Friday, 12 June 2015
This policy brief is a stock-taking of the proceedings of the Think 20 conference held in Ottawa on May 3–5, 2015, and co-hosted by the Centre for International Governance Innovation and The Economic Policy Research Foundation of Turkey. The meeting involved representatives of think tanks from G20 countries, leading international experts and a number of senior officials.
Thursday, 11 June 2015
Banking union involves the transfer of authority over banking policy from the national to the European level. This paper describes the rationale for banking union, four key pieces of legislation that constitute its legal foundation and two mechanism that form its key pillars.
Tuesday, 9 June 2015
Policy fads can be as fickle as fashion trends. Many years ago, industrial policy was all the rage. Proponents argued that "strategic" interventions in key industries could foster development and spur growth. Japan, with its mighty Ministry of International Trade and Industry (MITI) was held up as a model. And books with titles such as "Japan as Number One" warned ominously that countries failing to identify and support strategic sectors would risk falling progressively behind.
Monday, 8 June 2015
In the first year he was treasury secretary, Henry Paulson went to China at least four times. His was on a mission to take relations to another level. (His mission changed abruptly in the autumn of 2008.)
Wednesday, 27 May 2015
On April 22, 2015, CIGI’s Global Economy Program co-hosted a workshop with the Mexican Council on Foreign Relations to discuss Mexican perspectives on sovereign debt restructuring. Taking place in Mexico City, the workshop featured expert participants from the public and private sectors, as well as think tanks and academia. This policy brief reviews and elaborates on key themes from the discussions.
Monday, 25 May 2015
A previous post, here, highlighted the very low interest rates that prevail in the “waiting for Godot” global economy. These rates may reflect a post-crisis, paradox of thrift economy, with uncertainty about the future raising savings, driving interest rates down, and retarding investment. Historically low interest rates are indicative of savings in excess of investment. If the global economy was at or above full employment, we could be reasonably confident in saying that the problem was too much investment; with the global continuing to labour under a chronic insufficient global aggregate demand, the problem may be too little investment.
Monday, 25 May 2015
Renminbi (RMB) internationalization will entail a series of steps that will have to be implemented over time. This paper asks how the process of RMB internationalization will unfold. It analyzes in what order those steps should be taken and how they should be related to one another.
Thursday, 21 May 2015
Three years on, IMF Managing Director Christine Lagarde describes the outlook for global growth as the “new mediocre.” Larry Summers, meanwhile, warns of secular stagnation. And, while scholars debate the validity of the secular stagnation hypothesis, it is pretty hard to deny that the current recovery is the worst on record in the post-war period.
Tuesday, 12 May 2015
This paper is based on literature reviews on the concept of an international currency and its economic and political determinants, as well as China’s motivation for renminbi (RMB) internationalization by both Chinese and foreign scholars.
Monday, 20 April 2015
Some who spend time thinking about global governance would merge the G20 and the IMFC, the slightly larger steering committee of the IMF. On the weekend, this happened, if fleetingly, as finance ministers and central bankers from the two bodies met jointly to debate how to end the impasse over IMF reform.