Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- International Law (39)
- International Trade Law (10)
- Consumer Protection Law (8)
- Law and Economics (8)
- Securities Law (8)
-
- Comparative and Foreign Law (7)
- Law and Society (7)
- Legislation (7)
- Secured Transactions (7)
- Business (6)
- Administrative Law (5)
- Business Organizations Law (4)
- Law and Politics (4)
- Law and Race (4)
- Public Affairs, Public Policy and Public Administration (4)
- Public Law and Legal Theory (4)
- Social and Behavioral Sciences (4)
- Tax Law (4)
- Taxation-Federal (4)
- Commercial Law (3)
- Criminal Law (3)
- Economics (3)
- Legal Studies (3)
- American Studies (2)
- Antitrust and Trade Regulation (2)
- Arts and Humanities (2)
- Business Law, Public Responsibility, and Ethics (2)
- Constitutional Law (2)
- Keyword
-
- Banking (6)
- Credit (4)
- International law (4)
- Antitrust (3)
- Currency (3)
-
- European Union (3)
- Foreign direct investment (3)
- Monetary Policy (3)
- Tax (3)
- Trade (3)
- Artificial intelligence (2)
- Corporate law (2)
- Creditor (2)
- Debt (2)
- Debtor (2)
- Devaluation (2)
- European law (2)
- Fraud (2)
- International Law (2)
- International trade (2)
- Latin America (2)
- Racism (2)
- Regulation (2)
- Restructuring (2)
- SEC (2)
- Securities (2)
- Sovereign Debt (2)
- Switzerland (2)
- Systemic risk (2)
- United Kingdom (2)
- Publication Year
- Publication
- Publication Type
Articles 31 - 60 of 78
Full-Text Articles in Banking and Finance Law
Contingent Capital In European Union Bank Restructuring, Christoph K. Henkel, Wulf A. Kaal
Contingent Capital In European Union Bank Restructuring, Christoph K. Henkel, Wulf A. Kaal
Northwestern Journal of International Law & Business
The uncoordinated reorganization and resolution of Systemically Important Financial Institutions in different countries pose many challenges. Contingent capital provides a viable alternative for the efficient restructuring and resolution of failing financial institutions. Contingent Capital provides a mechanism for internalizing banks’ failure costs and helps return distressed financial institutions to solvency. This article offers a comparative perspective on bank resolution and restructuring in the European Union, Switzerland, the United Kingdom and Germany and shows that Contingent Capital could play a substantial role in bank restructuring.
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
NULR Online
International remittances—"cross-border person-to-person payments of relatively low value" sent primarily by international migrants to family members in developing countries—alleviate poverty, support entrepreneurship, and foster the development of financial systems. Until recently, aside from prohibitions on financial interactions with countries such as Cuba or Burma, U.S. regulators have only indirectly addressed these monetary transfers. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) changes this, providing direct, substantive regulation of the industry for the first time. Dodd-Frank calls on the Board of Governors of the Federal Reserve System (Board) to craft more than a dozen regulations to enforce Dodd-Frank's remittance …
The International Anti-Money Laundering And Combating The Financing Of Terrorism Regulatory Strategy: A Critical Analysis Of Compliance Determinants In International Law, Navin Beekarry
Northwestern Journal of International Law & Business
Concerns about the risks money laundering (ML) and terrorist financing (TF) present to the stability of the international financial system have resurfaced in the context of the liquidity problems faced by financial institutions as a result of the recent credit crisis (2008). Because ML and TF evolve with new criminal activities and methodologies, ML and TF present systemic threats to the stability of the financial system. Addressing new developments in ML/TF and their associated risks requires a sufficiently flexible and adaptable international regulatory strategy. In this paper, I examine the international anti-money laundering and combating the financing of terrorism (AML/CFT) …
Solving Global Financial Imbalances: A Plan For A World Financial Authority, Carlos Mauricio S. Mirandola
Solving Global Financial Imbalances: A Plan For A World Financial Authority, Carlos Mauricio S. Mirandola
Northwestern Journal of International Law & Business
This paper will propose a plan to reform international finance—the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions. The first function would be to manage international liquidity, thus reducing externalities arising from domestic monetary policies adopted by its members, and addressing global liquidity problems involving financial activities of transnational private banks. The second function would be to help countries make their domestic monetary policies more effective, thus regaining traction and preventing contagion. A central …
The Revolving Door Of Emigration: The Economic Influences Of Remittances In Developing Countries, Laura L. Norris
The Revolving Door Of Emigration: The Economic Influences Of Remittances In Developing Countries, Laura L. Norris
Northwestern Journal of International Law & Business
Economic incentives play an integral role in many individuals' choices to leave their country of origin. While a person may independently make the decision to migrate, some governments have developed extensive programs to promote the export of workers. Developing nations often initiate such programs for the purpose of acquiring additional sources of foreign exchange and external financing, as emigrants in transnational families can play a critical role in development through remittances. Remittances to developing countries totaled $325 billion in 2010, and they will likely continue to increase along with emigration. The following Comment considers the palpable contribution remittances have on …
Don't Tread On Me: Has The United States Government's Quest For Customer Records From Ubs Sounded The Death Knell For Swiss Bank Secrecy Laws, Bradley J. Bondi
Don't Tread On Me: Has The United States Government's Quest For Customer Records From Ubs Sounded The Death Knell For Swiss Bank Secrecy Laws, Bradley J. Bondi
Northwestern Journal of International Law & Business
Privacy protection is a defining characteristic of Swiss culture and a pillar of the Swiss economy. For centuries, the Swiss people have coveted the principles of individual privacy, regularly reaffirming those principles in response to referendums designed to limit them. Swiss banking secrecy, one aspect of privacy, is protected by Swiss criminal and civil laws and professional duties. Swiss banks pride themselves on protecting customer identity and have leveraged their legal and cultural commitment to secrecy to gain a competitive advantage in the global banking market. This brief Article discusses the Swiss banking laws that prohibit a Swiss bank from …
Transparency In Lending In The United States And The United Kingdom: Which Business Model Does It Best, Mara Hart
Northwestern Journal of International Law & Business
The recent downturn of the global economy, spurred in large part by an unparalleled housing crisis and credit crunch in the United States and abroad, cannot be practicably understood or explained by an examination of isolated factors. Although the impact of the economic downturn has been felt globally, many blame the meltdown of the U.S. subprime mortgage market for their individual country's woes. Therefore, the mortgage regulatory scheme in the United States, in terms of lending practices and housing policies, is an important place to begin an inquiry into the origins of the global crisis. In order to better understand …
Rethinking The Foreign Direct Investment Process And Incentives In Post-Conflict Transition Countries, Kojo Yelpaala
Rethinking The Foreign Direct Investment Process And Incentives In Post-Conflict Transition Countries, Kojo Yelpaala
Northwestern Journal of International Law & Business
Burdened by the remnants of conflict, continuing threats of security lapses, significant market failures and weak institutions, post-conflict transition countries can hardly be described as normal economies. The task of transforming them into vibrant, productive, and self-sustaining economies is no simple assignment. Constructing the blueprint for reconstruction and economic development requires creativity of the first order. Conventional theories or pure neo-liberal market driven policy levers preached by the Washington Consensus Group are not likely to be productive. The design of the investment regime for development should therefore focus on non-conventional policy constructs. Contrary to the received theories, the history and …
Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership: Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga
Northwestern Journal of International Law & Business
This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empiricalevidence to advance the theoretical understanding of how and why concentrated ownership structurescanchangetowardsdispersedownership. Commentators argue that the Brazilian capital markets are finally taking off.
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Northwestern Journal of International Law & Business
In 2007, abuses in the U.S. mortgage industry precipitated a financial crisis that led regulators in the United States and in the European Union to reexamine credit rating agencies. Asset-backed securities bearing agency ratings helped spread the effects of the crisis to diverse institutional investors, including European banks. This article traces debt securities and ratings from the rise of the mortgage securitization industry to the European and U.S. responses following the 2007 meltdown and concludes that ratings-focused regulatory changes are only a first step in avoiding similar financial crises. The market incentives, risk misperception, and risk spreading that attend complex …
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
Northwestern Journal of International Law & Business
This comment will explore in depth the evolution of hedge fund regulation in the United States, and compare the current state of hedge fund regulation in the United States with that in Europe, specifically the United Kingdom, the European Union, and Germany. The comment is comprised of six sections. Section 11 provides an overview of hedge funds. Section III explores the evolution and current state of hedge fund regulation in the United States. Section IV provides an overview of the current regulatory framework of hedge funds in Europe, more specifically in the United Kingdom, the European Union, and Germany. Section …
South Africa's National Credit Act: A Possible Model For The Proper Role Of Interest Rate Ceilings For Microfinance, Megan Whittaker
South Africa's National Credit Act: A Possible Model For The Proper Role Of Interest Rate Ceilings For Microfinance, Megan Whittaker
Northwestern Journal of International Law & Business
This comment will discuss the current debate regarding the proper role of interest rate ceilings in microfinance and how the South African National Credit Act should serve as a model for future studies of microcredit systems in developing countries. Part II will discuss the controversy over interest rate ceilings in microfinance, setting concerns regarding the effect of ceilings on the viability of microfinance institutions against the need to protect marginalized consumers from predatory lending. Part III will analyze various alternatives to usury laws that microfinance experts have proposed, with an emphasis on supervisory and regulatory systems as the most promising …
Ec Reforms Of Corporate Governance And Capital Markets Law: Do They Tackle Insiders' Opportunism?, Luca Enriques, Matteo Gatti
Ec Reforms Of Corporate Governance And Capital Markets Law: Do They Tackle Insiders' Opportunism?, Luca Enriques, Matteo Gatti
Northwestern Journal of International Law & Business
Company and capital markets laws are rapidly evolving everywhere: there are few countries around the world where they have not been the subject of reform or where at least a reform agenda has not been devised. There are various reasons for this, both global and local. Among the global (or common) reasons for reform, two at least deserve to be singled out: large-scale market crises or prominent economic scandals, and financial development.
Hedge Fund Regulation: What The Fsa Is Doing Right And Why The Sec Should Follow The Fsa's Lead, Lartease Tiffith
Hedge Fund Regulation: What The Fsa Is Doing Right And Why The Sec Should Follow The Fsa's Lead, Lartease Tiffith
Northwestern Journal of International Law & Business
Recent news about hedge funds' successes and failures, and in some cases outright fraud, has increased the public's interest in a field that often prefers to cloak itself in a hidden veil. One can analogize hedge fund managers and the hedge fund industry to the nostalgic era of cowboys and the wild frontier. Hedge fund managers, like cowboys of the old days, do not want to be regulated. Just as the cowboys entering the frontier appreciated the lack of law or authority over their actions, today's hedge fund managers appreciate the lack of law or authority over their actions. And …
Western Unionizing The Hawala: The Privatization Of Hawalas And Lender Liability, Smriti S. Nakhasi
Western Unionizing The Hawala: The Privatization Of Hawalas And Lender Liability, Smriti S. Nakhasi
Northwestern Journal of International Law & Business
Hawala, an ancient banking system used predominantly in South Asia and the Middle East, has recently posed a regulatory quandary for law enforcement and capital markets.1 This comment addresses the pitfalls of a prominently proposed, well-intentioned solution to bring the hawala system into the modern banking structure and under the regulatory eye of law enforcement. As will be seen, the inherent nature of the hawala system and the lender risks associated with privatizing create enormous obstacles to realizing these privatization efforts. The problem with many proposed solutions is that they try to impose guidelines upon a system based on cultural, …
From North-South Divide To Private-Public Debate: Revival Of The Calvo Doctrine And The Changing Landscape In International Investment Law, Wenhua Shan
Northwestern Journal of International Law & Business
After dominating Latin American states for over a century, the Calvo Doctrine has been widely described as "dead," particularly in the wake of the global tide of economic liberalization that began in the 1990s. However, some recent moves within and beyond Latin America suggest that this principle is not dead, but on the resurgence. The "Revival of Calvo" phenomenon signals a change of direction in international investment law: neo-liberalism no longer dominates international investment law-making, and a more balanced, and perhaps also a more conservative and nationalistic approach, is gaining ground. This Article explores these recent events and analyzes to …
Crackdown On Money Laundering: A Comparative Analysis Of The Feasibility And Effectiveness Of Domestic And Multilateral Policy Reforms, Kathleen A. Lacey, Barbara Crutchfield George
Crackdown On Money Laundering: A Comparative Analysis Of The Feasibility And Effectiveness Of Domestic And Multilateral Policy Reforms, Kathleen A. Lacey, Barbara Crutchfield George
Northwestern Journal of International Law & Business
This is a uniquely opportune time for anti-money laundering initiatives and policy reform to occur. Since the terrorist attacks in the United States in September, 2001, security agencies throughout the world have rushed to follow leads that may prove that Osama bin Laden financed the attack with massive amounts of laundered money. Greater awareness of the harmful effects of money laundering, and public and governmental concerns regarding reverse-money laundering by terrorists, has resulted in a surge of attention directed toward anti-money laundering efforts. Consequently, financial institutions are under increasing pressure to comply with existing anti-money laundering regulations by implementing internal …
Strengthening Available Evidence-Gathering Tools In The Fight Against Internatoinal Money Laundering, W. Clifton Holmes
Strengthening Available Evidence-Gathering Tools In The Fight Against Internatoinal Money Laundering, W. Clifton Holmes
Northwestern Journal of International Law & Business
Congress responded rapidly to the terror attacks, passing the U.S.A. Patriot Act ("Patriot Act") in October 2001. In addition to providing the death penalty for the "attempted wrecking of a mass transportation vehicle," the Patriot Act contains several anti-money laundering provisions. This article will argue that the Patriot Act's anti-money laundering scope was excessively narrow in that the Act did not address existing inadequacies under federal law in the area of grand jury investigations of transnational money laundering offenses. In order to enhance the efficacy of such investigations, Congress should take three steps: first, Congress should confer to federal courts …
Infrastructure For Commerce, Michael B. Likosky
Infrastructure For Commerce, Michael B. Likosky
Northwestern Journal of International Law & Business
While the government presents the MSC as the embodiment of the future, structurally it bears remarkable resemblance to the colonial legal orders. The enclave nature of the MSC is reminiscent of the colonial dual legal orders. At the same time, the international legal and economic orders have undergone profound changes. The international legal order is now premised on sovereign absolutism and equality among nation-states. The reigning economic paradigm is high technology rather than manufacturing or the spice trade. Discussion of the continuities and discontinuities between colonial and present day transnational legal orders must thus attend to a number of variables. …
Spoiling The Surprise: Constraints Facing Random Regulatory Inspections In Japan And The United States, Andrew Chin
Spoiling The Surprise: Constraints Facing Random Regulatory Inspections In Japan And The United States, Andrew Chin
Northwestern Journal of International Law & Business
This Article is organized as follows. Part I presents a rational actor model of legal compliance under an enforcement regime based on random inspections and identifies two classes of reforms that can be applied in combination to improve aggregate compliance. Part II introduces the problem of corrupt tip-offs into the model and argues that exogenous reforms are necessary to combat corruption. Part III surveys the use of random administrative inspections in the United States, reviews the approaches taken by four such programs to improve compliance and fight corruption, and describes the various constraints under which they must operate. Part IV …
Cross-Border Lending: What's Different This Time, Lee C. Buchheit
Cross-Border Lending: What's Different This Time, Lee C. Buchheit
Northwestern Journal of International Law & Business
This article is based upon the author's lecture entitled "The Next Wave of Cross-Border Lending" delivered in connection with the Meredith Lectures at McGill University in April 1994.* The subject of that lecture, and of this article, is how cross-border lending to less developed countries (LDCs) in the 1990s differs from the last major period of such lending in the late 1970s. It is surely a testament to the accelerated obsolescence of modem financial commentary that the author's April 1994 lecture - delivered in the middle of a boom in cross-border lending - has already been followed by a bust …
Preface: Latin American Debt In The 1990s: A New Scenario For Creditors And Debtors, Lee C. Buchheit, Ralph Reisner
Preface: Latin American Debt In The 1990s: A New Scenario For Creditors And Debtors, Lee C. Buchheit, Ralph Reisner
Northwestern Journal of International Law & Business
This short preface introduces the purpose of the symposium and introduces each of the articles tat will follow.
Brief Incursion Into Bankruptcy And The Enforcement Of Creditor's Rights In Brazil, Antonio Mendes
Brief Incursion Into Bankruptcy And The Enforcement Of Creditor's Rights In Brazil, Antonio Mendes
Northwestern Journal of International Law & Business
This article is an overview of bankruptcy law and concerns in Brazil, as well as a exploration of what rights creditors have in bankruptcy.
Mexico's Banks After The December 1994 Devaluation--A Chronology Of The Government's Response, Roy A. Karaoglan, Mike Lubrano
Mexico's Banks After The December 1994 Devaluation--A Chronology Of The Government's Response, Roy A. Karaoglan, Mike Lubrano
Northwestern Journal of International Law & Business
The immediate effects of the December 1994 peso devaluation and the period of high interest rates and economic recession that followed had important repercussions for the Mexican banking and financial system. Since the onset of the crisis, the Mexican government has undertaken a number of important actions designed to assure adequate capitalization of financial institutions and continued public confidence in the banking system. The goal throughout has been to avoid a banking crisis that would exacerbate the contraction in the real economy and to set the stage for a recovery of the financial system based on sound institutions and efficient …
Latin American Debt Obligations In The 1990s: Risk Strategies: Remedies And Judicial Enforcement, Lee C. Buchheit, Emilio Cardenas, Antonio Mendes, Thomas Heather
Latin American Debt Obligations In The 1990s: Risk Strategies: Remedies And Judicial Enforcement, Lee C. Buchheit, Emilio Cardenas, Antonio Mendes, Thomas Heather
Northwestern Journal of International Law & Business
This is a discussion of debt obligations in Latin America and how the symposium panelists would have advised there clients.
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Northwestern Journal of International Law & Business
Unless the international capital markets become widely receptive to refinancing Mexican Eurobonds, by early to mid 1996, the holders of these Eurobonds - Mexico's new "bondholder constituency" - may find themselves at the center of a restructuring process encompassing a significant portion of the $13 billion of Eurobond debt outstanding. This article discusses strategies for restructuring.
Towards A Sovereign Debt Work-Out System;, Rory Macmillan
Towards A Sovereign Debt Work-Out System;, Rory Macmillan
Northwestern Journal of International Law & Business
In a future sovereign debt crisis, debt restructurings are inevitable simply because there is no alternative. Private lending becomes simply unavailable. The commercial banks were asked to lend to Mexico in early 1995 as part of the U.S. Government rescue plan, but the money never materialized.3 The banks' experience of involuntary lending during the 1980s debt crisis was so unpleasant that they are unlikely to increase exposure to a troubled debtor in a crisis today. Other sources of finance are no more likely to yield support. Mexico was unable to return to the capital markets until six months after the …
The Engines Of Privatization: Investment Funds And Fund Legislation In Privatizing Economies, Matthew J. Hagopian
The Engines Of Privatization: Investment Funds And Fund Legislation In Privatizing Economies, Matthew J. Hagopian
Northwestern Journal of International Law & Business
The mass privatization programs of Eastern Europe and the former Soviet Union have been designed as the centerpieces of the momentous transformation of the region's command economies to principles of market forces. The programs are designed to distribute shares in thousands of state-owned enterprises amongst hundreds of millions of citizens for free or for nominal payment, thereby creating a revolutionary class of citizen-shareholders with a strong stake in the privatization process. From the inception of the first wave of large-scale privatization in Czechoslovakia, investment funds' have played a central role in the successes and failures of the varying mass privatization …
The Globalization Of Stock Index Futures: A Summary Of The Market And Regulatory Developments In Stock Index Futures And The Regulatory Hurdles Which Exist For Foreign Stock Index Futures In The United States, William J. Brodsky
Northwestern Journal of International Law & Business
The twelve-year history of stock index futures contracts has been marked by great success both in the United States and in many other countries. Two years after the product was introduced in 1982, the "notional," i.e., underlying, or dollar value of trading on the Chicago Mercantile Exchange (CME) S&P 500 Stock Price Index futures contract surpassed the dollar volume of trading at the New York Stock Exchange (NYSE).' Moreover, "as investors go increasingly global and market turbulence grows, stock index futures are emerging as the favorite way for nimble money managers to deploy their funds. Indeed, in most major markets, …
Compulsion Over Comity: The United States' Assault On Foreign Bank Secrecy, C. Todd Jones
Compulsion Over Comity: The United States' Assault On Foreign Bank Secrecy, C. Todd Jones
Northwestern Journal of International Law & Business
Because of their physical proximities and tory secrecy laws, many nations have become bank secrecy havens, providing financial services and anonymity to people and business enterprises, both legitimate and illegitimate. In response, U.S. courts have systematically circumvented almost any challenge to the authority of our prosecutors and judicial procedures presented by nations that respect and uphold financial privacy. Unfortunately, efforts by other branches of the United States government to ease the friction created by the courts have proved to be only moderately effective and remain essentially unrecognized by the judiciary.