Soft Law and the Global Financial System

Rule Making in the 21st Century

by

Subject categories
ISBNs
  • 9781107004849
  • 9781139211185
  • 9781139209632
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.
  • Cambridge University Press; December 2011
  • ISBN: 9781139211185
  • Read online, or download in secure PDF or secure EPUB format
  • Title: Soft Law and the Global Financial System
  • Author: Chris Brummer
  • Imprint: Cambridge University Press
Subject categories
ISBNs
  • 9781107004849
  • 9781139211185
  • 9781139209632

In The Press

'In the wake of the worst global financial crisis since the Great Depression, academics, policymakers, and the public at large have been grappling with what went wrong and how to fix the financial system going forward. In Soft Law and the Global Financial System, Chris Brummer cogently explains how international financial law is developed and implemented at the international level. Rich in institutional detail, and informed by international relations theory, Soft Law and the Global Financial System deepens our understanding of international financial law-making just when we need it most.' Michael S. Barr, Professor of Law, University of Michigan Law School and former Assistant Secretary of the Treasury for Financial Institutions