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101. Flood Risk and Shared Responsibility in Canada: Operating on Flawed Assumptions?

Author:
Daniel Henstra and Jason Thistlethwaite
Publication Date:
09-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Floods cause more property damage than any other hazard in Canada, and water-related losses now exceed fire and theft as the main source of property insurance claims. Public spending on flood relief has grown, and is projected to increase dramatically over the next decade, so governments have been changing their policies to reduce their financial exposure by shifting responsibility to homeowners. An implicit assumption of this policy shift is that individual homeowners must share greater responsibility for protecting their property by purchasing newly available flood insurance. Evidence is presented suggesting that consumer demand for flood insurance may be insufficient for economic viability. Low risk perception and a moral hazard created by government disaster assistance limit incentives for purchasing insurance.
Topic:
Environment and International Security
Political Geography:
Canada

102. Evaluating the Need for Pipelines: A False Narrative for the Canadian Economy

Author:
Jeff Rubin
Publication Date:
09-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The claim that additional pipeline capacity to tidewater will unlock significantly higher prices for bitumen is not corroborated by either past or current market conditions. Recent international commitments to reduce global carbon emissions over the next three decades will significantly reduce the size of future oil markets. Only the lowest-cost producers will remain commercially viable while high-cost producers will be forced to exit the market. The National Energy Board should consider a rapidly decarbonizing global economy when assessing the need and commercial viability of further pipelines in the country and use Western Canadian Select as the price benchmark when evaluating the economic viability of any new oil sands projects. Pension plans need to stress test their long-term investments in the oil sands in the context of a decarbonizing global economy.
Topic:
International Political Economy
Political Geography:
Canada

103. Strengthening the Debt Sustainability Framework for Caribbean Small States

Author:
Cyrus Rustomjee
Publication Date:
08-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Since 2005, two debt sustainability frameworks and country-level debt sustainability analyses designed by the International Monetary Fund and World Bank have provided standardized tools to measure and assess debt sustainability. While they have a number of advantages, the utility of these tools for small states is limited by several factors, including insufficient treatment of exogenous shocks, limitations in the tools used to assess debt sustainability and a narrow definition of debt sustainability. This has reduced their reliability in assessing debt sustainability and as a mechanism to help inform both countries’ debt management policies and donor, lender and investor decision making. Several practical modifications can strengthen these tools and improve their utility for small states.
Topic:
International Political Economy
Political Geography:
Caribbean

104. Starting the Dialogue on Climate Engineering Governance: A World Commission

Author:
Edward A. Parson
Publication Date:
08-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Climate engineering can, if appropriately governed within a coherent overall climate change strategy, reduce risks beyond what mitigation and adaptation can achieve alone, and is probably essential to achieve the Paris Agreement temperature targets. Climate engineering also poses significant new risks, and needs expanded research and scrutiny in climate assessments.
Topic:
International Political Economy and Climate Finance
Political Geography:
Global Focus

105. A Sustainable Ocean Economy, Innovation and Growth: A G20 Initiative

Author:
Andreas R Kraemer
Publication Date:
07-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The Group of Twenty should initiate a global ocean governance process and call for dialogues, strategies and regional cooperation to ensure that investment and growth in ocean use become sustainable and reach their full potential. The ocean is the largest and most critical ecosystem on Earth, and potentially the largest provider of food, materials, energy and ecosystem services. However, past and current uses of the ocean continue to be unsustainable, with increasing demand contributing to the ocean’s decline. Better governance, appreciation of the economic value of the ocean and “blue economy” strategies can reduce conflicts among uses, ensure financial sustainability, ecosystem integrity and prosperity, and promote long-term national growth and employment in maritime industries.
Topic:
Climate Finance
Political Geography:
Global Focus

106. Restructuring Sovereign Debt: An English Law Opportunity

Author:
Steven L. Schwarcz
Publication Date:
07-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Unsustainable sovereign debt is a serious problem for nations, as well as their citizens and creditors, and a threat to global financial stability. The existing contractual approach to restructuring unsustainable debt is inadequate and no treaty or other multilateral legal framework exists, or is currently likely to be adopted, that would enable nations to restructure unsustainable debt. Because a significant percentage of sovereign debt is governed by English law, there is an opportunity to modify the law to fairly and equitably facilitate the restructuring of unsustainable sovereign debt. This policy brief proposes a novel legal framework, focusing on governing law, for doing that. This framework would legislatively achieve the equivalent of the ideal goal of including perfect collective action clauses in all English-law-governed sovereign debt contracts. It therefore should ensure the continuing legitimacy and attractiveness of English law as the governing law for future sovereign debt contracts. Even absent the legislative proposal, the analysis in this policy brief can contribute to the incremental development of sovereign debt restructuring norms.
Topic:
International Political Economy
Political Geography:
Global Focus

107. Issues in Bringing Canadian Fintech to the International Stage

Author:
James Hinton, Domenico Lombardi, and Joanna Wajda
Publication Date:
06-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Given financial technology’s (fintech’s) priority on the global stage, and the Canadian federal budget’s focus on innovation and the middle class, now is the time for Canada to assess its position and develop a national strategy on fintech. The aim of this policy brief is to provide a general description of the fintech industry in Canada, and to describe and draw attention to two complementary aspects of developing a fintech strategy for Canada: first, encouraging domestic fintech innovation — through open data and payment systems — and second, encouraging international expansion — through international agreements among regulators and comprehensive intellectual property strategies. For Canada to be a contender in fintech, Canadian policy makers need to target both domestic growth and international expansion of the sector. In addition to increasing the availability of funding, removing regulatory uncertainty and taking the lead on a national fintech strategy, policy makers should assess the merits of access to data and payments systems for stimulating domestic fintech growth. Increased patent generation and ownership, greater integration of Canadian technology in standards and international agreements with regulators will allow Canadian fintechs to build on their success internationally. The Hamburg G20 Summit on July 7-8, 2017, presents an opportunity to become more informed about the potential financial stability implications from countries already pursuing national fintech strategies.
Topic:
International Political Economy
Political Geography:
Canada

108. Can Canada Step into the Breach? Addressing Climate-related Financial Risk and Growing Green Finance

Author:
Céline Bak
Publication Date:
06-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
There was no consensus on climate-related financial risk at the Group of Twenty (G20) meeting of central bankers and finance ministers in March 2017, and the final communiqué did not mention climate change or the Paris Agreement. US President Donald Trump has since announced his intention to withdraw from the Paris Agreement; therefore, the phase I report from the Task Force on Climate-related Financial Risk Disclosures may not be welcomed at the G20 summit in July. As a result, G20 finance ministers must assure governance of this agenda through interconnected national high-level expert groups. Canada’s financial institutions including asset owners and asset managers have the capacity to move swiftly to contribute to a platform for international collaboration on climate-related financial risk and green finance opportunities.
Topic:
Climate Finance
Political Geography:
Global Focus

109. Closed Shops: Opening Canada's Legal Profession to Foreign-educated Lawyers

Author:
Lauren Heuser
Publication Date:
12-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
This final report was prepared following the 6 Degrees Citizen Space, which took place in Toronto, ON, from September 25 to 27, 2017. It provides a dialogue about the key barriers foreign-educated lawyers face in Canada’s licensing and employment processes, and makes recommendations for how unnecessary barriers can be mitigated or dismantled. Barriers are considered unnecessary if they are not relevant to testing an individual’s professional competency, or make it unduly difficult for foreign-educated lawyers to achieve licensure or employment relative to their Canadian counterparts. These recommendations are directed at a variety of stakeholders, including provincial law societies, the National Committee on Accreditation, law schools, fairness commissioners, legal employers, immigration officials and internationally trained lawyers themselves. For the purposes of this project, the author interviewed numerous foreign-educated lawyers, as well as Canadian immigration officials, immigration lawyers, regulators, employers and professors. The conversations made clear that there is work to be done in opening Canada’s closed legal shop.
Topic:
International Affairs
Political Geography:
Canada

110. New Thinking on Innovation

Author:
CIGI
Publication Date:
12-2017
Content Type:
Special Report
Institution:
Centre for International Governance Innovation
Abstract:
Innovation is at the centre of the current economic policy discourse in Canada. Innovation drives productivity and with it, standards of living. Innovation is the process of using ideas, typically in the form of intellectual property (IP), to offer new or improved products or services for the same or lower overall cost of production. This collection of essays, which were first published online in the spring of 2017, marshalls new thinking on innovation, and brings together a community of scholars and practitioners who offer fresh approaches to innovation in Canada, and Canada’s place in the world. The essays discuss the role that international trade plays in stimulating innovation, including the nature of trade agreements; consider domestic policy on innovation; and examine how global processes such as the World Trade Organization and the Group of Twenty might foster a climate in which the innovation strategies of smaller countries could be accommodated. An epilogue maps the key themes to emerge from the discussion and suggests a framework for an IP-centric innovation strategy. Rapid developments in technologies, often referred to as the Fourth Industrial Revolution, are upending established structures in every part of the economy and society. As in other facets of international negotiations, the starting point in efforts to bring order to and shape the current technology-fuelled environment for the global good is national policies and postures.
Topic:
International Affairs
Political Geography:
Global Focus