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The Sweet Breath of Justice

Thursday, 16 April 2015
blog
By September 1945, the war in Europe was over and Japan had surrendered. And, suddenly, the U.S. ended Lend Lease—the program that for five years had provided assistance to the allies fighting alongside the U.S., principally the Soviet Union and the U.K. The abrupt termination of Lend Lease came as a shock to the U.K. Government and especially to John Maynard Keynes, who had worked tirelessly with the Americans to develop "rules of the games" for the post-war economy, securing agreement a year earlier at Bretton Woods, New Hampshire.

The IMF’s Ukraine Burden

Tuesday, 14 April 2015
publication
The International Monetary Fund has raised red flags on the risks for its financial position from its latest loan to Ukraine. The significant expansion of the Fund’s exposure to Ukraine approved by the executive board in March begs a central question about the size of the lending operation and the program of policies it supports: is the IMF equipped to take on the risk of such a large commitment of resources with questionable prospects for success to a country in conflict with questionable prospects for economic success?

Sovereign Debt Restructuring: Issues Paper

Thursday, 9 April 2015
publication
This paper provides an overview of the main issues, debates and policy proposals that surround sovereign debt restructuring.

International Regulatory Cooperation on the Resolution of Financial Institutions: Where Does India Stand?

Wednesday, 8 April 2015
publication
Renuka Sane
The 2008 financial crisis led to the renewed realization that close linkages between financial firms can also cause large-scale disruption when financial firms fail. This paper provides a brief description of the principles of cross-border resolution that have emerged since 2008 and an overview of developments on resolution of financial firms in India. The policy choices of India may be reflective of the thinking in a large number of emerging markets, which lag considerably behind more developed markets.

Laid Low: The IMF, the Euro Zone and the First Rescue of Greece

Tuesday, 7 April 2015
publication
This paper tells the story of the first Greek rescue, focusing on the role played by the International Monetary Fund (IMF), and based on interviews with dozens of key participants as well as both public and private IMF documents. A detailed look back at this drama elucidates significant concerns about the Fund’s governance and its management of future crises.

CIGI appoints sustainability finance expert Olaf Weber as Senior Fellow

Tuesday, 7 April 2015
article
Waterloo, Canada — The Centre for International Governance Innovation (CIGI) is pleased to announce the appointment of Olaf Weber as Senior Fellow with its Global Economy Program. Weber will focus his research on sustainability and the banking sector, including sustainability guidelines and regulations for central banks and regulatory bodies.

Capital Flows and Capital Account Management in Selected Asian Economies

Thursday, 2 April 2015
publication
Rajeswari Sengupta, Abhijit Sen Gupta
Gross capital inflows and outflows to and from emerging market economies have witnessed a significant increase since the early 2000s. This rapid increase in the volume of flows, accompanied by sharp swings in volatility, has amplified the complexity of macroeconomic management in emerging economies. This paper focuses on capital flows in selected emerging Asian economies, analyzing surge and stop episodes, then evaluating the policy measures undertaken by these economies in response.

Over Their Heads: The IMF and the Prelude to the Euro-zone Crisis

Monday, 30 March 2015
publication
The years prior to the global financial crisis were a peculiar period for the International Monetary Fund (IMF). It was struggling to define its role and justify its existence even as trouble was brewing in countries it would later help to rescue. To understand the Fund’s current strengths and weaknesses, a look back at this era is highly illuminating. Three major developments for the IMF, spanning the years 2005–2009, are chronicled.

Capital Flows and Spillovers

Monday, 30 March 2015
publication
Şebnem Kalemli-Özcan
This paper shows that debt flows have contractionary effects on emerging markets’ output, while equity flows have expansionary effects. Such correlations can be driven by counter-cyclical debt flows and pro-cyclical equity flows, or by debt flows that lead to an appreciation and hurt exports, and by equity flows that improve the productivity of the real economy, broadly defined.

Short-selling Bans and the Global Financial Crisis: Are They Interconnected?

Friday, 27 March 2015
publication
Pierre Siklos, Martin T. Bohl, Badye Essid
This paper observes that short-selling bans spread globally beginning in 2007. The authors seek to empirically determine whether there were spillover effects over and above the domestic impact from the imposition of such bans.
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