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- International Law (9)
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- World Bank (4)
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- Georgia Journal of International & Comparative Law (9)
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- Odette Lienau (3)
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- Annelise Riles (1)
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Articles 1 - 30 of 45
Full-Text Articles in International Law
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Annelise Riles
A central challenge for international financial regulatory systems today is how to manage the impact of global systemically important financial institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This paper focuses on the Financial Stability Board (FSB) and proposes a new research agenda for the FSB’s emerging regulatory forms. In particular, it examines the regulatory architecture of the New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some …
International Trade In Services From The Japanese Viewpoint, Masato Dogauchi
International Trade In Services From The Japanese Viewpoint, Masato Dogauchi
Georgia Journal of International & Comparative Law
No abstract provided.
Perspective Of The Private Sector--Banking, F. William Hawley
Perspective Of The Private Sector--Banking, F. William Hawley
Georgia Journal of International & Comparative Law
No abstract provided.
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Odette Lienau
Particularly in light of recent developments in sovereign debt litigation, there is a pressing need for discussion of more robust sovereign debt restructuring mechanisms. This paper contends that any sovereign debt workout mechanism (DWM) should embody the principles of legitimacy and impartiality, to the extent possible, in order to garner the stable and long-term adherence of international stakeholders. These two elements are important both for attracting support ex ante, i.e. in the initial development of any treaty, ad hoc, or soft law restructuring mechanism, and for ensuring ex post that a DWM is ultimately utilized by states and their creditors. …
Who Is The "Sovereign" In Sovereign Debt?: Reinterpreting A Rule-Of-Law Framework From The Early Twentieth Century, Odette Lienau
Who Is The "Sovereign" In Sovereign Debt?: Reinterpreting A Rule-Of-Law Framework From The Early Twentieth Century, Odette Lienau
Odette Lienau
Combining legal interpretation with political science analysis, this Article highlights the competing "statist" and "popular" conceptions of sovereignty at stake in sovereign debt issues. It argues that these two dominant approaches do not exhaust the offerings of intellectual history and considers an alternative approach that emerged in the early twentieth century and may be of relevance again today. The Article contends that U.S. Chief Justice Taft's foundational 1923 "Tinoco" decision, which grounds the current approach to sovereign governmental recognition, has been misinterpreted to support a purely statist or absolutist conception of sovereignty. It argues that a proper interpretation presents an …
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Odette Lienau
Although Europe is no stranger to sovereign debt troubles, the focus of international debt governance for several decades has been on the developing world. Discussions surrounding the efficacy and appropriateness of crisis mechanisms have been shaped by this political reality. But the current focus on Europe itself may generate changes in how public and private actors view international debt governance and the legitimacy of crisis mechanisms. In these remarks, I will focus on two ways in which Europe might serve as a test case for broader governance practices. First, I will discuss the ramifications of the European Union’s potential adoption …
The Development Of A Global Market-Based Debt Strategy To Regulate Private Lending To Developing Countries, Bradley K. Boyd
The Development Of A Global Market-Based Debt Strategy To Regulate Private Lending To Developing Countries, Bradley K. Boyd
Georgia Journal of International & Comparative Law
No abstract provided.
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Robert C. Hockett
With the American economy stalled and another federal election campaign season well underway, the “outsourcing” of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year’s political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American participation in the World Trade Organization, in the North American Free Trade Agreement, and in the processes of global economic integration more generally appear …
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Robert C. Hockett
Global trade imbalance and domestic financial fragility are intimately related. When a nation runs persistently massive current account deficits to maintain global liquidity as has the United States now for decades, its central bank effectively relinquishes exchange rate flexibility to become a de facto central bank to the world. That in turn prevents the bank from playing its essential credit-modulatory role at home, at least absent strict capital controls that are difficult to administer and have long been taboo. And this can in turn render credit-fueled asset price bubbles and busts all but impossible to prevent, irrespective of the nation's …
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
Robert C. Hockett
This Working Paper is no longer available. The published version of this article is available at: http://scholarship.law.cornell.edu/facpub/1405/ Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, …
Foreign Investments And The Market For Law, Susan Franck
Foreign Investments And The Market For Law, Susan Franck
Articles in Law Reviews & Other Academic Journals
In this Article, Professors O'Hara O'Connor and Franck adapt and extend Larry Ribstein's positive framework for analyzing the role of jurisdictional competition in the law market. Specifically, the authors provide an institutional framework focused on interest group representation that can be used to balance the tensions underlying foreign investment law, including the desire to compete to attract investments and countervailing preferences to retain domestic policy-making discretion. The framework has implications for the respective roles of BITs and investment contracts as well as the inclusion and interpretation of various foreign investment provisions.
All Together Now: International Regulatory Response To The Libor Rate Setting Conspiracy, Melissa Anne Conrad-Alam
All Together Now: International Regulatory Response To The Libor Rate Setting Conspiracy, Melissa Anne Conrad-Alam
Georgia Journal of International & Comparative Law
No abstract provided.
Understanding The Islamic Prohibition Of Interest: A Guide To Aid Economic Cooperation Between The Islamic And Western Worlds, Hesham M. Sharawy
Understanding The Islamic Prohibition Of Interest: A Guide To Aid Economic Cooperation Between The Islamic And Western Worlds, Hesham M. Sharawy
Georgia Journal of International & Comparative Law
No abstract provided.
The Daiwa Wake-Up Call: The Need For International Standards For Banking Supervision, Kristin L. Case
The Daiwa Wake-Up Call: The Need For International Standards For Banking Supervision, Kristin L. Case
Georgia Journal of International & Comparative Law
No abstract provided.
Revamping International Securites Laws To Break The Financial Infrastructure Of Global Terrorism, Sireesha Chenmolu
Revamping International Securites Laws To Break The Financial Infrastructure Of Global Terrorism, Sireesha Chenmolu
Georgia Journal of International & Comparative Law
No abstract provided.
A Fistful Of Dollars: "Operation Casablanca" And The Impact Of Extraterritorial Enforcement Of The United States Money Laundering Law, Michael D. Hoffer
A Fistful Of Dollars: "Operation Casablanca" And The Impact Of Extraterritorial Enforcement Of The United States Money Laundering Law, Michael D. Hoffer
Georgia Journal of International & Comparative Law
No abstract provided.
Creditor Participation In The Hipc Debt Relief Initiatives: The Case Of Guyana, Magnus Saxegaard
Creditor Participation In The Hipc Debt Relief Initiatives: The Case Of Guyana, Magnus Saxegaard
Georgia Journal of International & Comparative Law
No abstract provided.
Legal And Institutional Remedies For Middle East States Wishing To Develop And Increase Foreign Direct Investment, Griffin Weaver
Legal And Institutional Remedies For Middle East States Wishing To Develop And Increase Foreign Direct Investment, Griffin Weaver
Griffin Weaver
The cost to overhaul a legal system is astronomical. For example, before and after the fall of the Soviet Union in the 1980’s several states received billions of dollars in loans to help change their “legal systems” and make them more western friendly. A couple of these states were West Germany and Japan, which received roughly 1.5 billion and 2.4 billion USD in loans. Considering most of this money was given in the 1950’s, the value today is probably three times or more those amounts. Without this aid both states would have been unable to make the changes to their …
The Imf’S Reassessment Of Capital Controls After The 2008 Financial Crisis: Heresy Or Orthodoxy?, Philip J. Macfarlane
The Imf’S Reassessment Of Capital Controls After The 2008 Financial Crisis: Heresy Or Orthodoxy?, Philip J. Macfarlane
Philip J. MacFarlane
While the IMF allows countries to limit the flow of capital through the use of capital controls, it has since the 1980s discouraged this practice and instead promoted capital account liberalization as a means for developing countries to attract the foreign investment needed for economic growth. The 2008 financial crisis, however, prompted the IMF to reconsider this view and increasingly support the use of capital controls for countries that were vulnerable to the effects of volatile capital flows. In 2012, the IMF changed its official position on the use of capital controls from permitted but discouraged to accepted in certain …
Reframing International Financial Regulation After The Global Financial Crisis: Rational States And Interdependence, Not Regulatory Networks And Soft Law, Matthew C. Turk
Reframing International Financial Regulation After The Global Financial Crisis: Rational States And Interdependence, Not Regulatory Networks And Soft Law, Matthew C. Turk
Michigan Journal of International Law
The British bank Northern Rock failed on September 14, 2007; U.S. investment bank Bear Stearns collapsed on March 17, 2008 and was subject to a government-engineered takeover by J.P. Morgan Chase; and, on the night of September 15, 2008, U.S. investment bank Lehman Brothers filed for bankruptcy and sent global financial markets into disarray the following Monday morning. These financial institutions shared several features in common prior to their downfall, but perhaps the most curious is that they were each considered fully compliant with the second generation framework for the Basel Accords on Capital Adequacy (Basel II), an international agreement …
The Law And Economics Of Microfinance, Katherine Helen Mary Hunt
The Law And Economics Of Microfinance, Katherine Helen Mary Hunt
Katherine Helen Mary Hunt
Financial inclusion may be jargon which appeals to international donors and academics, but the strategic implementation in developing countries is often based on international du jour priorities, such as microfinance. The topic of microfinance is highly debated in the academic literature, although little empirical work has been published. Further, no literature to date has considered microfinance from a law and economics perspective. This paper seeks to contribute to the gap in the literature by considering how microfinance has evolved to address the credit market failure, and how microfinance regulation should be designed to promote long term financial inclusion via financially …
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Cornell Law Faculty Publications
Particularly in light of recent developments in sovereign debt litigation, there is a pressing need for discussion of more robust sovereign debt restructuring mechanisms. This paper contends that any sovereign debt workout mechanism (DWM) should embody the principles of legitimacy and impartiality, to the extent possible, in order to garner the stable and long-term adherence of international stakeholders. These two elements are important both for attracting support ex ante, i.e. in the initial development of any treaty, ad hoc, or soft law restructuring mechanism, and for ensuring ex post that a DWM is ultimately utilized by states and their creditors. …
Changing Tides: Tax Haven Reform And The Changing Views Of Transnational Capital Flow Regulation And The Role Of States In A Globalized World, Jeffrey Kraft
Indiana Journal of Global Legal Studies
The transnational free flow of capital represents one of the core factors driving the globalization of the world since the beginning of the Bretton-Woods era. Under the "traditional" Neoliberal theory of globalization, this free flow of capital remains sacrosanct, an unstoppable force with which state actors cannot and should not interfere. However, the recent financial crisis has caused some to question this absolute faith in the benefits of unregulated transnational capital flows and to assert that the state still has a role to play in influencing the creation of international norms on capital. Tax haven regulation represents one area that …
Common Capital: A Thought Experiment In Cross-Border Resolution, Anna Gelpern
Common Capital: A Thought Experiment In Cross-Border Resolution, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
Cross-border bank resolution efforts focus on burden-sharing between bank owners, private creditors and the public. There is little talk of burden-sharing among governments, despite the rich history of governments trying to stick one another with the cost of financial conglomerate failures. There is an unspoken fear that acknowledging the need to allocate losses among governments would undermine post-crisis pledges of No More Bailouts. This symposium essay argues for making government stakes in private financial firms more transparent, and for using the contingent public share as a key to loss allocation among governments in cross-border banking crises.
Financial Innovation In East Asia, Ross P. Buckley, Douglas W. Arner, Michael Panton
Financial Innovation In East Asia, Ross P. Buckley, Douglas W. Arner, Michael Panton
Seattle University Law Review
Finance is important for development. However, the Asian financial crisis of 1997–1998 and the global financial crisis of 2008 highlighted the serious risks associated with financial liberalization and excessive innovation. East Asia’s strong focus on economic growth has necessitated a careful balancing of the benefits of financial liberalization and innovation against the very real risks inherent in financial sector development. This Article examines the role of regulatory, legal, and institutional infrastructure in supporting both financial development and limiting the risk of financial crises. The Article then addresses a series of issues with particular developmental significance in the region: trade finance, …
Enhancing The Transparency Dialogue In The “Santiago Principles” For Sovereign Wealth Funds, Adam D. Dixon
Enhancing The Transparency Dialogue In The “Santiago Principles” For Sovereign Wealth Funds, Adam D. Dixon
Seattle University Law Review
The financial crisis ultimately caused Western governments to welcome sovereign wealth fund (SWF) investment as a way to put a floor under collapsing markets and to provide a set of voluntary principles that would underwrite SWFs’ claim to legitimacy in the international community. In the autumn of 2007, then U.S. Treasury Secretary Henry Paulson, in conjunction with the International Monetary Fund, convened the International Working Group of SWFs (IWG) to draft a set of generally accepted principles and practices. These principles are referred to as the “Santiago Principles.” The implicit objective of these twenty-four voluntary principles is to promote greater …
Culture Wars: Rate Manipulation, Institutional Corruption, And The Lost Normative Foundations Of Market Conduct Regulation, Justin O'Brien
Culture Wars: Rate Manipulation, Institutional Corruption, And The Lost Normative Foundations Of Market Conduct Regulation, Justin O'Brien
Seattle University Law Review
The global investigations into the manipulation of the London Interbank Offered Rate (Libor) have raised significant questions about how conflicts of interest are managed for regulated entities contributing to benchmarks. An alternative framework, which brings the management of the rate process under direct regulatory supervision, is under consideration, coordinated by the International Organization of Securities Commissions taskforce. The articulation of global principles builds on a review commissioned by the British government that suggests rates calculated by submission can be reformed. This paper argues that this approach is predestined to fail, precisely because it ignores the lessons of history. In revisiting …
The Timing And Source Of Regulation, Frank Partnoy
The Timing And Source Of Regulation, Frank Partnoy
Seattle University Law Review
The distinction between specific concrete rules and general abstract principles has engaged legal theorists for decades. This rules–principles distinction has also become increasingly important in corporate and securities law, as well as financial market regulation. This Article adds two important variables to the rules–principles debate: timing and source. Although these two variables are relevant to legal theory generally, the specific goal here is not to address and engage the rules versus principles literature directly. Rather, the goal here is to ask whether the debate about financial market regulation might benefit from a more transparent analysis of temporal and legal source …
Australia’S Experience With Foreign Direct Investment By State Controlled Entities: A Move Towards Xenophobia Or Greater Openness?, Greg Golding
Seattle University Law Review
Over the last few years, there has been considerable debate in Australia as to the appropriate regulation of foreign direct investment by entities affiliated with foreign governments. During that time, Australia has been a significant beneficiary of investment by sovereign wealth funds from many foreign jurisdictions, particularly by Chinese state owned enterprises. The Australian government, similar to governments of many developed Western countries, has struggled to properly calibrate its policy settings for regulating this type of investment activity. This Article considers the Australian regulatory regime and assesses Australia’s experience in regulating those investment flows during this period.
Deferred Prosecutions In The Corporate Sector: Lessons From Libor, Justin O'Brien, Olivia Dixon
Deferred Prosecutions In The Corporate Sector: Lessons From Libor, Justin O'Brien, Olivia Dixon
Seattle University Law Review
Since 2008, the global economic downturn has significantly in-creased operating pressures on major corporations. Additionally, there has been a corresponding increase in corporate tolerance for corruption, which has coincided with a marked preference by regulators in settling, rather than litigating, enforcement actions. This Article argues that the expansion of prosecutorial authority without appropriate accountability restraints is a major tactical and strategic error. It evaluates whether the mechanism can be made subject to effective oversight. It argues that the current frame-work in the United States is highly problematic, leading to settlements that generate newspaper headlines but not necessarily cultural change. It …