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781. ICANN: Bridging the Trust Gap

Author:
Emily Taylor
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
This paper addresses the proposed transfer of Internet Assigned Numbers Authority (IANA) oversight away from the US government. The background section explores how the technical architecture of critical Internet resources has certain governance implications, introduces the Internet Corporation for Assigned Names and Numbers (ICANN) and its relationship with the US government through the IANA function and the Affirmation of Commitments. After discussing why the relationship has caused controversy, the paper describes the work underway within ICANN to find a successor oversight mechanism and provides a short critique of the proposals so far. The majority of the paper is taken up with more general issues relating to ICANN's accountability. It explains how the IANA transition was recognized to be dependent on ICANN's wider accountability, and the trust issues between community and leadership that this exposed. There follows an analysis of ICANN's strengths and weaknesses in relation to accountability and transparency, followed by conclusions and recommendations.
Topic:
Government
Political Geography:
United States

782. The Shadow Banking System of China and International Regulatory Cooperation

Author:
Zheng Liansheng
Publication Date:
03-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The shadow banking system was defined in 2007 by Paul McCulley, the managing director of Pacific Investment Management Company, but it began to receive significant attention in the immediate aftermath of the GFC. Since the beginning of the financial crisis in 2008, the regulatory agencies of different countries, international organizations and think tanks have all carried out in-depth research into shadow banking and have released a series of results. Regulatory reforms have also addressed shadow banking, the most important of which is the US Dodd-Frank Act of 2010, which aims to restrain the expansion and risk taking of shadow banking in the United States. The United Kingdom and the European Union have also adopted reforms and built up a supervisory system to track the risks of the shadow banking system.
Topic:
Financial Crisis
Political Geography:
United States, China, United Kingdom, and Europe

783. Internationalization of the Renminbi: Developments, Problems and Influences

Author:
Ming Zhang
Publication Date:
03-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
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 (USD) and advance domestic structural reform. RMB 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. RMB internationalization has exerted significant influence on not only the Chinese economy but also other emerging market economies. RMB internationalization complicates domestic monetary policy, exacerbates the currency mismatch on China's international balance sheet and increases both the scale and volatility of short-term capital flows. It offers emerging economies another alternative for pricing domestic currency and investing foreign exchange reserves. Its overall impact on the international monetary system's stability will depend on how the capital account is liberalized and the consistency and transparency of Chinese monetary policy. This paper concludes with five recommendations for Chinese policy makers to promote RMB internationalization in a sustainable way that is conducive to international stability.
Topic:
Development, Economics, and Government
Political Geography:
United States and China

784. The Risk of OTC Derivatives: Canadian Lessons for Europe and the G20

Author:
Chiara Oldan
Publication Date:
02-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Over-the-counter (OTC) derivatives played an important role in the buildup of systemic risk in financial markets before 2007 and in spreading volatility throughout global financial markets during the crisis. In recognition of the financial and economic benefits of derivatives products, the Group of Twenty (G20), under the auspices of the Financial Stability Board (FSB), moved to regulate the use of OTC derivatives. Although a number of scholars have drawn attention to the detrimental effects of the United States and the European Union (EU) to coordinate OTC reform, this overlooks an important aspect of the post-crisis process: the exemption of non-financial operators from OTC derivative regulatory requirements. Critically, they remain exempt under existing legislation regardless of the risks they continue to pose through unreported trades and counterparty risks to financial firms; there is still uncertainty around the pricing of derivatives (i.e., model risk) for non-financial operators that could pose a risk to the financial system. Nevertheless, the lack of coordination between the United States and European Union is detrimental for consistency and coherence among financial sectors. These, and similar inconsistencies in financial regulation, pose risks of conflict and fragmentation that should soon be addressed by the G20. The paper concludes by discussing what lessons can be learned from Canada, after it successfully avoided the worst of the crisis and contained the systemic risks posed by OTC derivatives before and after it.
Political Geography:
United States, Europe, and Canada

785. The Impact of the Dark Web on Internet Governance and Cyber Security

Author:
Michael Chertoff and Tobby Simon
Publication Date:
02-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
With the Internet Corporation for Assigned Names and Numbers' contract with the United States Department of Commerce due to expire in 2015, the international debate on Internet governance has been re-ignited. However, much of the debate has been over aspects of privacy and security on the visible Web and there has not been much consideration of the governance of the “deep Web” and the “dark Web.”The term deep Web is used to denote a class of content on the Internet that, for various technical reasons, is not indexed by search engines. The dark Web is a part of the deep Web that has been intentionally hidden and is inaccessible through standard Web browsers. A relatively known source for content that resides on the dark Web is found in the Tor network. Tor, and other similar networks, enables users to traverse the Web in near-complete anonymity by encrypting data packets and sending them through several network nodes, called onion routers. Like any technology, from pencils to cellphones, anonymity can be used for both good and bad. Users who fear economic or political retribution for their actions turn to the dark Web for protection. But there are also those who take advantage of this online anonymity to use the dark Web for illegal activities such as controlled substance trading, illegal financial transactions, identity theft and so on. Considering that the dark Web differs from the visible Web, it is important to develop tools that can effectively monitor it. Limited monitoring can be achieved today by mapping the hidden services directory, customer data monitoring, social site monitoring, hidden service monitoring and semantic analysis. The deep Web has the potential to host an increasingly high number of malicious services and activities. The global multi-stakeholder community needs to consider its impact while discussing the future of Internet governance.
Political Geography:
United States

786. When Central Banks Surprise: Why It Is Important and What Policy Makers Need to Do about It

Author:
Domenico Lombardi, Pierre Siklos, and Samantha St. Amand
Publication Date:
01-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
There is a risk that positive developments in the US economy and in the US Federal Reserve's monetary policy stance could induce global financial volatility and further exacerbate global economic imbalances. Empirical evidence suggests that global asset prices are responsive not just to US policy actions, but to news events concerning developments in the US economy and to the tones of Federal Reserve statements. Central banks need to continue to be mindful about the potential repercussions of shocking markets through statements and policy actions. The Group of Twenty (G20) ought to work together to implement coordinated, mutually beneficial economic policies. This includes being cognizant of the spillover effects of domestic policies, and seeking to minimize them.
Topic:
Monetary Policy
Political Geography:
United States

787. The United States and the Western Hemisphere: A Relationship on the Rise

Author:
Roberta S. Jacobson
Publication Date:
05-2015
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
The Western Hemisphere is a top priority for the United States because important national interests are at stake. Available metrics—including public opinion polls, levels of trade and investment, cultural and family ties, security cooperation, and shared democratic values—support the view that the United States remains an influential actor and vital partner in the region. The Obama administration's policy for the hemisphere seeks to forge equal partnerships with the countries of Latin America and the Caribbean. These partnerships build upon the promising destiny of this hemisphere, based first and foremost on shared values, as well as on geographic proximity, demographic connections, and common interests. These shared values and common interests, along with the region's increasing capabilities, also mean we can work collectively to address global challenges that require more than just national or regional action.
Political Geography:
United States, Latin America, and Caribbean

788. Science Diplomacy: United States and Chile Partner to Tackle Global Challenges

Author:
Michael A. Hammer
Publication Date:
05-2015
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
The United States and Chile have been working together on scientific endeavors since the visit of US Navy Lieutenant James Gillis in 1849, when he established an astronomical observatory on the Santa Lucia hill in the center of Santiago. Fast forward to today, Chile houses 40 percent of the world's astronomy infrastructure and, by 2020, it will increase to 70 percent. In fact, the National Science Foundation (NSF) has invested over a billion dollars in equipment, infrastructure, and operations in Northern Chile's Atacama Desert, the driest place on earth. And, over the next decade, the NSF plans to add yet another billion dollars in support of its telescopes in Chile—projects that will help to unlock the mysteries of the universe.
Political Geography:
United States

789. Cuba and the Question of Legacy

Author:
Richard N. Holwil
Publication Date:
05-2015
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
Some say that President Obama's opening to Cuba is designed to bolster his legacy. Indeed, the current debate centers on his actions and on US policy. This focus, however, misses the more interesting dynamic: the debate within Cuba over the next steps in the pas de deux with the United States and the question of Cuban President Raúl Castro's legacy.
Political Geography:
United States and Cuba

790. A Closer Look at the US-Marshall Islands Relationship

Author:
Thomas Hart Armbruster
Publication Date:
05-2015
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
Micronesia is a good start word. Particularly the “micro” part. Micronesia is the geographical area of the Pacific, stretching from Kiribati to Palau. On the map, if you see it at all, it is a series of 2,000 micro dots of land totaling just 1,000 square miles. The ocean area meanwhile is nearly three million square miles. Politically, there are five sovereign states and three US territories. At times, one gets the feeling that the countries are too small to get Washington's attention. It is almost as if you need a microscope to magnify the issues to understand what's going on. I'll turn the microscope on just one area, the Republic of the Marshall Islands (RMI). Just like life under the microscope, once you zoom in, the activity and diversity is incredible.
Political Geography:
United States and Island