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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.

Connected Choices: How the Internet is Challenging Sovereign Decisions

April 10, 2015
GCIG Paper No. 11
Modern societies are in the middle of a strategic, multi-dimensional competition for money, power and control over all aspects of the Internet and the Internet economy.

Sovereign Debt Restructuring: Issues Paper

April 9, 2015
CIGI Paper No. 64
This paper provides an overview of the main issues, debates and policy proposals that surround sovereign debt restructuring.

A Primer on Globally Harmonizing Internet Jurisdiction and Regulations

April 9, 2015
GCIG Paper No. 10
Michael Chertoff and Paul Rosenzweig
We stand on the cusp of a defining moment for the Internet, and existing trends, left unaddressed, might very well lead to the legal fracturing of the World Wide Web.

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

April 8, 2015
New Thinking and the New G20 Paper No. 10
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.

Debt Reprofiling, Debt Restructuring and the Current Situation in Ukraine

April 8, 2015
CIGI Papers No. 63
This paper discusses “debt reprofiling” — a relatively light form of sovereign debt restructuring in which the tenor of a government’s liabilities are extended in maturity, but coupons and principal are not cut — and how to distinguish one from deeper forms of debt restructuring.

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

April 7, 2015
CIGI Paper No. 61
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.

Capital Controls and Implications for Surveillance and Coordination: Brazil and Latin America

April 10, 2015
New Thinking and the New G20 Paper No. 11
Marcio Garcia
This paper analyzes the implementation of capital controls in Brazil from 2009 until 2011. Comparisons with the strategies of other Latin American countries to deter real exchange rate appreciation suggests these measures, in Brazil specifically, may have obstructed necessary changes in the fiscal policy stance from occurring.

Capital Flows and Capital Account Management in Selected Asian Economies

April 2, 2015
New Thinking and the New G20 Paper No. 9
Rajeswari Sengupta and 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.

ICANN: Bridging the Trust Gap

April 1, 2015
GCIG Paper No. 9
Emily Taylor
This paper addresses the proposed transfer of IANA oversight away from the US government, explores how the technical architecture of critical Internet resources has certain governance implications, and introduces ICANN and its relationship with the US government through the IANA function and the Affirmation of Commitments.

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

March 30, 2015
CIGI Paper No. 60
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.
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