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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.

Understanding Digital Intelligence and the Norms That Might Govern It

March 19, 2015
GCIG Paper No. 8
David Omand
This paper describes the nature of digital intelligence and provides context for the material published as a result of the actions of National Security Agency contractor Edward Snowden.

Capital Flows and Spillovers

March 30, 2015
New Thinking and the New G20 Paper No. 8
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?

March 27, 2015
CIGI Papers No. 62
Martin T. Bohl, Badye Essid, and Pierre Siklos
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.

Financial Inclusion and Global Regulatory Standards: An Empirical Study across Developing Economies

March 26, 2015
New Thinking and the New G20 Paper No. 7
Mariana Magaldi de Sousa
Expanding the access of financial services to low-income households and other disadvantaged groups has become an important public policy goal in the past decade. Many developing economies have encouraged the introduction of a variety of programs, services and branchless banking instruments ranging from automatic teller machines to mobile phones to reach people for whom traditional, branch-based structures, had not. This paper contributes to the discussion about the enablers and barriers to responsible financial inclusion by assessing to what extent differences in the adoption of post-crisis global regulatory standards can explain cross-country variation in financial inclusion.

The Shadow Banking System of China and International Regulatory Cooperation

March 24, 2015
Zheng Liansheng
The “shadow banking” system, as a credit intermediary outside of regulation and the regular banking system, has been regarded as one of the critical sources of the global financial crisis. International coordination of regulation on shadow banking has improved since 2009, but cooperation among advanced economies and emerging markets has made little progress. Zheng Liansheng looks at the reasons for this slow progress and offers suggestions for reform, with a particular focus on China.

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

March 20, 2015
New Thinking and the New G20 Series Paper No. 5
C. Randall Henning
The global financial safety net is incomplete with respect to liquidity provision available in a crisis. IMF surveillance and analytical capacity should be harnessed to the precautionary facilities of regional financial arrangements and swap agreements of key-currency central banks.

Emerging Countries and Basel III: Why Is Engagement Still Low?

March 13, 2015
New Thinking and the New G20 Paper No. 4
Andrew Walter
In response to the recent global financial crisis, membership of key institutions for international standard setting, notably the Basel Committee on Banking Supervision (BCBS), expanded to include emerging countries. However, with some exceptions, official and private sector actors from these countries still exhibit low levels of engagement with international financial standard setting. This is due to a combination of related factors: an elite network of developed country regulators that continue to set the BCBS agenda; a relative paucity of regulatory knowledge and resources in emerging countries; and low mobilization by emerging country private actors on BCBS proposals. This paper recommends a series of measures to improve emerging country engagement.

On the Nature of the Internet

March 16, 2015
GCIG Paper No. 7
Leslie Daigle
This paper examines three aspects of the nature of the Internet: the Internet’s technology, general properties that make the Internet successful and current pressures for change.

Emerging Countries and Implementation: Brazil’s Experience with Basel’s Regulatory Consistency Assessment Programme

March 10, 2015
Paper No. 3
Fernanda Martins Bandeira
In 2012, the Basel Committee on Banking Supervision opened its membership to key emerging markets to encourage international participation in the Basel rule-making process and commitment to implementation of its standards. This paper examines recent Brazilian experience and brings to light some of the gaps that must be filled in order to serve the interests of a broader range of actors in the international regulatory landscape.

Internationalization of the Renminbi: Developments, Problems and Influences

March 3, 2015
New Thinking and the New G20 Paper No. 2
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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