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Finance and Financial Management Commons™
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- Arbitration (1)
- Argentina (1)
- Argentine financial collapse (1)
- BIT (1)
- Bilateral Investment Treaties (BITs) (1)
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- Bilateral investment treaty regime (1)
- Economic crises (1)
- Finance (1)
- Financial history (1)
- Financial innovation (1)
- Financial regulation (1)
- Foreign investors (1)
- International Center for the Settlement of Investment Disputes (ICSID) (1)
- Investor protection (1)
- Legitimacy (1)
- Margin of appreciation doctrine (1)
- NPM clauses (1)
- Non-precluded measure clauses (1)
- Put-call parity (1)
- Regulatory arbitrage (1)
- Risk allocation (1)
- Sovereign debt (1)
- Usury (1)
Articles 1 - 3 of 3
Full-Text Articles in Finance and Financial Management
The Argentine Financial Crisis: State Liability Under Bits And The Legitimacy Of The Icsid System, William W. Burke-White
The Argentine Financial Crisis: State Liability Under Bits And The Legitimacy Of The Icsid System, William W. Burke-White
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This essay examines the jurisprudence of the International Center for the Settlement of Investment Disputes (ICSID) arbitral tribunals in a series of cases brought against the Republic of Argentina in the wake of the 2001-2002 Argentine financial collapse. The essay considers the ICSID tribunals' treatment of non-precluded measures provisions in Argentina's bilateral investment treaties (BITs) and the customary law defense of necessity and argues that the ICSID tribunals have sought to radically narrow the opportunities available to states to craft policy responses to emergency situations while strengthening investor protections beyond the intent of the states parties to the BITs under …
Investment Protection In Extraordinary Times: The Interpretation And Application Of Non-Precluded Measures Provisions In Bilateral Investment Treaties, William W. Burke-White, Andreas Von Staden
Investment Protection In Extraordinary Times: The Interpretation And Application Of Non-Precluded Measures Provisions In Bilateral Investment Treaties, William W. Burke-White, Andreas Von Staden
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When threatened by crises such as global terrorism, financial collapse, pandemic diseases, and natural disasters, states may resort to measures that harm the interests of foreign investors protected under the bilateral investment treaty (BIT) regime. Many such BITs, however, contain heretofore under-studied clauses that preclude liability for state actions taken in response to exceptional circumstances. These non-precluded measures (NPM) clauses effectively transfer the risk of and costs associated with state action in exceptional circumstances from the host-states of international investments to the investors. In two recent cases brought against Argentina in response to the Argentine financial crisis, ICSID tribunals have …
The Ancient Roots Of Modern Financial Innovation: The Early History Of Regulatory Arbitrage, Michael S. Knoll
The Ancient Roots Of Modern Financial Innovation: The Early History Of Regulatory Arbitrage, Michael S. Knoll
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Recent years have seen an explosion of financial innovation. Much of this innovation seeks to exploit inconsistencies in the regulatory environment, and one of the most popular techniques for doing so uses put-call parity. Nonetheless, regulatory arbitrage using put-call parity is not a new phenomenon, as is frequently suggested. This Essay traces the use of put-call parity to avoid the usury prohibition back to Ancient Israel. It also describes the important role that put-call parity played in developing the equity of redemption, the defining characteristic of a modern mortgage, in Medieval England. In addition, this Essay describes how Muslims living …