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Vol 25 No 2 Feb/March 2020

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Kerr & Hunter on Receivers and Administrators

Edited by: Thomas Robinson, Peter Walton
Price: £315.00

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From Crisis to Crisis: The Global Financial System and Regulatory Failure

ISBN13: 9789041133540
Published: September 2011
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £126.00

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The global financial system – founded on principles of capital account liberalization, the process by which barriers to capital flows between nations are eliminated and financial globalization facilitated – has proven highly crisis-prone and deficient for debtors and creditors alike.

Since 2008 we have been learning once again that mistakes in global finance can bring rich countries to the brink of bankruptcy and appalling suffering to the poorest citizens of poor countries. The predictable response measures of institutional economists fail to stop the continuing sacrifice of the lives of thousands and the futures of millions.

This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the twentieth century, the authors clearly show how in each case the same misconceived economic policy responses paved the way for the next ‘crash’.

Among the numerous topics that arise in the course of this revealing analysis are the following:

  • bank profitability and market share;
  • floating interest rates;
  • overvalued exchange rates;
  • excess liquidity;
  • premature liberalization of local financial markets;
  • OTC derivatives markets;
  • accounting standards;
  • credit ratings and credit rating agencies;
  • investor protection arrangements;
  • insurance companies;
  • payment, clearing and settlement activities;
  • capital controls; and
  • debt-for-development exchanges.
The author offers detailed commentary on: the role of multilateral development banks, the IMF, and the WTO in crisis response; measures stemming from the Basel Accords, the Brady Plan, and other response initiatives; and proposals by the European Commission, the G20, and other groups, including financial transaction tax schemes and a global sovereign bankruptcy regime.

Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the specific ‘danger zones’ in economic policy that prevent regulators from intercepting the vicious cycle of financial crisis. Banking and investment policymakers at every level (not to mention bankers and investors themselves) cannot afford to neglect this book.

Series: International Banking and Finance Law Series

Bank Recovery and Resolution 2nd ed ISBN 9789403518817
To be published October 2020
Kluwer Law International
The Alternative Investment Fund Managers Directive 3rd ed
Edited by: Dirk Zetzsche
ISBN 9789403509105
To be published September 2020
Kluwer Law International
The Law and Governance of the Asian Infrastructure Investment Bank ISBN 9789403506319
Published November 2018
Kluwer Law International
Rethinking Regulation of International Finance: Law, Policy and Institutions ISBN 9789041188380
Published January 2018
Kluwer Law International
Capital Structure and Corporate Governance: The Role of Hybrid Financial Instruments ISBN 9789041148438
Published August 2013
Kluwer Law International
Standby Letters of Credit in International Trade ISBN 9789041145604
Published December 2012
Kluwer Law International
Structured Finance, On from the Credit Crunch: The Road to Recovery ISBN 9789041127877
Published October 2009
Kluwer Law International
International Financial System: Policy and Regulation ISBN 9789041128683
Published January 2009
Kluwer Law International
Securitization Law and Practice: In the Face of the Credit Crunch ISBN 9789041127150
Published August 2008
Kluwer Law International
International Financial System: Policy and Regulation ISBN 9789041127464
Published June 2008
Kluwer Law International
Price on Application
Banking Laws in China ISBN 9789041125194
Published June 2007
Kluwer Law International
International Securities Markets: Insider Trading Law in China ISBN 9789041125576
Published September 2006
Kluwer Law International
United States Securities Law: A Practical Guide 3rd ed ISBN 9789041123626
Published August 2006
Kluwer Law International
Innovation in Securitisation Yearbook 2006 ISBN 9789041125330
Published June 2006
Kluwer Law International
The European Central Bank ISBN 9789041106865
Published May 1997
Kluwer Law International