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Full-Text Articles in Law
Ending 30 Years Of Imf Exceptionalism: A Call For An Accountability Mechanism At The International Monetary Fund, Luiz Vieria
Ending 30 Years Of Imf Exceptionalism: A Call For An Accountability Mechanism At The International Monetary Fund, Luiz Vieria
Perspectives
This year marks the 30th anniversary of the World Bank’s Inspection Panel (WBIP or Panel), created as the result of grass-roots and international pressure on the Bank to address the well-documented negative impacts on marginalised communities of the Bank-financed Narmada dam and similar projects.
The establishment of the world’s first independent accountability mechanism (IAM) at the World Bank led to the creation of similar mechanisms at nearly all international financial institutions (IFIs), with the IMF an important exception. The establishment of the WBIP and other IAMs was a step-change in accountability, as previously IFIs were only accountable to shareholders …
Legal Risk And Accountability In Development Finance: Lessons From Jam V. International Finance Corporation, Michelle Harrison, Shannon Marcoux
Legal Risk And Accountability In Development Finance: Lessons From Jam V. International Finance Corporation, Michelle Harrison, Shannon Marcoux
Perspectives
In a landmark decision in 2019, the U.S. Supreme Court ruled in Jam v. International Finance Corporation that international organizations like the International Finance Corporation (IFC), the private lending arm of the World Bank Group, can be sued in U.S. courts, ending the “absolute immunity” from suit that they had long claimed. The Jam lawsuit arose out of IFC’s gross mishandling of the Tata Mundra coal-fired power plant project in Gujarat, India, which has destroyed the livelihoods, environment, and way of life of local communities living in its shadow. The lawsuit, and especially the clash between IFC’s sweeping assertions of …
World Bank's Roadmap And The Inspection Panel's Human Rights Responsibilities, Juan Pablo Bohoslavsky, C.P. Chandrasekhar
World Bank's Roadmap And The Inspection Panel's Human Rights Responsibilities, Juan Pablo Bohoslavsky, C.P. Chandrasekhar
Perspectives
The World Bank has been under pressure to devise a process for “evolving” its mission, operations, and resources, acknowledging that decades of engagement with low- and middle-income countries has resulted, paradoxically and contrary to its official mission, in a “crisis of development.” The Bank bluntly notes in the opening to its paper “Evolving the World Bank Group’s Mission, Operations, and Resources: A Roadmap,” issued in December 2022, “after decades of progress, growth and poverty reduction have stalled.” Indeed, this “crisis of development” threatens to unleash political instability around the world.
Regulatory Managerialism Inaction: A Case Study Of Bank Regulation And Climate Change, Hilary J. Allen
Regulatory Managerialism Inaction: A Case Study Of Bank Regulation And Climate Change, Hilary J. Allen
Articles in Law Reviews & Other Academic Journals
In November of 2029, Hurricane Penelope struck New York City as a category two storm. Work had started on a wall to protect Manhattan from rising sea levels and storm surges, but the work was incomplete, and significant damage to Manhattan real estate was sustained. While almost all that real estate was insured, insurance companies were compromised by the sheer magnitude of the losses. Even with significant federal subsidies, they were unable to meet their full commitments on insurance policies. Some commercial real estate firms, who had never really recovered from the shift to remote working during the Covid pandemic, …
Defi: Shadow Banking 2.0?, Hilary J. Allen
Defi: Shadow Banking 2.0?, Hilary J. Allen
Articles in Law Reviews & Other Academic Journals
The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with today. Our financial regulatory system still hasn’t fully figured out how to address the risks of the derivatives, securitizations, and money market mutual funds that comprised Shadow Banking 1.0, but we’re already facing the prospect o fShadow Banking 2.0in the form of decentralized finance, or “DeFi.” DeFi’s proponents speak of a future where sending money is as easy as sending a photograph–but money is not the same as a photograph. The stakes are much …
Regulatory Innovation And Permission To Fail: The Case Of Suptech, Hilary J. Allen
Regulatory Innovation And Permission To Fail: The Case Of Suptech, Hilary J. Allen
Articles in Law Reviews & Other Academic Journals
The recent U.S. Supreme Court decision West Virginia v. EPA has cast a pall over the discretion of administrative agencies at a very inopportune time. The private sector is currently adopting new technologies at a rapid pace, and as regulated industries become more technologically complex, administrative agencies must innovate technological tools of their own in order to keep up. Agencies will increasingly struggle to do their jobs without that innovation, but the private sector is afforded something that is both critical to the innovation process, and often denied to administrative agencies: “permission to fail.” Without some grace for the inevitable …
Glass Half-Full Or Glass Half-Empty? Thirty Years Of Accountability At The Inspection Panel--The Impact Of Its Work And What The Data Tells Us, Ramanie Kunanayagam, Mark Goldsmith, Ibrahim James Pam, Serge Selwan, Richard Wyness, Ayako Kubodera, Camila Jorge Do Amarel, Rupes Dalai
Glass Half-Full Or Glass Half-Empty? Thirty Years Of Accountability At The Inspection Panel--The Impact Of Its Work And What The Data Tells Us, Ramanie Kunanayagam, Mark Goldsmith, Ibrahim James Pam, Serge Selwan, Richard Wyness, Ayako Kubodera, Camila Jorge Do Amarel, Rupes Dalai
Perspectives
“A stroke of a genius”, “a bold experiment in transparency and accountability that has worked to the benefit of all concerned”, “a precedent under international law”, and a “citizen-based accountability mechanism” are some of the ways in which close observers have described the World Bank Inspection Panel, which celebrated its thirtieth anniversary in 2023.
The Inchoate Meaning Of “Covered Security” Under The Securities Act Of 1933 – A Look At A Bank “In Organization”, Michael D. Waters
The Inchoate Meaning Of “Covered Security” Under The Securities Act Of 1933 – A Look At A Bank “In Organization”, Michael D. Waters
American University Business Law Review
No abstract provided.
Uniform Mortgage-Backed Securities: An Analysis Of The Regulatory Hurdles Caused By The Federal Housing Finance Agency’S Standardization Of The Tba Market, Elizabeth Ashlee Kuan
Uniform Mortgage-Backed Securities: An Analysis Of The Regulatory Hurdles Caused By The Federal Housing Finance Agency’S Standardization Of The Tba Market, Elizabeth Ashlee Kuan
American University Business Law Review
No abstract provided.
Commercial Law Intersections, Giuliano Castellano, Andrea Tosato
Commercial Law Intersections, Giuliano Castellano, Andrea Tosato
All Faculty Scholarship
Commercial law is not a single, monolithic entity. It has grown into a dense thicket of subject-specific branches that govern a broad range of transactions and corporate actions. When one of these events falls concurrently within the purview of two or more of these commercial law branches - such as corporate law, intellectual property law, secured transactions law, conduct and prudential regulation - an overlap materializes. We refer to this legal phenomenon as a commercial law intersection (CLI). Some notable examples of transactions that feature CLIs include bank loans secured by shares, supply chain financing arrangements, patent cross-licensing, and blockchain-based …
A Place Of Their Own Crowds In The New Market For Equit Crowdfunding, Seth C. Oranburg
A Place Of Their Own Crowds In The New Market For Equit Crowdfunding, Seth C. Oranburg
Law Faculty Scholarship
[Excerpt] "Is small better than large? When it comes to normative business law policy, many seem to think so. Many scholars attribute the 2007–08 financial crisis to mis-regulation of large banks. Many others attribute the subsequent economic recovery to jobs created by small businesses. While the “99%” protested big banks on Wall Street, the “Startup America” grassroots campaign for small business garnered political support for corporate-finance legislation. Within a two-year period, Congress passed the JOBS Act—which tripled private company shareholder limits, authorized federal equity crowdfunding, and created the “mini-IPO” Regulation A+— and the Dodd-Frank Act—which seeks to end “too big …
Business Law Bulletin, Fall 2015
Business Law Bulletin, Fall 2014
Business Law Bulletin, Spring 2014
Business Law Bulletin, Fall 2013
Business Law Bulletin, Spring 2013
Business Law Bulletin, Spring 2012
My Brother's Keeper: An Empirical Study Of Attorney Facilitation Of Money-Laundering Through Commercial Transactions, Lawton P. Cummings, Paul T. Stepnowsky
My Brother's Keeper: An Empirical Study Of Attorney Facilitation Of Money-Laundering Through Commercial Transactions, Lawton P. Cummings, Paul T. Stepnowsky
Faculty Scholarship
In recent years, various “gatekeeping initiatives” have been introduced through inter-governmental standard-setting organizations, such as the Financial Action Task Force, as well as through federal legislation in the United States, which seek to apply the mandatory customer due diligence, record keeping, and suspicious activity reporting obligations contained in the existing anti-money laundering regime to lawyers when they conduct certain commercial transactions on behalf of their clients. The organized bar has argued against such attempts to regulate it, in part, due to the lack of empirical data showing that, as a threshold matter, lawyers unwittingly aid money laundering in a significant …
Introduction: The Market Meltdown Of 2008 And The Future Of Financial Reregulation [Article], Faith Stevelman
Introduction: The Market Meltdown Of 2008 And The Future Of Financial Reregulation [Article], Faith Stevelman
Articles & Chapters
No abstract provided.
Corporate Finance, Corporate Law And Finance Theory, Peter H. Huang, Michael S. Knoll
Corporate Finance, Corporate Law And Finance Theory, Peter H. Huang, Michael S. Knoll
Publications
No abstract provided.