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International Law in Financial Regulation and Monetary Affairs

International Law in Financial Regulation and Monetary Affairs

  • Author:
  • Publisher: Oxford University Press
  • ISBN: 9780199668199
  • Published In: October 2012
  • Format: Hardback , 472 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only
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  • Description 
  • Contents 
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  • Argues that the absence of formal international law in financial affairs made a significant contribution to the most serious global financial crisis since the Great Depression
  • Sets out potential solutions to the problem of how new financial regulation should be implemented through international law
  • Provides a stark contrast between the regulation of international trade, on the one hand, and international monetary and financial law, on the other
  • An updated collection of papers from the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010)
  • Contains a new introduction investigating the nature, causes, and reactions surrounding the financial crisis of 2007-9

The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007. It focuses on this lack of global substantive principles and 'hard law' rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions. This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation. 

This book is an updated collection of papers first published in the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010), which also show that the regulatory hands-off approach was not replicated in other areas of international economic law. International trade regulation witnessed an increased number of international rules and the reinforcement of a rule-oriented, if not rule-based, approach. Judicial dispute settlement and retaliation, exclusively based upon international ruling and authorization, was reinforced. Given the importance of trade regulation and WTO law, which has an established institutional and legal framework, the book therefore provides a much-needed comparative approach.

Readership: Scholars and students of international economic law; practitioners working in international economic law; legal advisers to global financial institutions

Thomas Cottier and Rosa Lastra: Introduction
I. The Crisis of 2007-2009: Nature, Causes, and Reactions
1: Rosa M. Lastra and Geoffrey Wood: The Crisis Of 2007-09: Nature, Causes, and Reactions
II. Architecture and Conceptual Issues
2: R. Michael Gadbaw: Systemic Regulation Of Global Trade and Finance: A Tale of Two Systems
3: Andreas F. Lowenfeld: The International Monetary System: A Look Back Over Seven Decades
4: Luis Garicano and Rosa M. Lastra: Towards a New Architecture for Financial Stability: Seven Principles
5: Chris Brummer: Why Soft Law Dominates International Finance - and Not Trade
6: Joseph J. Norton: The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes
III. Financial Market Regulation
7: Christian Tietje and Matthias Lehmann: The Role and Prospects of International Law in Financial Regulation and Supervision
8: Rolf H. Weber: Multilayered Governance in International Financial Regulation and Supervision
9: Charles A. E. Goodhart and Rosa M. Lastra: Border Problems
10: Joel P. Trachtman: The International Law of Financial Crisis: Spillovers, Subsidiarity, Fragmentation, and Cooperation
11: Steve Charnovitz: Addressing Government Failure Through International Financial Law
12: Hal S. Scott: Reducing Systemic Risk Through The Reform of Capital Regulation
13: Christine Kaufmann and Rolf H. Weber: The Role of Transparency in Financial Regulation
14: Donald C. Langevoort: Global Securities Regulation After The Financial Crisis
IV. Trade, Competition, and Tax Related Aspects
15: Thomas Cottier and Markus Krajewski: What Role for Non-Discrimination and Prudential Standards in International Financial Law?
16: Panagiotis Delimatsis and Pierre Sauve´: Financial Services Trade After The Crisis: Policy and Legal Conjectures
17: Gary N. Horlick and Peggy A. Clarke: WTO Subsidies Discipline During and After The Crisis
18: Philip Marsden and Ioannis Kokkoris: The Role of Competition and State Aid Policy in Financial and Monetary Law
19: Kern Alexander: International Regulatory Reform and Financial Taxes
V. Monetary Regulation
20: Ernst Baltensperger and Thomas Cottier: The Role of International Law in Monetary Affairs
21: Gary Hufbauer and Daniel Danxia Xie: Financial Stability and Monetary Policy: Need for International Surveillance
22: Sean Hagan: Enhancing The IMF's Regulatory Authority
Thomas Cottier and Rosa Lastra: Conclusion

Edited by John H. Jackson, Professor of Law at Georgetown University, Director of the Institute of International Economic Law, Georgetown University Law Center, Thomas Cottier, Managing Director, World Trade Institute; Professor for European and International Economic Law, University of Bern; Director, Institute of European and International Economic Law, and Rosa M. Lastra, Professor of International Financial and Monetary Law, Centre for Commercial Law Studies, Queen Mary University of London

John H. Jackson is University Professor at the Georgetown University Law Center in Washington, D.C.. He has served as Associate Vice President for Academic Affairs at the University of Michigan and as General Counsel for the Office of the President's Special Representative for Trade in the U.S. Executive Office of the President in Washington, D.C. He is a member of the editorial board for The World Economy and a past member of the editorial boards for the International Bar Association and the Journal of World Trade Law. In 1992 he received the Wolfgang Friedmann Memorial Award for lifelong contribution to the field of international law from the Columbia University Journal of Transnational Law. He has published numerous books, articles, and chapters. He is founding Editor-in-Chief of the Journal of International Economic Law (JIEL), published by Oxford University Press.

Thomas Cottier, Managing Director of the World Trade Institute and the Institute of European and International Economic Law, is Professor of European and International Economic Law at the University of Bern. He directs the national research programme on trade law and policy (NCCR Trade Regulation: From Fragmentation to Coherence) located at the WTI. He is an associate editor of several journals. He was a visiting professor at the Graduate Institute, Geneva and also currently teaches at the Europa Institut Saarbrücken, Germany and at Wuhan University, China. He was a member of the Swiss National Research Council from 1997 to 2004 and served on the board of the International Plant Genetic Resources Institute (IPGRI) Rome during the same period. He served the Baker & McKenzie law firm as Of Counsel from 1998 to 2005. Prof. Cottier has a long-standing involvement in GATT/WTO activities. He served on the Swiss negotiating team of the Uruguay Round from 1986 to 1993 and as Chief negotiator on TRI

Dr. Rosa María Lastra is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary, University of London. She is a member of Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), an associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law. From 2008 to 2010 she is also Visiting Professor of the University of Stockholm. She has served as a consultant to the International Monetary Fund, the European Central Bank, the World Bank, the Asian Development Bank and the Federal Reserve Bank of New York. From November 2008 to June 2009 she acted as Specialist Adviser to the European Union Committee [Sub-Committee A] of the House of Lords regarding its Inquiry into EU Financial Regulation.

Contributors: 
Kern Alexander, Professor of Banking, Commercial and Financial Market Law, Law Faculty, University of Zürich; Senior Research Fellow, Centre for Financial Analysis and Policy, The Judge Business School, University of Cambridge
Ernst Baltensperger, Professor Emeritus of Economics, University of Berne
Chris Brummer, Professor of Law, Georgetown University Law Centre
Steve Charnovitz, Associate Professor of Law, The George Washington University Law School
Peggy A. Clarke, Partner, Blank Rome LLP, Washington DC
Thomas Cottier, Managing Director, World Trade Institute; Professor for European and International Economic Law, University of Berne; Director, Institute of European and International Economic Law
Panagiotis Delimatsis, Associate Professor of Law at Tilburg University; Co-Director of the Tilburg Law and Economics Center (TILEC); Senior Research Fellow, World Trade Institute, University of Berne 
R. Michael Gadbaw, Adjunct Professor, Georgetown University Law Centre; Distinguished Senior Fellow, Institute for International Economic Law
Luis Garicano, Professor of Economics and Strategy, Center for Economic Performance, the London School of Economics; Co-Director, Center for Economic Policy Research
Charles A. E. Goodhart, Member of the Financial Markets Group, London School of Economics
Sean Hagan, General Counsel and Director of the Legal Department of the International Monetary Fund
Gary N. Horlick, Attorney-at-Law, Law Offices of Gary N. Horlick, Washington DC; the first Chair of the WTO Permanent Group of Experts
Gary Hufbauer, Reginald Jones Senior Fellow, Peterson Institute for International Economics, Washington DC 
Christine Kaufmann, Professor of Law, Chair for International and Constitutional Law and Head of the Centre of Competence on Human Rights and Business, University of Zürich
Ioannis Kokkoris, Reader, University of Reading, UK; International Consultant on Competition Policy, Organisation for Security and Cooperation in Europe
Markus Krajewski, Guest Professor, Collaborative Research Center (Sonderforschungsbereich) 'Transformations of the State,' University of Bremen, Germany
Donald C. Langevoort, Thomas Aquinas Reynolds Professor of Law, Georgetown University of Law Center, Washington DC
Rosa M. Lastra, Professor in International Financial and Monetary Law, Centre for Commercial Law Studies, Queen Mary, University of London 
Matthias Lehmann, D.E.A. (Paris II), LL.M. (Columbia); Director, Institute of Economic Law; Professor and Chair for German and European Private Law, Commercial and Business Law, Private International and Comparative Law, Law School of the University of Halle, Germany
Andreas F. Lowenfeld, Rubin Professor of International Law Emeritus, New York University School of Law
Philip Marsden, Senior Research Fellow, British Institute of International and Comparative Law; Director, Competition Law Forum
Joseph J. Norton, James L. Walsh Distinguished Faculty Fellow in Financial Institutions and Professor of Law, SMU Dedman School of Law, Dallas, Texas; former Sir John Lubbock Professor of Banking Law, University of London (1993-2004)
Pierre Sauvé, Deputy Managing Director and Director of Studies, World Trade Institute 
Hal S. Scott, Nomura Professor of International Financial Systems, Harvard Law School; Director, Committee on Capital Markets Regulation (CCMR) 
Christian Tietje, LL.M. (Michigan); Director, Institute of Economic Law; Director, Transnational Economic Law Research Center; Professor and Chair for Public Law, European and International Economic Law, Law School of the University of Halle, Germany
Joel P. Trachtman, Professor of International Law, The Fletcher School of Law and Diplomacy, Tufts University
Rolf, H. Weber, Professor of Civil, European and Commercial Law, Law Department of the University of Zürich; Visiting Professor at the University of Hong Kong
Geoffrey Wood, Professor Emeritus of Economics, Cass Business School, London
Daniel Danxia Xie, Research Analyst, Peterson Institute for International Economics, Washington DC

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