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221. Boxing with Elephants: Can Canada Punch above Its Weight in Global Financial Governance?

Author:
James M. Boughton
Publication Date:
03-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Canadians have long harboured a desire to "punch above their weight" in international diplomacy, an aspiration justified by Canada's position in the world both geographically and culturally. This paper examines one aspect of that effort: Canada's role in international financial governance, particularly within the International Monetary Fund. The key issue for the future is whether Canada will continue to have the capacity and the will to take leading positions and actions in the face of increasing competition from the rapidly growing emerging market countries.
Topic:
Economics, Emerging Markets, International Trade and Finance, International Monetary Fund, and Governance
Political Geography:
United States and Canada

222. Institutional Arrangements for Climate Finance

Author:
David Runnalls, Jessica Boyle, and Dave Sawyer
Publication Date:
03-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The most recent report of the Intergovernmental Panel on Climate Change(IPCC) is unequivocal about the magnitude of the challenge posed by man-made climate change. If the world is to avoid exceeding the 2°C average increase in temperature agreed by governments in Copenhagen as the maximum safe level, it needs to move quickly to facilitate the transition to a lower-carbon economy.
Topic:
Climate Change, Economics, International Cooperation, and Governance
Political Geography:
United Nations

223. The IMF's Preferred Creditor Status: Does It Still Make Sense After the Euro Crisis?

Author:
Susan Schadler
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Throughout the history of IMF lending, the institution has had PCS — that is, distressed countries borrowing from the IMF are expected to give priority to meeting their obligations to the IMF over those to other (private or official) creditors. This status is a defining characteristic of the IMF's role in financial crises: it provides a high degree of confidence that IMF resources are safe even when other creditors of the distressed country face substantial uncertainty about whether they will be repaid in full. In other words, the IMF, which lends to some of the riskiest countries in the world, faces minimal risk that its resources could be compromised by a debtor country's difficulties in servicing its debt. It does so, however, with the confidence that comes from its role in helping to formulate and monitor a program of policies that are strongly expected to return the country to stability.
Topic:
Debt, Economics, International Monetary Fund, Monetary Policy, and Financial Crisis
Political Geography:
Europe

224. Central Bank Independence in North Africa

Author:
Bessma Momani and Samantha St. Amand
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Securing CBI has become best practice in global governance. Both the political and economic literatures suggest that CBI facilitates price stability, promotes transparency to citizens and provides accountability toward the public good. CBI is also credited with protecting the economic and financial system from the trappings of regulatory capture. In addition, a number of scholars have argued that CBI is correlated with positive policy outcomes, including balanced long- term economic growth, stable financial markets and a reduced likelihood of publicly funded financial institution bailouts. Moreover, some have suggested that CBI is important for fostering a healthy liberal democracy. As global markets have become increasingly integrated and interdependent, securing CBI is also considered a domestic, regional and global public good.
Topic:
Development, Economics, Globalization, Monetary Policy, Governance, and Reform
Political Geography:
Africa and North Africa

225. A Failure to Cooperate? Raising the Risks and Challenges of Exiting Unconventional Monetary Policies

Author:
Domenico Lombardi, Pierre Siklos, and Samantha St. Amand
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Central banks (and policy makers more generally) should seek a global consensus before implementing policies that may have global repercussions. The global economy can only become more resilient to shocks when there is greater central bank cooperation. The G20 is a natural venue to promote cooperation and to help the global economy return to stronger economic growth, but other forums may also be appropriate. The maintenance of financial stability is a common resource and should be treated as such. Excessive reliance on sovereignty is counterproductive and contains the seeds of the next crisis.
Topic:
Economics, International Cooperation, International Trade and Finance, Markets, and Financial Crisis

226. Shifting IMF Policies since the Arab Uprisings

Author:
Bessma Momani and Dustyn Lanz
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
In response to the Arab uprisings in Egypt, Morocco and Tunisia, the IMF has changed its perspective on the social outcomes of its economic policy advice. The Fund now explicitly advocates inclusive growth, reduced inequality and increased attention to, and spending on, health and education services. Although this is a welcome transition, there is still room for improvement. In particular, the Fund could strengthen its commitment to the social dimensions of public policy by delivering more specific, tangible policy advice for countries to achieve inclusive growth, reduce inequality and improve health and education outcomes. More diverse expertise, achieved through wider recruitment of staff, would help the IMF achieve these goals.
Topic:
Economics, International Trade and Finance, and International Monetary Fund
Political Geography:
Middle East, Arabia, Egypt, Morocco, and Tunisia

227. The Big Break: The Conservative Transformation of Canada's Foreign Policy

Author:
John Ibbitson
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The foreign policy of the Harper government has been called ideologically conservative, incoherent, a betrayal of a proud foreign policy tradition, and worse. The critics have a point, in that the Conservative view of Canada in the world represents a transformation from all that has gone before. But that transformation — that “big break” — disrupts an approach to foreign policy that was already under great stress. In fact, the arc of Canadian foreign policy from the end of World War II to the present can be divided into four periods: a period of Laurentian coherence, when the political, academic, bureaucratic and media elites living in the cities encompassed by the St. Lawrence River watershed formulated and implemented Canada's postwar approach to engaging the world; Laurentian incoherence, when that approach began to unravel due to both internal and external pressures; Conservative incoherence, when the Harper government tried — but often failed — to impose its own approach; and Conservative coherence, in which the Harper government has become increasingly sure-footed in its handling of diplomatic issues. Future governments may seek to reverse this Conservative reversal of the Laurentian approach, but given the breadth and depth of the Conservative coalition, at least some of the big break is likely endure.
Topic:
International Relations, Foreign Policy, and Reform
Political Geography:
Canada and North America

228. Crying over Spilt Milk: The History of Dairy Supply Management and Its Role in Recent Trade Negotiations

Author:
Bruce Muirhead
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Canada's system of dairy supply management, where domestic supply is matched with domestic demand, has come under fire in recent years, criticized for being a regulated model in an increasingly deregulated world. This background paper explores the historical evolution of dairy in Canada, and why supply management was eventually implemented in the 1960s, bringing rationality and organization to an industry where none had existed before. It also examines the role of international trade negotiations, largely sponsored by the General Agreement on Tariffs and Trade (GATT) and, after 1995, by the World Trade Organization (WTO), in addressing issues of agricultural protectionism and exceptionalism. It was not until the Uruguay Round (1986–1993), however, that agriculture was included in these negotiations, as neither the European Union (and its antecedents) nor the United States demonstrated any interest. While Uruguay was a tentative beginning, the subsequent Doha Round has dissolved over agricultural problems. In all these venues, supply management has been protected by Canadian governments, but rising international pressure has led Canada to begin to reconsider its support, especially as bilateral trade negotiations and partners are unequivocally opposed to dairy supply management.
Topic:
Agriculture, Economics, International Trade and Finance, World Trade Organization, and Bilateral Relations
Political Geography:
Canada and North America

229. The UN Declaration on the Rights of Indigenous Peoples: Monitoring and Realizing Indigenous Rights in Canada

Author:
Terry Mitchell and Charis Enns
Publication Date:
04-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The Government of Canada endorsed the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) as a tool for protecting indigenous rights in 2010, but has made very little progress toward its implementation. James Anaya, the United Nations Special Rapporteur on the Rights of Indigenous Peoples (UNSRRIP), recently declared that Canada faces a crisis when it comes to the human rights situation of indigenous peoples, ranging from adverse living conditions on reserve to unaddressed violence against indigenous women. The Government of Canada should implement targeted measures to address the UNSRRIP's concerns and improve the human rights situation of indigenous peoples in Canada.
Topic:
Human Rights and United Nations
Political Geography:
Canada, United Nations, and North America

230. China's Long March Toward Economic Rebalancing

Author:
Hongying Wang
Publication Date:
04-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
China's role in the global imbalance is closely linked to its domestic imbalance. Chinese policy makers have long been aware of the dual imbalance and the imperative to shift to economic growth driven by domestic consumption. They have taken limited steps in changing the development model, but political obstacles have slowed the pace of reform. The new leadership seems serious about deepening economic reform despite political resistance, but without political reform, the prospect of success remains dim.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Governance
Political Geography:
China and Asia