Book Review: International Law in Financial Regulation and Monetary Affairs

Dukgeun Ahn

Chapter 13 in The Legal and Economic Analysis of the WTO/FTA System, 2016, pp 293-297 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Serious academic efforts to reconsider the legitimacy and integrity of international financial systems followed in the wake of the 1997–98 Asian financial crisis, which originated in developing economies but threatened global financial stability. Scholars and practitioners identified a host of structural problems in the international financial markets that hampered rational and efficient operations, and offered a variety of reform proposals— albeit mostly from a strictly economics perspective. Only a few legal studies tackled the fundamental issues of the international financial system, such as externality problems of regulatory discrepancy, systemic gaps between domestic regulations and international markets, and, most importantly, the lack of effective multilateral treaties. And in 2007–09, before any significant reform measures were incorporated into the international financial system, the world economy experienced an even greater crisis; the structural problems of international financial markets, the result of weak regulatory frameworks, were made well apparent. The question confronting the world economy is no longer whether the international financial system demands “hard” law; instead, we need to determine how international economic law can be brought to bear on increasingly fluid financial and monetary affairs…

Keywords: World Trade Organization; Trade Remedy; Dispute Settlement; Free Trade Agreement (search for similar items in EconPapers)
JEL-codes: F42 (search for similar items in EconPapers)
Date: 2016
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