The Logic of Financial Nationalism: The Challenges of Cooperation and the Role of International Law

Banking / Finance

The Logic of Financial Nationalism: The Challenges of Cooperation and the Role of International Law

By Federico Lupo-Pasini
Cambridge University Press December 2018

Specifications

ISBN-13
9781316638767
Publisher
Cambridge University Press
Publication
December 2018
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only

Also available as

Hardback

Details

Using case studies ranging from cross-border bank resolution to sovereign debt, the author analyzes the role of international law in protecting financial sovereignty, and the risks for the global financial system posed by the lack of international cooperation.

Despite reforms, international financial law is still mainly based on financial nationalism, which is an inefficient approach because it encourages bad domestic governance and reduces capital mobility.

In this analysis, Lupo-Pasini discusses some of the alternatives (such as a European Banking Union, binding international law and international financial courts), and offers a new vision for the role of international law in maintaining and fostering global financial stability.

In doing so, he fills a void in the law and economics literature, and puts forward a solution to tackle the problems of international cooperation in finance based on the use of international law.

Table of Contents

Introduction
1. The logic of externalities
2. Nationalism and cooperation in international finance
3. The perils of home-country control
4. Cross-border banking
5. Nationalism in sovereign debt
6. Coordination battles in OTC derivatives regulation
7. Centralization and its limits
8. Compliance and global coalitions in international finance law
9. A different path to financial integration: regulatory passports
10. Dispute resolution
Concluding remarks.
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