Global Economic Governance Initiative

The Global Economic Governance Initiative (GEGI) is a research program of the Center for Finance, Law & Policy, the Frederick S. Pardee Center for the Study of the Longer-Range Future, and the Frederick S. Pardee School of Global Studies. It was founded in 2008 to advance policy-relevant knowledge about governance for financial stability, human development, and the environment.

Latest From GEGI

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By Bo Kong and Kevin P. Gallagher
(June 12016)

In this Kong and Gallagher trace how China’s financial system and state policy facilitates the globalization of Chinese energy companies in terms of trade and investment.  The key drivers of these efforts are the China Development Bank and the Export-Import Bank of China, China’s policy banks.  As China positions a second push in its globalization strategy with the Belt Road Initiative and other projects, we expect to see more of these dynamics play out across the world.  And if the patterns  and structures Kong and Gallagher identify hold into the future, China is poised to lead on the globalization of climate-friendly renewable energy technologies as well-as has already been the case in the globalization of photovoltaics from China.

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by Kevin Gallagher, Rohini Kamal, Yongzhong Wang and Yanning Chen
(May 2016)

According to new GEGI research in collaboration with Yongzhong Wang of the Chinese Academy of Social Science’s Institute for World Economics and Politics, in just over a decade Chinese policy banks have emerged as global leaders in development finance in general and in finance for energy projects in developing country governments in particular.

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By Frank Ackerman
(April 2016)

One Step Forward, One Step Back: Trade Treaties vs. Climate Protection
On Friday, April 22, President Barack Obama is joining other world leaders in signing the Paris climate accord. Although much less than what is needed, the Paris accord is an important step toward stabilizing the world’s climate and preventing the worst of future damages.
But on the following Monday, April 25, Obama will meet with European leaders in Hannover, Germany to promote the Transatlantic Trade and Investment Partnership (TTIP) – a proposed US-EU trade treaty that could amount to an enormous step backward on climate, clean energy, and other environmental issues.
As explained in a new GEGI report by the economist Frank Ackerman, “Europe’s Regulations at Risk: The Environmental Costs of the TTIP”, there is almost no remaining scope for traditional trade liberalization between the US and the EU. Tariffs are close to zero, and the flow of goods is already enormous in both directions.

China-LAC

by Kevin P. Gallagher, Rebecca Ray and Rudy Sarmiento
(April 2016)

Chinese lending to Latin America more than doubled in 2015, rising to $29.1 billion USD. Meanwhile, China-Latin America trade stagnated, as the commodity boom of the last decade continued to cool. Overall, last year saw the China-Latin America relationship shift toward finance, especially finance for large infrastructure and energy projects in Latin America. Activity continued —albeit at an early stage — in several large developments such as the Nicaragua Canal and Twin Ocean Railway. Meanwhile, other Chinese-financed projects such as the Coca Codo Sinclair dam neared completion.

These are the main findings of the 2016 China-Latin America Economic Bulletin, the third annual brief on developments in trade, investment, and finance between China and Latin America. These bulletins are designed to provide analysts and observers handy reference to the ever-changing landscape of China-Latin America economic relations, a landscape where data is not always as readily accessible.

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by Kevin P. Gallagher
(March 2016)

In The China Triangle, Kevin P. Gallagher traces the development of the China-Latin America trade over time and covers how it has affected the centuries-old (and highly unequal) US-Latin American relationship. He argues that despite these opportunities Latin American nations have little to show for riding the coattails of the ‘China Boom’ and now face significant challenges in the next decades as China’s economy slows down and shifts more toward consumption and services. While the Latin American region saw significant economic growth due to China’s rise over the past decades, Latin Americans saved very little of the windfall profits it earned even as the region saw a significant hollowing of its industrial base. What is more, commodity-led growth during the China boom reignited social and environmental conflicts across the region.

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