Soft Law and the Global Financial System: Rule Making in the 21st Century by Chris BrummerSoft Law and the Global Financial System: Rule Making in the 21st Century by Chris Brummer

Soft Law and the Global Financial System: Rule Making in the 21st Century

byChris Brummer

Paperback | December 26, 2011

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The global financial crisis of 2008 has given way to a proliferation of international agreements aimed at strengthening the prudential oversight and supervision of financial market participants. Yet how these rules operate is not well understood. Because international financial rules are expressed through informal, non-binding accords, scholars tend to view them as either weak treaty substitutes, or by-products of national power. Rarely, if ever, are they cast as independent variables that can inform the behavior of regulators and market participants alike. This book explains how international financial law "works" - and presents an alternative theory for understanding its purpose, operation, and limitations. Drawing on a close institutional analysis of the post-crisis financial architecture, it argues that international financial law is often bolstered by a range of reputational, market, and institutional mechanisms that make it more coercive than classical theories of international law predict. As such, it is a powerful, though at times imperfect tool of financial diplomacy, and poses novel opportunities and challenges for the evolving global economic order.
Title:Soft Law and the Global Financial System: Rule Making in the 21st CenturyFormat:PaperbackProduct dimensions:308 pages, 8.98 × 5.98 × 0.63 inShipping dimensions:8.98 × 5.98 × 0.63 inPublished:December 26, 2011Publisher:Cambridge University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0521181674

ISBN - 13:9780521181679


Table of Contents

1. The perils of global finance; 2. Territoriality and financial statecraft; 3. The architecture of international financial law; 4. A compliance-based theory of international financial law; 5. How legitimate is international financial law?; 6. Soft law and the global financial crisis; 7. The future of international financial law.

Editorial Reviews

"Chris Brummer provides a detailed and informative analysis of the international regulatory response to the global financial crisis of 2008. This accomplishment alone warrants a close look at this book. But Professor Brummer goes further in this pivotal work on the law of international finance. He provides a persuasive theoretical account of international financial law. Soft Law and the Global Financial System not only describes the mechanisms of lawmaking and standard-setting for global financial markets, but also delivers a workable framework for prescribing and perhaps even perfecting the regulation of the world's most vital and volatile economic institutions." -Jim Chen, Dean of the University of Louisville, Louis D. Brandeis School of Law, excerpt from a review in the Emory International Law Review