Law Commons^™

The Macroprudential Turn: From Institutional 'Safety And Soundness' To Systematic 'Financial Stability' In Financial Supervision, Robert C. Hockett

Cornell Law Faculty Publications

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, though not to supplant, institutional ‘safety and soundness’ as a regulatory desideratum.

The move from primarily micro- …

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. …

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 …

Russia & Legal Harmonization: An Historical Inquiry Into Ip Reform As Global Convergence And Resistance, Boris N. Mamlyuk

Cornell Law Faculty Publications

This Article examines several waves of intellectual property (IP) regulation reform in Russia, starting with an examination into early Soviet attempts to regulate intellectual property. Historical analysis is useful to illustrate areas of theoretical convergence, divergence, and tension between state ideology, positive law, and "law in action." The relevance of these tensions for post-Soviet legal reform may appear tenuous. However, insofar as IP enforcement has emerged as one of the largest hurdles for Russia's prolonged accession to the World Trade Organization (WTO), these historical precedents may help explain Russia's apparent theoretical and political disconnect from the WTO. If Russian policymakers …

Globalization And The Border: Trade, Labor, Migration, And Agricultural Production In Mexico, Chantal Thomas

Cornell Law Faculty Publications

The debate over immigration policy in the United States has reached a crescendo in recent years, with particular concern over illegal workers and their impact on social well-being in this country. Yet in the prevailing analysis of this issue, the relationship between immigration and contemporary international trade policy is often overlooked. In particular, few commentators recognize or understand that a significant part of the surge in illegal labor from Mexico--the source of the majority of undocumented workers in the United States—stems from reforms that Mexico undertook in cooperation with the United States to liberalize trade flows across the Mexico-United States …

Toward Internationally Regulated Goods: Controlling The Trade In Small Arms And Light Weapons, Asif Efrat

Cornell Law Faculty Publications

Contrary to the general trend of trade liberalization, specific goods—such as small arms, drugs, and antiquities—have come under increasing international control in recent decades through a set of international regulatory agreements. This article offers a theoretical framework of government preferences on the international regulation of these goods. Departing from conventional models of trade policy, the theoretical framework introduces negative externalities, rather than protection, as the motivation for restricting trade; it also takes moral concerns into account. I test this framework empirically through an original survey of government views on international small-arms regulation. Based on interviewing officials from 118 countries, the …

Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett

Cornell Law Faculty Publications

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 …

The Paradox Of Excluding Wto Direct And Indirect Effect In U.S. Law, John J. Barceló Iii

Cornell Law Faculty Publications

No abstract provided.

Remedies And The Cisg: Another Perspective, Robert A. Hillman

Cornell Law Faculty Publications

In this brief comment, I apply behavioral decision theory to the question of the enforcement in transnational sales of super-compensatory agreed damages. I conclude that a good case can be made that such damages provisions should be enforced.

Developing Countries And The Wto, John J. Barceló Iii

Cornell Law Faculty Publications

When the World Trade Organization (WTO) was founded ten years ago on January 1, 1995, commentators hailed it as a major transformation of the world trading system. The new, more juristic and permanent World Trade Organization replaced the previous, more pragmatic and ad hoc General Agreement on Tariffs and Trade (GATT). The industrial countries, led by the United States, the EU, and Japan, brought about this change to consolidate and deepen their own and the world’s commitment to an open trading system. Their support for the change was crucial because they dominated the GATT, and they continue to dominate the …

Working Borders: Linking Debates About Insourcing And Outsourcing Of Capital And Labor, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Katherine V.W. Stone, Timothy A. Canova, Claire Moore Dickerson

Cornell Law Faculty Publications

No abstract provided.

Should The World Trade Organization Incorporate Labor And Environmental Standards?, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Challenges For Democracy And Trade: The Case Of The United States, Chantal Thomas

Cornell Law Faculty Publications

Predominant political theory holds that legislators are protectionist regarding international trade because susceptibility to minority interest groups leads them to vote in ways that protect domestic industries at the expense of free trade. Because free trade is widely regarded as beneficial to the majority, the protectionist tendency of the legislature is believed to be a disservice to most Americans. These two theories have led to policies that restrict the role of the legislature in the formulation of trade policy, specifically, the creation of the fast track framework for trade policy legislation that exists today. This Essay challenges these two theories, …

The "Race To The Bottom" Returns: China's Challenge To The International Labor Movement, Stephen F. Diamond

Cornell Law Faculty Publications

No abstract provided.

Disciplining Globalization: International Law, Illegal Trade, And The Case Of Narcotics, Chantal Thomas

Cornell Law Faculty Publications

This Article is the first in a series of studies of the globalization of illicit markets. My theses are as follows: First, the increase in international trade in illicit products and services parallels the growth in international trade more generally that accompanies the phenomenon of globalization. Second, at the same time that most international trade law has moved toward a posture of liberalization, there has been a movement to strengthen the prohibition and punishment of trade in illicit transactions. Third, the mechanisms that have developed to regulate this prohibition constitute a significant development in the international legal order.

The Dynamic Of Institutional Discrepancies And Growing Contradiction Within The International Economic Order, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Poverty Reduction, Trade, And Rights, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Globalization In Financial Services - What Role For Gats?, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Constitutional Change And International Government, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Globalization And The Reproduction Of Hierarchy, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Balance-Of-Payments Crises In The Developing World: Balancing Trade, Finance And Development In The New Economic Order, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

To The Yukon And Beyond: Local Laborers In A Global Market, Katherine V.W. Stone

Cornell Law Faculty Publications

This Article explores the possibilities for effective protection of labor rights in the emerging global labor market. It explores existing forms of transnational labor regulation, including both hard regulation, i.e., regulation by state-centered institutions, and soft regulation, i.e., regulation through private actors responding to market forces. The author finds that existing regulatory approaches are inadequate to ensure that the global marketplace will offer adequate labor standards to its global workforce. She proposes new approaches to global labor regulation, approaches that blend hard and soft law by reshaping market forces and embedding them in a regulatory framework that is protective of …

Comparing The "1990s-Style" And "1980s-Style" Debt Crises, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Antilegalistic Approaches To Resolving Disputes Between Governments: A Comparison Of The International Tax And Trade Regimes, Robert A. Green

Cornell Law Faculty Publications

The Need For The Harmonisation Of Trade Laws In The Southern African Development Community (Sadc), Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.

The United Nations Convention On Contracts For The International Sale Of Goods: Guide To Research And Literature, Claire M. Germain

Cornell Law Faculty Publications

No abstract provided.

Developing Countries And Multilateral Trade Agreements: Law And The Promise Of Development, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Product Standards To Protect The Local Environment--The Gatt And The Uruguay Round Sanitary And Phytosanitary Agreement, John J. Barceló Iii

Cornell Law Faculty Publications

No abstract provided.

African Economic Community And The Promotion Of Intra-African Trade, Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.