Thursday, 27 November 2014
The Economist magazine and Wolfgang Münchau at the Financial Times have recent articles on the polarization of European politics, which, it is argued, is driven in part by large debt burdens and the fiscal austerity—or “adjustment”—that has been used to contain debt. How is that going?
Monday, 10 November 2014
The 2014 Beijing APEC summit, taking place on November 10-11, provides leaders with the opportunity to respond to worries about APEC’s relevance by pledging to add members in 2015. This policy brief examines the recent history of India's exclusion from APEC and argues that it must be among the new members in 2015.
Friday, 7 November 2014
The annual CIGI Survey of Progress in International Economic Governance assesses progress in four dimensions of international economic governance: macroeconomic and financial cooperation; cooperation on financial regulation; cooperation on trade; and cooperation on climate change.
Monday, 29 September 2014
More than a decade after it put forth the idea of the Sovereign Debt Restructuring Mechanism in the early 2000s, the International Monetary Fund (IMF) is again seeking to engage various stakeholders in a new round of discussions about improving sovereign debt restructuring. As a major international creditor, China is an important force to reckon with, but thus far, its government has said little publicly regarding the recent IMF reports on this issue. Chinese policy makers and analysts are supportive of the IMF’s attempt to explore ways for earlier and more orderly debt restructuring, but they find the proposed reforms to be only marginally useful.
Organizational Culture, Learning and Structure in Central Banks: Best Practices and the Case of the Moroccan Central Bank
Monday, 15 September 2014
This paper provides both theoretical and empirical evidence that maintains that a central bank’s organizational structure, culture and learning system are important for achieving best governance practices. It argues that a central bank’s organizational structure and culture facilitate the effective implementation of governance practices that have been enacted by law or in a strategic plan, with specific reference to central bank independence, communication, transparency, professionalization, technical excellence and reputation risk management.
Friday, 1 August 2014
CIGI Senior Fellow Brett House comments on the declaration that Argentina is in a "selective default" position. (NOTE: This article is only available in Spanish.)
Thursday, 31 July 2014
"In response to the international financial crisis of 2008, global debt has been driven to high levels, and in the coming years macroeconomic conditions are likely to push debt burdens to even higher ratios across the developed and emerging worlds," writes CIGI Senior Fellow Brett House.
What Drove the Mid-2000s' Explosiveness in Alternative Energy Stock Prices? Evidence from US, European and Global Indices
Tuesday, 29 July 2014
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.
CIGI at CEA 2014 (V): Lessons (and caveats) from Czech National Bank's foreign exchange interventions
Monday, 28 July 2014
Guest blogger former CIGI Research Associate Kevin English chronicles CIGI's panel at the 2014 Canadian Economics Association's annual conference, looking at Doug Laxton's presentation on the Czech National Bank's use of foreign exchange interventions.
Saturday, 26 July 2014
IFR's Christopher Spink cites a CIGI co-sponsored conference and subsequent report on Chinese perspectives on sovereign debt restructuring.