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CIGI Papers

European Banking Union, Three Years On

June 11, 2015
CIGI Paper No. 73
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.

Central Banks Can and Should Do Their Part in Funding Sustainability

June 10, 2015
Fixing Climate Governance Series Paper No. 1
Andrew Sheng
Central banks, when purchasing financial assets, should consider selecting assets that will promote sustainability, including climate change mitigation and adaptation. Central banks not yet ready to factor social objectives into their decisions should at least incentivize bankers and asset managers to invest in climate mitigation activities and low-emission growth, as well as support a financial transaction tax to fund a new or established global fund for climate mitigation.

The Environmental Goods Agreement: A Piece of the Puzzle

June 8, 2015
CIGI Papers No. 72
Can a trade agreement help achieve environmental goals? The answer to this question has traditionally been mixed, even skeptical. The Environmental Goods Agreement has the potential to produce a more positive outcome.

Conflict in Africa: Diagnosis and Response

June 1, 2015
CIGI Paper No. 71
Responding to violent conflict begins with a diagnosis of what the conflict is about — the causes and triggers that transform a disagreement into an armed struggle. Behind the immediate reasons, however, there are often assumptions about the enabling conditions that underlie the conflict, and these assumptions provide the framework for the diagnosis. This paper reviews three of the underlying assumptions about African conflicts, and the pitfalls of responding with remedies that may not capture the whole picture. CIGI’s newly launched African Regional Conflict Management project will seek to understand regional conflict management capacity, identify gaps and make recommendations to bridge those divides.

Cyber Security and Cyber Resilience in East Africa

May 29, 2015
GCIG Paper No. 15
Iginio Gagliardone and Nanjira Sambuli
This paper analyzes continuities and discontinuities of collective efforts toward enhanced cyber security in Eastern Africa, with a particular focus on Kenya, Ethiopia and Somalia.

China’s Anti-dumping Problems and Mitigation through Regional Trade Agreements

May 26, 2015
CIGI Papers No. 70
Yanlin Sun and John Whalley
China has become the world’s largest economy affected by anti-dumping (AD) actions, and while the most effective way to improve AD disciplines is at the regional level, existing research does not deal with how a country can modify AD regimes through its regional trade agreements.

Sequencing RMB Internationalization

May 25, 2015
CIGI Paper No. 69
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.

Addressing the Impact of Data Location Regulation in Financial Services

May 22, 2015
GCIG Paper No. 14
James M. Kaplan and Kayvaun Rowshankish
Global financial institutions have leveraged the Internet to establish private communication networks and capture efficiencies from global technology. However, in recent years, many countries have issued data location rules restricting how corporations can handle and transmit their customers’ data across borders, including through these private networks. The implications of this new wave of data location regulation are particularly significant for banking.

Peeling NAFTA Layers: Twenty Years After

May 21, 2015
CIGI Papers No. 68
The 20-year anniversary of the North American Free Trade Agreement (NAFTA) has been seen as another milestone in the ongoing trade relations among Mexico, Canada and the United States. It offers a good opportunity to assess how the agreement has worked and to consider whether regional integration can be enhanced. There are many ways to evaluate NAFTA. This paper undertakes a stratified analysis, while considering each party’s perspective. Such an approach places NAFTA in its historical context while also looking forward, in order to reflect on whether a fuller integration can be achieved to assist the three parties in facing the significant global challenges of today.

Domestic Sources and RMB Internationalization: A Unique Journey to a Major Global Currency

May 12, 2015
CIGI Papers No. 67
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.
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