The Legal Implications of Global Financial Crises / Les implications juridiques des crises financières de caractère mondial

Series: 

Editor: Michael Waibel
Edited by Michael Waibel

With the contribution of / avec la collaboration de:
M. M. Albornoz
R. Ben Khelifa
G. Bianco
E. Castellarin
A. De Luca
S. De Vido
F. Giansetto
F. Ghodoosi
A. Hertogen
C. Kleiner
H. Kupelyants
R. Rajesh Babu
C. J. Rault
A. Viterbo
Michael Waibel (United Kingdom), Director of Studies of the English-speaking Section of the Centre. University Senior Lecturer in International Law at the University of Cambridge and Co-Deputy Director, Lauterpacht Centre for International Law.
Excerpt from Table of Contents:

Introduction: The Reports of the Directors of Studies.

Chapter 1: Financial Crises and International Law, Michael Waibel
Section 1. Introduction.
Section 2. The Global Financial Crisis.
Section 3. International financial law.
Section 4. Conclusion.

Part I: Institutional Aspects

Chapter 2: The financial stability board and other new modes of governance, Sara De Vido
Section 1. Financial Crises “Need” Governance : An International Law Perspective.
Section 2. International financial regulation: The role of standard-setting bodies (SSBs).
Section 3. The Character of “Softness” of International Financial Section 4. Compliance or the “Hard” Side of Soft Law.
Section 5. Concluding Remarks.

Chapter 3: Rating agencies, R. Rajesh Babu
Section 1. Introduction.
Section 2. Role of Credit Ratings in the Financial System.
Section 3. Regulatory Responses of States : National and International.
Section 4. Emerging Liability Regime for Rating Agencies.
Section 5. Conclusion.

Chapter 4: La réforme institutionnelledu fmi : du 4e au 7e amendement. Consequence du cha ngement des rapports de forces dans le monde ou de l’enseignement des crises ? Emanuel Castellarin
Section 1. La recherche réussie de l’efficacité du financement de l’organisation.
Section 2. La recherche imparfaite d’une plus grande représentativité des organes.
Section 3. Conclusion.

Part II: Financial Globalization and Its Implications, An Hertogen

Chapter 5: The legal implications of the global financial crisis for financial services liberalization.
Section 1. Introduction.
Section 2. Overview of Banking Services Liberalization pre-GFC.
Section 3. The Impact of the GFC on the Legal Framework for Banking Services Liberalization.
Section 4. The Impact of the GFC on the Regulation of Internationally Active Banks.
Section 5. An Obligation to Regulate Internationally Active Banks ?
Section 6. Conclusion.

Chapter 6: Monetary sovereignty and capital flow, Farshad Ghodoosi
Section 1. Introduction.
Section 2. Status of Free Movement of Capital.
Section 3. Structural Limitations.
Section 4. Limitations in Investor Treaty Arbitration.
Section 5. Economic Sanctions.
Section 6. Conclusion.

Part III: Sovereign Debt.

Chapter 7: Les formes d’endettement public international : permanence ou évolution ? Charlotte Julie Rault
Section 1. L’évolution des méthodes d’endettement.
Section 2. La permanence du refinancement public.

Chapter 8: La hiérarchie entre créanciers publics et privés lors d’une restructuration de dette souveraine : mirage ou réalité ? Fanny Giansetto
Section 1. Une hiérarchie justifiée à l’égard des accords de prêt.
Section 2. Une hiérarchie reconsidérée à l’égard des obligations souveraines.

Chapter 9: L’évolution des techniques de restructuration de la dette souveraine, Giuseppe Bianco
Section 1. Introduction.
Section 2. La diversification des acteurs et des enceintes.
Section 3. Les techniques contractuelles.
Section 5. Conclusion.

Chapter 10: The role of the paris and london clubs : is it under threat ? Annamaria Viterbo
Section 1. Introduction.
Section 2. The Paris Club.
Section 3. The London Club (or the Bank Advisory Committee) process.
Section 4. Recent Developments in the Identity of Bond Investors : The Issue of Supranational Creditors.
Section 5. Conclusions.

Part IV: Protection of Creditor Rights.

Chapter 11: Le contentieux dans un contexte de crise financière globalisée : quells modes de résolution des différends sont ouverts aux créanciers ? Caroline Kleiner
Section 1. Le choix du for dans le contentieux de la dette souveraine.
Section 2. Le choix du for dans le contentieux de la dette privée.

Chapter 12: La crise financière globale et l’exécution des contrats du commerce international, María Mercedes Albornoz
Section 1. Introduction.
Section 2. Les qualifications juridiques de la crise invoquées par une des parties contractantes.
Section 3. Des outils pour mieux gérer les effets des crises futures sur l’exécution des contrats du commerce international.
Section 4. Conclusions.

Chapter 13: Bank rescue measures under international investment law, Anna De Luca
Section 1. Introduction.
Section 2. Financial and economic stability as a global value of prominent importance : from bail-outs to bail-ins.
Section 3. The “burden-sharing by shareholders and subordinated creditors” and the “no-creditor-worse-off-than-in-insolvency” principles.
Section 4. Macroeconomic and regulatory considerations in the name of financial stability before investment tribunals.
Section 5. Economic Losses and Pecuniary Damages.
Section 6. The international rules governing causation.
Section 7. Aspects of causation arising in relation to bank rescue measures.
Section 8. Conclusions.

Chapter 14: La protection des droits des créanciers : aspects de droit privé (contrat, loi applicable, clauses types), Rym Ben Khelifa
Section 1. Introduction.
Section 2. Fragmentation de l’architecture contractuelle visant l’anticipation du risque souverain.
Section 3. L’évolution de l’architecture contractuelle encadrant l’opération de restructuration de la dette souveraine.
Section 4. L’encadrement contractuel du contentieux de la dette souveraine.
Section 5. Conclusion.

Chapter 15: Protection of private creditors and deposit insurance, Hayk Kupelyants
Section 1. Deposit insurance guarantees.
Section 2. International remedies.
Section 3. National litigation in the United states and England and Wales.
Section 4. Conclusions.

Selected Bibliography
Analytical Index