences between CETA and the TTIP and suggests ways the TTIP negotiations might unfold, especially considering there have been suggestions that CETA is a “template” for the TTIP.

What Drove the Mid-2000s' Explosiveness in Alternative Energy Stock Prices? Evidence from US, European and Global Indices

July 29, 2014
CIGI Paper No. 36
Pierre Siklos, Martin T. Bohl, and Philipp Kaufmann
Soaring prices in European alternative energy stocks and their subsequent tumble have attracted attention from both investors and academics. This paper by Martin T. Bohl, Philipp Kaufmann and Pierre L. Siklos extends recent research to an international setting and analyzes whether the explosive price behaviour of the mid-2000s was driven by rising crude oil prices and an overall bullish market sentiment.

China and Global Mega Trade Deals

July 11, 2014
CIGI Paper No. 34
Chunding Li, Jing Wang, and John Whalley
The term “mega deal” has been widely used in relation to two large prospective trade deals between the United States and Europe — the Transatlantic Trade and Investment Partnership — and between Asia and the Pacific — the Trans-Pacific Partnership. This paper, authored by Chungding Li, Jing Wang and John Whalley, explores a possible description of mega deals by making an inventory of current deals in place, under discussion or negotiation, and deals yet to be considered.

Tipping the Scale: An Analysis of Global Swing States in the Internet Governance Debate

June 23, 2014
Global Commission on Internet Governance Paper Series No. 2
Tim Maurer and Robert Morgus
In December 2012, numerous news outlets reported on the debate over Internet governance that took place at the World Conference on International Telecommunications (WCIT) in Dubai. It was the first time in nearly a decade that the topic attracted major international media attention. A key aspect of the post-WCIT discussion has centred on the role of “swing states” in this global debate.

Global Cybercrime: The Interplay of Politics and Law

June 20, 2014
Internet Governance Papers No. 8
Examining global cybercrime as solely a legal issue misses an important facet of the problem. Understanding the applicable legal rules, both domestically and internationally, is important. However, major state actors are using concerted efforts to engage in nefarious cyber activities with the intention of advancing their economic and geostrategic interests. This paper explores the recent unsealing of a 31-count indictment against five Chinese government officials and a significant cyber breach, perpetrated by Chinese actors against Western oil, energy and petrochemical companies.

Sovereign Debt Crisis Management: Lessons from the 2012 Greek Debt Restructuring

June 12, 2014
CIGI Papers No. 33
The 2012 Greek debt exchange was a watershed event in the euro area debt crisis. It generated fears of contagion and was viewed as a threat to the euro itself. There is a heated debate as to whether the debt restructuring should have taken place sooner. This paper argues that a deep haircut up front, under threat of legislative action, would have been seen as unnecessary and deeply coercive. But delaying the restructuring beyond mid-2011, when it became clear that Greece’s debt was unsustainable, was unjustified.

Sovereign Debt Restructuring: Old Debates, New Challenges

May 29, 2014
CIGI Paper No. 32
This paper outlines the problems impeding timely sovereign debt restructurings, identifies the policy responses proposed and discussed 10 years ago in response to financial crises, and discusses the elements of old debates and how they can remain relevant in today’s new challenges. The paper concludes with three areas for further analysis: expanding the scope of contractual clauses that can help facilitate restructurings; accounting, tax and regulatory frameworks and identifying possible changes to remove impeding obstacles; and improving the process for negotiating debt restructurings, as well as creating a Sovereign Debt Forum for exchange of information.

The Regime Complex for Managing Global Cyber Activities

May 20, 2014
Global Commission on Internet Governance Paper Series No. 1
Joseph S. Nye Jr.
When we try to understand cyber governance, it is important to remember how new cyberspace is. The World Wide Web was conceived in 1989, but only in the last 15 years have the number of websites burgeoned, with businesses beginning to use this new technology to shift production and procurement in complex global supply chains. The Internet has become a substrate of modern economic, social and political life.

Tipping the Scale: An Analysis of Global Swing States in the Internet Governance Debate

May 5, 2014
Internet Governance Papers No. 7
Tim Maurer and Robert Morgus
In December 2012, numerous news outlets reported on the debate over Internet governance that took place at the World Conference on International Telecommunications (WCIT) in Dubai. It was the first time in nearly a decade that the topic attracted major international media attention. A key aspect of the post-WCIT discussion has centred on the role of “swing states” in this global debate.

Development: Advancement through International Organizations

May 5, 2014
CIGI Paper No. 31
Rohinton Medhora and David Malone
The familiar world of international organizations concerned with the advancement of development has been upended by two phenomena: the emergence of sustained economic success in the developing world, and the international financial and economic crisis that has gripped much of the industrialized world since 2008.