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

Wednesday, 8 April 2015
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
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
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
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
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
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
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.

The Global Liquidity Safety Net: Institutional Cooperation on Precautionary Facilities and Central Bank Swaps

Friday, 20 March 2015
C. Randall Henning
A country’s qualification for the IMF’s Flexible Credit Line should open access to the precautionary facilities of regional financial arrangements and to central bank swaps.

The UK shows a way to break out of Washington’s yoke on global economic affairs

Tuesday, 17 March 2015
The UK has reasserted its desire to be a leader in the world economy. If it pries some followers away from the US, we could end the inertia that has beset global policy making in recent years. Prime Minister David Cameron’s pledge to join the Asian Infrastructure Investment Bank (AIIB) despite the Obama administration's objections is perhaps the most significant development in global economic governance since the BRICS nations decided to formalize their relationship through an annual summit.

Internationalization of the Renminbi: Developments, Problems and Influences

Tuesday, 3 March 2015
Ming Zhang
Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar and advance domestic structural reform. This internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic.
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