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Full-Text Articles in Law
Shock Therapy, Social Engineering, And Financial Discipline: What Does An Increasingly Financialized World Mean For Democratic Participation?, Layan Charara
Michigan Business & Entrepreneurial Law Review
Over the last several decades, the Bretton Woods Institutions have come to be drivers of policy in the realms of economic liberalization and development, exceeding their original mandates of fostering monetary cooperation and facilitating post-war reconstruction. The structural adjustment programs of the World Bank and the International Monetary Fund have engendered mixed results–delivering some countries from financial crises, while inciting riots and compounding state failure in others. Such varied experiences suggest there is some disconnect between the conditions to lending promulgated by these institutions and the realities on the ground. This Note will trace the evolution of high conditionality lending …
A Framework For A Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) And Other Guiding Principles, Charles W. Mooney Jr.
A Framework For A Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) And Other Guiding Principles, Charles W. Mooney Jr.
Michigan Journal of International Law
This paper explores the feasibility of a formal legal regime for the restructuring of sovereign state debt and outlines a framework for such a mechanism. More than a decade ago, senior officials at the International Monetary Fund (IMF) proposed the creation of a formal sovereign debt restructuring mechanism (SDRM). The proposal received support, but was eventually abandoned. One factor that contributed to its demise was the unwillingness of IMF members to submit to a tribunal that would encroach on a state’s sovereignty. Another determinative factor was the ultimate opposition of the United States. Likely related to that opposition, and perhaps …
Who's In Charge Of Global Finance?, Michael S. Barr
Who's In Charge Of Global Finance?, Michael S. Barr
Articles
The global financial crisis caused widespread harm not just to the financial system, but also to millions of households and businesses and to the global economy. The crisis revealed substantive, fundamental weaknesses in global financial regulation and raised serious questions about whether national regulators and the international financial regulatory system could ever be up to the task of overseeing global finance. This Article analyzes post-crisis reforms with two questions in mind: First, how can we build an effective international financial architecture with more than one architect? Second, can we build a system that is legitimate and accountable? The Article suggests …
The Relationship Of Imf Structural Adjustment Programs To Economic, Social, And Cultural Rights: The Argentine Case Revisited, Jason Morgan-Foster
The Relationship Of Imf Structural Adjustment Programs To Economic, Social, And Cultural Rights: The Argentine Case Revisited, Jason Morgan-Foster
Michigan Journal of International Law
Perhaps as important as what this Note is, is what it is not: Economic theories abound concerning the causes of the Argentine crisis, some of which directly analyze the IMF's causal connection to the Argentine catastrophe. A Note on this subject would be one of economic theory, not international human rights law. While at certain points in the analysis of the human rights implications of SAPs, it will become difficult to avoid some speculation of economic theory, it is not the primary focus of this Note. Rather than implicate the IMF as part of the cause of the crisis, this …
Debt, Development, And Human Rights: Lessons From South Africa, Daniel D. Bradlow
Debt, Development, And Human Rights: Lessons From South Africa, Daniel D. Bradlow
Michigan Journal of International Law
This paper, through a case study of financial sanctions against South Africa, demonstrates that it is possible to design a development-oriented financial sanctions strategy against any country that violates the human rights of its citizens and in which government regulations, including exchange controls, result in foreign-owned financial assets being trapped in the target country. This strategy will both deprive the perpetrators of the human rights violations of new funds and will help redirect the blocked funds into activities that are designed to promote the political and socioeconomic development of the victims of the human rights abuses. The means for identifying …
Legal Models For The International Regulation Of Exchange Rates, Joseph Gold
Legal Models For The International Regulation Of Exchange Rates, Joseph Gold
Michigan Law Review
No legal scholar has contributed more to the study of the harmonization of national interests by international agreement than Professor Eric Stein. This essay in his honor examines some of the efforts that have been made since the Bretton Woods Conference of July 1944 to bring order into the important international relationships that are called exchange rates. The subject has a further pertinence because of Eric Stein's work on the European Community. The law of the Community on exchange rates has been affected by the fortunes of the law of the International Monetary Fund (IMF). The Treaty of Rome relied …