Law Commons^™

Imf's Loan Conditionality: Negative Consequences In The Borrower Country And The Burden Of Responsibility, Sara Mohamed Osama Abdalla Atta

Theses and Dissertations

People often think that IFIs, such as the World Bank and the International Monetary Fund are prominent players in the global economy by providing funds to countries in need of development and sustainment of welfare, unfortunately these institutions can cause devastating effects in the borrower country. The harsh conditionality of the IMF plays a huge role in the negative economic consequences incumbent upon the borrower country. Meanwhile, the lack of legal remedies for private individuals suffering from the conditionality aggravates the consequences for these people. On the one hand, conditionality may strain the economy of the borrower country which leads …

Lessons Learned: Edwin (Ted) Truman, Yasemin Sim Esmen

Journal of Financial Crises

Insights on fighting financial crises from Ted Truman, an expert in responding to the international dimensions of financial crises. Topics include the initial US response to the Global Financial Crisis of 2008-2009 and the utiltiy of issuing Special Drawing Rights (SDR).

Assessing The Potential For Global Economic Governance Reform, Daniel D. Bradlow

Articles in Law Reviews & Other Academic Journals

Every dynamic social system’s adaptive capacity is finite. Eventually, the ability of the system’s legal and institutional arrangements to adapt to the changing operational context is exhausted. At this point, unless the system is significantly reformed, it begins losing its legitimacy and efficacy.

This article contends that the structure, operation and scale of the global economy has changed so dramatically that the current arrangements for global economic governance are approaching this crisis moment. They are failing to deliver an inclusive, sustainable and efficient international economic system that can contribute to peace, prosperity and human welfare. Their governance arrangements and operating …

International Lobbying Law, Melinda (M.J.) Durkee

Scholarship@WashULaw

An idiosyncratic array of international rules allows nonstate actors to gain special access to international officials and lawmakers. Historically, many of these groups were public-interest associations like Amnesty International. For this reason, the access rules have been celebrated as a way to democratize international organizations, enhancing their legitimacy and that of the rules they produce. But a focus on the classic public-law virtues of democracy and legitimacy produces a theory at odds with the facts: The international rules rules also offer access to industry and trade associations like the World Coal Association, whose principal purpose is to lobby for their …

International Lobbying Law, Melissa J. Durkee

Scholarly Works

An idiosyncratic array of international rules allows nonstate actors to gain special access to international officials and lawmakers. Historically, many of these groups were public-interest associations like Amnesty International. For this reason, the access rules have been celebrated as a way to democratize international organizations, enhancing their legitimacy and that of the rules they produce. But a focus on the classic public-law virtues of democracy and legitimacy produces a theory at odds with the facts: The international rules rules also offer access to industry and trade associations like the World Coal Association, whose principal purpose is to lobby for their …

Book Review: Membership And Nonmembership In The International Monetary Fund. By Joseph Gold. Washington, D.C.: International Monetary Fund, 1974., Paul C. Szasz

Georgia Journal of International & Comparative Law

No abstract provided.

Providing For Environmental Safeguards In The Development Loans Given By The World Bank Group To The Developing Countries, John W. Kindt

Georgia Journal of International & Comparative Law

No abstract provided.

Legal Aspects Of Convertibility, Dr. Rainer Geiger

Georgia Journal of International & Comparative Law

No abstract provided.

The Standard Investment Agreement: Text And Comments, Philippe Kahn

Georgia Journal of International & Comparative Law

No abstract provided.

Conference Summary: Problems And Prospects Of Trade With Eastern Europe And China, Chesterfield H. Smith, William C. Mott, William J. Casey, Philip M. Landrum, Jacobus T. Severiens, Dean Rusk, Evgeniy V. Bugrov, Andrzej B. Burzynski, Gabriel M. Wilner, Peter M. Flanigan, Benjamin Busch, Victor Hoa Li, Graham Metson, Donald Clark, Reg Murphy, Charles Hodgkins, C.C. Van Den Heuvel, Jeremy Russell, David Winter

Georgia Journal of International & Comparative Law

No abstract provided.

Book Review: The Gatt - Law And International Economic Organization. By Kenneth W. Dam. Chicago And London: The University Of Chicago Press, 1970. Pp. Xvii, 480. $15.00., Pasco M. Bowman Ii

Georgia Journal of International & Comparative Law

No abstract provided.

Austerity, Debt Overhang, And The Design Of International Standards On Sovereign, Corporate, And Consumer Debt Restructuring, Susan Block-Lieb

Indiana Journal of Global Legal Studies

Following the Asian Financial Crisis, sovereign debt defaults prompted calls by the International Monetary Fund (IMF) for a statutory Sovereign Debt Restructuring Mechanism (SDRM). In promoting the SDRM, IMF leaders argued that countries' sovereign debt problems needed something like U.S. Chapter 11, which is to say that IMF leaders supported the SDRM proposal with reference to legal claims rather than relying on purely economic arguments about the welfare benefits of resolving debt overhang. Framing the debate in this way caught on, but by 2005 the IMF board of directors had rejected the SDRM proposal. The current Global Financial Crisis similarly …

Current Legal Matters Affecting Central Banks, Robert C. Effros

Georgia Journal of International & Comparative Law

No abstract provided.

International Debt Forgiveness And Global Poverty Reduction, Chantal Thomas

Chantal Thomas

No abstract provided.

Does The "Good Governance Policy" Of The International Financial Institutions Privilege Markets At The Expense Of Democracy?, Chantal Thomas

Chantal Thomas

No abstract provided.

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 …

Russian Membership In The Imf: A Look At The Problems, Past And Present, Buck Wiley

Georgia Journal of International & Comparative Law

No abstract provided.

Creditor Participation In The Hipc Debt Relief Initiatives: The Case Of Guyana, Magnus Saxegaard

Georgia Journal of International & Comparative Law

No abstract provided.

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 …

International Economic Law And The Right To Food, Carmen G. Gonzalez

Carmen G. Gonzalez

This chapter examines the historic and current policies and practices that have contributed to food insecurity in the global South. It analyzes the impact of international economic law on the patterns of trade and production that perpetuate food insecurity, and recommends concrete measures that the international community might take through law and regulation to promote the fundamental human right to food. Part I provides a short introduction to the right to food framework and its implications for international trade, investment, and finance. Part II places the current food crisis in historical perspective by discussing the trade and aid policies that …

Social Movements As Constituent Power: The Italian Struggle For The Commons, Saki Bailey, Ugo Mattei

Indiana Journal of Global Legal Studies

The Italian commons (beni comuni) movement is a powerful example of the way in which social movements are emerging as the new pouvoir constituant serving not only to enforce the protections and guarantees of national constitutions but also, in the context of the declining power of the nation-state, as a counter hegemonic force against the neoliberal economic constitutionalism of the international economic institutions. The common goods social movement in Italy was born out of the concerted action of a number of civil society groups combatting neoliberal privatizations. This commons movement, as will be argued in this paper, is an instance …

Imfing With Your Economic Rights: The Greek Tragedy Of The Eurozone, James C. Brady

James C Brady

While international human rights law promulgates that economic, social and cultural rights (economic rights) be supported just as fervently as civil and political rights, the reality is, they are not. The Greek debt crisis and resulting austerity measures demonstrate how a growing world economy is having an increasingly large impact on economic rights. States treat economic rights obligations similar to how businesses treat risk – that is, states seek to reduce their obligations like businesses seek to reduce their risk. As a result, economic rights remain second fiddle to their civil/political counterpart and a victim of supranational monetary monoliths like …

Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert C. Hockett

Cornell Law Faculty Publications

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 …

Oportunidades Para Las Empresas Dentro De La Omc, Rodolfo C. Rivas Rea Esq.

Rodolfo C. Rivas

The author provides a brief overview of the World Trade Organization (WTO), the International Monetary Fund (IMF) and the World Bank (WB) by explaining the context of their interrelationship. Afterwards, the author delves into a brief analysis of Mexico’s role in the International Trade arena and concludes by describing the paths through which the private sector can benefit from the WTO.///////////////////////////////////////////////////////////////////////////////////////El autor pone en contexto la interrelación entre la Organización Mundial del Comercio (OMC) el Banco Mundial (BM) y el Fondo Monetario Internacional (FMI). Posteriormente, el autor describe brevemente el rol de México dentro de las instituciones de Comercio Internacional …

Jus Post Bellum In Iraq: The Development Of Emerging Norms For Economic Reform In Post Conflict Countries, Christina C. Benson

Richmond Journal of Global Law & Business

Finally emerging from decades of conflict and isolation, Iraq has endured three devastating wars, the demise of the Saddam Hussein regime, the end of international economic sanctions, and the protracted process of approving a constitution and forming a new democratically elected government. The nation’s emergence from war, and efforts to build the foundations of stable governance and economic growth, provides a fascinating case study for analyzing new international norms promoting the “rule of law” in post-conflict countries.

This paper addresses arguments that early legal and economic reforms implemented by the Coalition Provisional Authority (CPA) and the Iraqi Interim Government (IIG) …

The Global Food System, Environmental Protection, And Human Rights, Carmen G. Gonzalez

Carmen G. Gonzalez

The global food system is exceeding ecological limits while failing to meet the nutritional needs of a large segment of the world’s population. While law could play an important role in facilitating the transition to a more just and ecologically sustainable food system, the current legal framework fails to regulate food and agriculture in an integrated manner. The international legal framework governing food and agriculture is fragmented into three self-contained regimes that have historically operated in isolation from one another: international human rights law, international environmental law, and international trade law. International trade law has taken precedence over human rights …

The Global Politics Of Food: Introduction To The Theoretical Perspectives Cluster, Carmen G. Gonzalez

Carmen G. Gonzalez

The corporate-dominated, fossil-fuel dependent model of agricultural production has produced chronic undernourishment, an epidemic of obesity and diet-related diseases, and unprecedented ecological devastation. In May 2010, the Universidad Interamericana in Mexico City hosted an international conference on The Global Politics of Food: Sustainability and Subordination. Sponsored by Latina and Latino Critical Legal Theory, Inc. and by Seattle University School of Law, the conference took place under the auspices of the South-North Exchange on Theory, Culture and Law (SNX), a yearly gathering of scholars in the Americas that seeks to foster transnational, cross-disciplinary and inter-cultural dialogue on current issues in law, …

Climate Change, Food Security, And Agrobiodiversity: Toward A Just, Resilient, And Sustainable Food System, Carmen G. Gonzalez

Carmen G. Gonzalez

The global food system is in a state of profound crisis. Decades of misguided aid, trade and production policies have resulted in an unprecedented erosion of agrobiodiversity that renders the world’s food supply vulnerable to catastrophic crop failure in the event of drought, heavy rains, and outbreaks of pests and disease. Climate change threatens to wreak additional havoc on food production by increasing the frequency and severity of extreme weather events, depressing agricultural yields, reducing the productivity of the world’s fisheries, and placing pressure on scarce water resources. Furthermore, the climate crisis and the biodiversity crisis are occurring at a …

Child Labor In India, A Consumer’S Perspective: Identifying Causes, Acknowledging Realities, And Proposing Incentives For Improvement, Vanessa L. Deniro Esq.

Vanessa L. De Niro

The exploitation of modern child labor in developing countries persists in part because of consumers like us. However, in light of increased global trade liberalization in developing countries and free market principles, cheap labor is what allows these nations to have a competitive edge in the global economy. With that said, a category of people that work longer hours for meager wages, absent unionization or labor protections, is an efficient means of production and justified by the economy of scales. Child laborers, exploited by employers competing in the global economy, are simply a product of laissez-fair economics, participating and contributing …

Is China A ‘Currency Manipulator’?: The Legitimacy Of China’S Exchange Regime Under The Current International Legal Framework, Bryan Mercurio, Celine Sze Ning Leung

Bryan Mercurio

While most economists are in agreement that China’s currency is undervalued, economists are less certain as to the effect of the undervaluation. Despite the equivocal data, critics of China’s regime claim that the undervaluation leads to cheaper, and therefore increased exported goods, while at the same time raising the price of imported goods. For this reason, U.S. lawmakers perpetually raise the issue and periodically initiate legislation, which would deem China a “currency manipulator” and thus trigger retaliatory measures. Lawyers are less certain whether there can be a multilateral solution to the perceived problem.

With the existing legal literature consisting mostly …