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Full-Text Articles in Law
The Rise-And-Fall Of Leading International Financial Centers: Factors And Application, Adam Church
The Rise-And-Fall Of Leading International Financial Centers: Factors And Application, Adam Church
Michigan Business & Entrepreneurial Law Review
This Note will look at the role of four broad factors that correspond with the rise-and-fall cycles among leading international financial centers. The four factors are: trust in a financial center’s abilities; the central banking and monetary policy systems of the center’s home nation; the home nation’s landscape of financial policy and regulation; and the overall stability of the financial center itself. First, this Note will undertake a broad historical survey of the shifts in prominence from Amsterdam to London, from London to New York, and from New York back to London to define the scope of these factors through …
Change In Regulation Is Necessary For Genetically Engineered Mosquitoes, Insung Hwang
Change In Regulation Is Necessary For Genetically Engineered Mosquitoes, Insung Hwang
Michigan Journal of Environmental & Administrative Law
Millions of genetically engineered (GE) mosquitoes could soon be released in Key West, Florida as an effort to eradicate wild mosquitoes that are transmitters of diseases such as malaria, dengue, and chikungunya. Both international and domestic regulations fail to provide effective regulatory schemes that can facilitate the application of this technology while ensuring all safety and environmental aspects are properly addressed. The Food and Drug Administration’s assertion of jurisdiction is based on its assessment that the GE mosquitoes are “animal drugs” under the Federal Food, Drug, and Cosmetic Act. This is especially troublesome because the end goal of using these …
Private Equity Investments In Microfinance In India, Hugh Manahan
Private Equity Investments In Microfinance In India, Hugh Manahan
Michigan Business & Entrepreneurial Law Review
A trail connects a skyscraper in Manhattan’s Financial District to a tiny food stand in a village in the southeast Indian state of Tamil Nadu. Initially wild and overgrown, the trail now resembles a well-developed road, cleared and shaped. The trail does not connect customers to call centers or raw materials to laborers; the path connects lenders seeking abnormal returns on their investments to borrowers living in poverty. This is the path of private equity investments in microfinance. Microfinance is a powerful financial innovation that has changed personal finance in many parts of the world. While microfinance began as non-profit …
Regulation Of Private Equity In Brazil: Policy Questions Presented And Critique, Shannon Guy
Regulation Of Private Equity In Brazil: Policy Questions Presented And Critique, Shannon Guy
Michigan Business & Entrepreneurial Law Review
In this note, I explore some of the policy questions affecting Brazil’s private equity industry that the country must tackle. In Part II, Section A, I begin by asking the threshold question of whether the Brazilian government should play an active role in encouraging the growth of the private equity industry. I resolve that Brazil should play an active role in encouraging the industry’s growth to encourage several possible benefits to the real economy. Private equity may benefit the economy by providing job growth and job preservation, improved access to credit for firms that would not otherwise have funds, and …
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
Michigan Law Review
Banks and other financial institutions may increase the amount of credit available in the financial system by borrowing for short terms and lending for long terms. Though this "maturity transformation" is a useful and productive function of banks, it gives rise to the possibility that even prudently managed banks could fail due to a lack of liquid assets. The financial crisis of 2007-2008 revealed the extent to which the U.S. financial system is exposed to the risk of a system-wide failure from insufficient liquidity. Financial regulators from economies around the world have responded to the crisis by proposing new, internationally …
Private Equity In Brazil: Industry Overview And Regulatory Environment, Shannon Guy
Private Equity In Brazil: Industry Overview And Regulatory Environment, Shannon Guy
Michigan Business & Entrepreneurial Law Review
The overall goal of this note is to paint a picture of the current state of the private equity industry in Brazil and the existing regulations which must be obeyed to participate as a private equity investor. Part II of this note provides a brief history of the private equity industry in Brazil, discusses recent investor interest in the growing area, and introduces the main regulatory bodies in Brazil. Part III explains several specific rules that govern a private equity investment by breaking down the “life” of a private equity investment into four stages: (1) setting up the private equity …
Does Law Matter Online - Empirical Evidence On Privacy Law Compliance, Michael Birnhack, Niva Elkin-Koren
Does Law Matter Online - Empirical Evidence On Privacy Law Compliance, Michael Birnhack, Niva Elkin-Koren
Michigan Telecommunications & Technology Law Review
Does law matter in the information environment? What can we learn from the experience of applying a particular legal regime to the online environment? Informational privacy (or to use the European term, data protection) provides an excellent illustration of the challenges faced by regulators who seek to secure user rights and shape online behavior. A comprehensive study of Israeli website compliance with information privacy regulation in 2003 and 2006 provides insights for understanding these challenges. The study examined the information privacy practices of 1360 active websites, determining the extent to which these sites comply with applicable legal requirements related to …
The Chinese Regulatory Licensing Regime For Pharmaceutical Products: A Law And Economics Analysis, Qing Zhang
The Chinese Regulatory Licensing Regime For Pharmaceutical Products: A Law And Economics Analysis, Qing Zhang
Michigan Telecommunications & Technology Law Review
China's pharmaceutical market has expanded dramatically in the past twenty years and is expected to become the largest in the world by the year 2050. However, entry to the market remains difficult for many international pharmaceutical manufacturers due to the country's costly and complicated regulatory licensing requirements. This Article provides an overview of the regulatory licensing regime for pharmaceutical products in China. Then, the Article evaluates three key features of the regulatory licensing regime through a law and economics approach. These features include the use of licensing, as contrasted with alternative regulatory and non-regulatory mechanisms; the standards to be met …
Impediments To Financial Development In The Banking Sector: A Comparison Of The Impact Of Federalism In The United States And Germany, Khalil Nicholas Maalouf
Impediments To Financial Development In The Banking Sector: A Comparison Of The Impact Of Federalism In The United States And Germany, Khalil Nicholas Maalouf
Michigan Journal of International Law
This Note examines how differences in U.S. and German variants of federalism have contributed to the formation and development of the dual banking system in the United States and the three-pillar banking system in Germany. Specifically, this Note considers the manner in which federalism has informed the respective banking systems' reactions to dynamic changes in the global banking industry and analyzes the role federalism has played in contributing to or impeding reform efforts in the United States and Germany.
What's Your Sign? -- International Norms, Signals, And Compliance, Charles K. Whitehead
What's Your Sign? -- International Norms, Signals, And Compliance, Charles K. Whitehead
Michigan Journal of International Law
This Article proposes a new approach to understanding state compliance with international obligations, positing that increased interaction among the world's regulators has reinforced network norms, as evidenced in part by a greater reliance among states on legally nonbinding instruments. This Article also begins to fill a gap in the growing scholarship on state compliance by proposing a better framework for understanding how international norms influence senior regulators and how they affect both state decisions to comply as well as levels of compliance.
The Next Generation: Milhaupt And West On Japanese Economic Law, Kent Anderson
The Next Generation: Milhaupt And West On Japanese Economic Law, Kent Anderson
Michigan Journal of International Law
Review of Economic Organizations and Corporate Governance in Japan: The Impact of Formal and Informal Rules by Curtis Milhaupt & Mark West
Managed Care Regulation: Can We Learn From Others? The Chilean Experience, Timothy Stoltzfus Jost
Managed Care Regulation: Can We Learn From Others? The Chilean Experience, Timothy Stoltzfus Jost
University of Michigan Journal of Law Reform
Because the United States relies on private insurance for financing health care to a much greater degree than do other nations, and because managed care as a form of private insurance is further developed in the United States than elsewhere, it is arguable that we have little to learn from other nations about managed care regulation. This Article tests this hypothesis with respect to Chile, a country where private insurance is widespread and managed care is emerging. It concludes that by studying the experience of other nations we might gain a larger perspective on the context of our concerns in …
Convergence And Competition: The Case Of Bank Regulation In Britain And The United States, Heidi Mandanis Schooner, Michael Taylor
Convergence And Competition: The Case Of Bank Regulation In Britain And The United States, Heidi Mandanis Schooner, Michael Taylor
Michigan Journal of International Law
This Article consists of four main parts. Part I introduces the convergence by competition model as it applies to the regulation of financial institutions and sets the stage for the test case application of the model to the regulatory systems in the United States and United Kingdom. Part II provides a comparative history of bank regulation in Britain and the United States. Central to our argument is the proposition that, even in the presence of globalized financial markets and the opportunities for rule competition brought in their wake, the bank regulatory systems of the United States and Britain continue to …
Disclosure In Global Securities Offerings: Analysis Of Jurisdictional Approaches, Commonality And Reciprocity, Marc I. Steinberg, Lee E. Michaels
Disclosure In Global Securities Offerings: Analysis Of Jurisdictional Approaches, Commonality And Reciprocity, Marc I. Steinberg, Lee E. Michaels
Michigan Journal of International Law
This article presents a summary of the regulatory systems currently in place in the world's major markets. This summary focuses primarily on the disclosure rules that must be followed by a company undertaking an equity offering in each country. Certain significant accounting standards also are discussed. After comparing the different disclosure frameworks, the article addresses efforts that have been made to regulate or standardize the world's markets on a more international level. Finally, the article discusses where we should go next in the quest to create greater harmony in a truly global marketplace.
Controlling The Environmental Consequences Of Power Development In The People's Republic Of China, Homer Sun
Controlling The Environmental Consequences Of Power Development In The People's Republic Of China, Homer Sun
Michigan Journal of International Law
This Note proposes a strategy to mitigate the environmental degradation resulting from China's power development. Part I introduces China's power industry - its excessive dependence on coal, its antiquated and inefficient infrastructure, its pollutive effects, and its projected expansion. Part II appraises the ways in which China's environmental laws, macroeconomic controls, and foreign investment restrictions influence the growth of power development and its corresponding effect on the environment. Part III assesses the role that governments, development banks, and international organizations can play in curbing the environmental impact of Chinese power projects. Considering the problems associated with current Chinese and international …
Securitization Of State Ownership: Chinese Securities Law, Minkang Gu, Robert C. Art
Securitization Of State Ownership: Chinese Securities Law, Minkang Gu, Robert C. Art
Michigan Journal of International Law
Part I of this article establishes the scope of analysis and defines the Chinese use of the term "security," which is more limited than under American law. Parts II and III briefly examine the history of Chinese securities laws and the understanding of securities by the Chinese people. Part IV focuses on the government's motivations in establishing the securities markets. Part V discusses the distinctively Chinese approach of classifying shares according to the characteristics and nationality of permitted shareholders. Part VI addresses the future development of Chinese securities markets. The conclusion reflects on the significance of western forms of securities …
English Law In The Age Of The Black Death, 1348-1381: A Transformation Of Governance And Law, Daniel B. Kosove
English Law In The Age Of The Black Death, 1348-1381: A Transformation Of Governance And Law, Daniel B. Kosove
Michigan Law Review
A Review of English Law in the Age of the Black Death, 1348-1381: A Transformation of Governance and Law by Robert C. Palmer
Labor And The Global Economy: Four Approaches To Transnational Labor Regulation, Katherine Van Wezel Stone
Labor And The Global Economy: Four Approaches To Transnational Labor Regulation, Katherine Van Wezel Stone
Michigan Journal of International Law
This article examines the challenge to domestic labor regulation posed by the increasingly international economic and legal order. Part I analyzes the several ways in which increased global economic integration creates problems for labor. These problems include a decline in union bargaining power, a race-to-the-bottom in labor standards, and a weakening of labor's role as political actor. Part II identifies four approaches, or models, for transnational labor regulation that have emerged in the Western world in the past twenty years. These are: (1) preemptive legislation; (2) harmonization; (3) cross-border monitoring; and (4) extraterritorial jurisdiction. Part III explores the differences between …
Empowering The Russian Consumer In A Market Economy, James P. Nehf
Empowering The Russian Consumer In A Market Economy, James P. Nehf
Michigan Journal of International Law
One purpose of this article is to examine how the legislative product of a declining socialist state will benefit Russian consumers during the unusual circumstances characterizing the period of market transformation. A second purpose is to familiarize Western consumerists with the decidedly pro-consumer features of the Russian law. Part I analyzes the consumer law's provisions that elevate the legal status of consumers when they purchase goods and services. Part II examines the legislation from a different perspective - as a set of legal norms affecting the operation of consumer markets generally. Part III discusses the enforcement mechanisms established in the …
The Development Of The Equal Treatment Principle In The International Debt Crisis, Carsten Thomas Ebenroth, Rüdiger Woggon
The Development Of The Equal Treatment Principle In The International Debt Crisis, Carsten Thomas Ebenroth, Rüdiger Woggon
Michigan Journal of International Law
Since the outbreak of the international debt crisis at the beginning of the 1980s, debtor countries have reached a series of agreements with private creditor banks, with the aim of reducing the financial strain on the debtor countries and enabling them to service their debts. Long-term extensions of maturities are a central aspect of many of these arrangements. Included in the restructurings are all the medium- and long-term claims of the creditor banks, often short-term trade credits and interbank lines, and, in individual cases such as the restructuring of the debts of Poland, Yugoslavia, Costa Rica, and some African States, …
Prurient Interest And Human Dignity: Pornography Regulation In West Germany And The United States, Mathias Reimann
Prurient Interest And Human Dignity: Pornography Regulation In West Germany And The United States, Mathias Reimann
University of Michigan Journal of Law Reform
This Article examines the regulation of pornography in West Germany and compares it to regulation in the United States. Part I provides an overview of the legal framework- constitutional and statutory-of pornography regulation in West Germany. Part II then traces the evolution of the concept of human dignity as a standard for defining pornography in West Germany, and Part III illustrates the practical impact of the idea in two widely debated recent cases. Part IV argues that West Germany's human dignity approach to pornography regulation raises important questions about how to view pornography, but that cultural and constitutional differences between …
Political Asylum In The Federal Republic Of Germany And The Republic Of France: Lessons For The United States, T. Alexander Aleinikoff
Political Asylum In The Federal Republic Of Germany And The Republic Of France: Lessons For The United States, T. Alexander Aleinikoff
University of Michigan Journal of Law Reform
The recent flood of asylum claims, and the concerns it engenders, are not peculiar to the United States. Western European nations have witnessed similar increases in asylum applications over the past decade, .and institutions charged with adjudicating claims have become severely overburdened. This Article will describe the experience of the Federal Republic of Germany and the Republic of France in coping with the explosion of asylum claims. A comparative analysis may provide perspective on the American situation and perhaps suggest - or rule out - proposals for change currently under consideration in the United States. To appreciate the saliency of …