Sovereign Investment: Concerns and Policy Reactions provides the first major holistic examination and interdisciplinary analysis of sovereign wealth funds. Sovereign wealth funds currently hold three trillion dollars' worth of investments, almost twice the amount in all the hedge funds worldwide, and are predicted to hold nine trillion more by 2015.
This relatively new and rapidly expanding phenomenon remains relatively unregulated, but the International Monetary Fund and the G7 aim to establish temporary and voluntary rules to introduce transparency and uniformity until more permanent regulatory structures are instituted. What permanent rules and procedures should govern sovereign wealth funds? What bodies should enforce them? Do the current provisional rules answer the national security concerns of host countries? Editors Karl P. Sauvant, Lisa Sachs, and Wouter P.F. Schmit Jongbloed address these questions in a collection of essays by leading authorities from the IMF, academic institutions, law firms, multi-national corporations, and think tanks. Together, these authors analyze how sovereign wealth funds have helped to limit the effects of the current global economic crisis, and what rules can govern their operation in the future.

This authoritative collection brings together major articles written by leading economists, political scientists and legal scholars to analyse the complexities of the modern global system of intellectual property rights (IPRs) and its relationship with the WTO. The papers selected consider the role of IPRs in the knowledge economy, itself a force for rapid globalisation. They first place IPRs into context as a trade issue and their controversial role within the WTO. Several articles analyse the ability of IPRs to encourage innovation and support markets, emphasising controversial problems in developing countries: special attention is given to the role of patents in biodiversity and essential medicines. Additional contributions provide important theoretical and empirical perspectives on the economics of IPRs in the global economy, including effects on trade, investment, innovation, growth, and technology policies. This authoritative volume will be an important source of reference for scholars and policymakers seeking to understand the development and trade impacts of intellectual property protection. 21 articles, dating from 1991 to 2003

This book puts the trade war between the United States and China in historical context. Exploring the dynamics of isolation and internal reform from a Chinese perspective, the author draws upon valuable insights from China's years of isolation prior to the famous Nixon-Mao summit. Advocating internal reform as a more productive strategy than conflict with other powers, this powerful argument for globalization with Chinese characteristics will be of interest to scholars of China, economists, and political scientists.

This book examines the role of institutions and law on the economic performance of the Ottoman Empire between 1500 and 1800. By focussing on the pre-industrial period, the transition to industrialisation and the mechanisms behind it can be explored. Particular attention is given to the allocation of financial resources towards more productive and efficient economic activities and the role this played in economic divergence among societies. A comparative analysis with European societies highlights the importance of non-economic institutions during the pre-industrial period. This book aims to provide new analytical perspectives and ways of thinking about how the Ottoman Empire lost its powerful economic and political structures. It is relevant to students and researchers interested in economic history, law and economics, and the political economy.

The concept of state sovereignty is increasingly challenged by a proliferation of international economic instruments and major international economic institutions. States from both the south and north are re-examining and debating the extent to which they should cede control over their economic and social policies to achieve global economic efficiency in an interdependent world. International lawyers are seriously rethinking the subject of state sovereignty, in relation to the operation of the main international economic institutions, namely the WTO, the World Bank and the International Monetary Fund (IMF). The contributions in this volume, bringing together leading scholars from the developed and developing worlds, take up the challenge of debating the meaning of sovereignty and the impact of international economic law on state sovereignty. The first part looks at the issues from the perspectives of general international law, international economic law and legal theory. Part two discusses the impact of trade liberalisation on the sovereignty of both industrialised and developing states and Part three concentrates on the challenge to state sovereignty created by the proliferation of investment treaties and the significant recent growth of investment treaty based arbitration cases. Part four focuses on the domestic and international effects of international financial intermediaries and markets. Part five explores the tensions and intersections between the international regulation of trade and investment, international human rights and state sovereignty

This book provides an innovative insight into the regulatory conundrum of genetically modified organisms (GMOs), deploying transnational legal analysis as a methodological framework to explore the most controversial area of risk governance. The book deconstructs hegemonic and counter-hegemonic transnational narratives on the governance of GMO risks, cutting across US law, EU law, the WTO Agreement on Sanitary and Phytosanitary Measures, and hybrid standard-setting regimes. Should uncertain risks be run unless adverse effects have been conclusively established, and should regulators only act where this is cost-benefit effective? Should risk managers make a convincing case that a product or process is safe enough for the relevant uncertain risks to be socially acceptable? How can intractable transnational regulatory conflicts be solved? The book complements a close analysis of regulatory frameworks and case law with a more encompassing perspective on the political, socio-economic and distributional implications of different approaches to the regulation of health and environmental risks at times of globalisation. The GMO deadlock thus becomes a lens through which to investigate the underlying value systems, goals, and impacts of transnational discourses on risk governance. Against this backdrop, the normative strand of analysis points to the limited ability of science and procedural deliberation to generate authentic agreement and to identify normatively legitimate solutions, in the absence of pre-existing shared perspectives.

Uniform customs administration is of great importance for the EU and the competitiveness of EU businesses in global trade. However, the EU's so-called executive federalism raises the potential for the non-uniform application of EU customs law. This problem has already arisen in the European Communities - Selected Customs Matters WTO dispute settlement. Therefore, the central research question of this book concerns the challenge presented to executive federalism in the EU Customs Union by the WTO. It also examines those safeguard measures for uniform customs administration which are in operation. Valuable empirical analysis of the decision-making procedures and practices of the national customs authorities allows for the fullest understanding of the operation of the customs administration. An important feature of the exploration is its analysis of the reform of EU customs law and of the effectiveness of the European Union's strategies to enhance uniform customs administration. That analysis helps to identify potential weak points in the decentralised administration of EU customs law and suggests ways in which it might be improved. Scholarly, rigorous and timely, this important study will be required reading for all scholars of EU customs law.

This book offers a systematic study of the interpretation of investment-related treaties - primarily bilateral investment treaties, the Energy Charter Treaty, Chapter XI NAFTA as well as relevant parts of Free Trade Agreements. The importance of interpretation in international law cannot be overstated and, indeed, most treaty claims adjudicated before investment arbitral tribunals have raised and continue to raise crucial and often complex issues of interpretation. The interpretation of investment treaties is governed by the Vienna Convention on the Law of Treaties (VCLT). The disputes relating to these treaties, however, are rather peculiar as they place multinational companies (or natural person) in opposition to sovereign governments. Fundamental questions dealt with in the study include: Are investment treaties a special category of treaty for the purpose of interpretation? How have the rules on interpretation contained in the VCLT been applied in investment disputes? What are the main problems encountered in investment-related disputes? To what extent are the VCLT rules suited to the interpretation of investment treaties? Have tribunals developed new techniques concerning treaty interpretation? Are these techniques consistent with the VCLT? How can problems relating to interpretation be solved or minimised? How creative have arbitral tribunals been in interpreting investment treaties? Are States capable of keeping effective control over interpretation?

The topic of this book is the external action of the EU within international economic law, with a special focus on investment law. The aim of the volume is to provide the reader with an appraisal of the most recent trends and developments that have characterised a field that has been rapidly evolving and in which the EU has imposed itself as a leading actor. The book is aimed at academics, practitioners and graduate students as well as at EU officials and judges, all of whom should find the subject matter discussed useful for keeping updated on a scholarly discussion of relevance to case law. Mads Andenas is Professor of Law at the Faculty of Law of the University of Oslo in Norway. Luca Pantaleo is Doctor of Law and Senior Lecturer in International and European Law at The Hague University of Applied Sciences in The Netherlands. Matthew Happold is Professor of Law at the Universite du Luxembourg in Luxembourg. Cristina Contartese is Lecturer in Law at the European Law and Governance School in Athens, Greece.

As economic populism and protectionism increasingly threatens the global trade order, this book examines the behavior of World Trade Organization (WTO) members at the judicial arm of the WTO-the dispute settlement mechanism (DSM). The author explores why and when governments cooperate at the WTO and comply with the ruling of its panels, focusing on how the growth of global value chains through the internationalization of trade and production has increased the importance of both trade liberalization and supra-national governance and policy-making. Finding that domestic organized interests-i.e. firms and sectors-mobilize and lobby national governments to change their domestic policies to better harmonize with their international trade commitments, the author outlines how the time it takes to comply with adverse WTO rulings is shorter when the potential domestic costs of non-compliance outweigh protectionist interests. The author's innovative research design highlights the conditions under which the WTO can preserve the rules of international trade and support a more open, global economy.

The law of foreign investment is at a crossroads. In the wake of an unprecedented global financial crisis and a sharp surge of investment arbitration cases, states around the world are reflecting on the pros and cons of the current liberal investment regime and exploring new ways ahead. This book brings together leading investment lawyers from more than 20 main jurisdictions of the world to tackle the challenge of producing a first comparative study of foreign investment law. Based on the General and National Reports presented at the 'Protection of Foreign Investment' Session at the 18th International Congress of the International Academy of Comparative Law (Washington DC, July 2010), the book is a unique resource for investment lawyers. Part I of the book presents a comparative overview of key aspects of foreign investment protection in the world today, including admission, investment contracts, treatment standards, tax regime and incentives, performance requirement, property and expropriation, monetary transfer and dispute settlement. Part II presents in-depth and detailed accounts of the investment laws of more than 20 jurisdictions, including Argentina, Australia, Canada, China, Croatia, Czech Republic, Ethiopia, France, Germany, Greece, Italy, Japan, South Korea, Macau, Peru, Portugal, Russia, Singapore, Slovenia, Turkey, the UK and the USA. The book will be an invaluable guide to legal and business communities with an interest in the law and practice of foreign investment in the world in general and in these jurisdictions in particular.

Once regarded as an esoteric and arcane area of legal studies,intellectual property law is now recognised as a key foundation of the information society. Part of the legal system's response to the challenges of human creativity, intellectual property law seeks to balance rewards for innovation against the broader public interest. The contributors to this volume address some of the emerging controversies in this expanding area of law, including: property rights in data; cross-border infringement of copyright; dilution of trade marks; the expansion of the law of patents; and the interface between intellectual property law and the regulation of unfair competition. CONTRIBUTORS: The Hon Justice WMC Gummow, John Robinson, Thomas Marci Hamilton, John Simllie, Brian Fitzgerald, Sir Nicholas Pumfrey, Louise Longdin, John Adams, Graeme Austin, Susy Frankel, Sam Ricketson, Ian Eagles. TABLE OF CONTENTS 1 International Intellectual Property Law and the Common Law World - Introduction by The hon Justice W.M.C. Gummow Part 1: Intellectual Property and the Information Society 2 Database Protection and the Circuitous Route Around the United States Constitution - Marci A. Hamilton 3 Commodifying and Transacting Informational Products Through Contractual Licences: The Challenge for Informational Constitutionalism - Brian Fitzgerald 4 Shall We Shoot a Messenger Now and Then? Copyright Infringement and the On-line Service Provider - Louise Longdin 5 Copyright Across (and Within) Domestic Borders - Graeme W. Austin Part 2: Developments in Industrial Society 6 Dilution and Confusion: The Bases of Trade Mark Infringement or the new Australian Trade Marks Anti-dilution Law 1999 - Sam Ricketson 7 New Challenges for the Law of Patents - John Robinson Thomas 8 Patentability in Australia and New Zealand Under the Statute of Monopolies - John Smillie 9 The Protection of Designs - The Hon Sir Nicholas Pumfrey 10 Industrial Property in a Globalised Environment: Issues of Jurisdiction and Choice of Law - John N. Adams Part 3: Competition and Market Regulation 11 Unfair Competition Law -

The present work examines the economics and legal doctrine of private equity. After a consideration of private equity's origins, the book will explore the evolution of private equity in the United States and Europe. The reference economic model then will be reconstructed, with particular attention to financial flows to and from private equity firms and funds. This reconstruction will be instrumental for the subsequent analysis of remunerative policies and practices of private equity firms and the illustration of recommendations to improve them, especially following the subprime mortgage crisis of 2008. The book concludes with critical points for operators, legislators, and regulatory authorities in the light of the results of the economic analysis of private equity and of comparative regulatory analysis.

This book addresses challenges that new technologies and the big data revolution pose to existing regulatory and legal frameworks. The volume discusses issues such as blockchain and its implications for property transactions and taxes, three (or four) dimensional title registration, land use and urban planning in the age of big data, and the future of property rights in light of these changes. The book brings together an interdisciplinary collection of chapters that revolve around the potential influence of disruptive technologies on existing legal norms and the future development of real estate markets. The book is divided into five parts. Part I presents a survey of the current available research on blockchain and real estate. Part II provides a background on property law for the volume, grounding it in fundamental theory. Part III discusses the changing landscapes of property rights while Part IV debates the potential effects of blockchain on land registration. Finally the book concludes with Part V, which is devoted to new technological applications relevant to real estate. Providing an interdisciplinary perspective on emerging technologies that have the potential to disrupt the real estate industry and the regulation of it, this book will appeal to a broad audience, consisting of scholars, policy-makers, practitioners, and students, interested in real estate, law, economics, blockchain, and technology policy.

In the mid-1940s, once the full impact of World War II was assessed, the world witnessed major legal developments in both modern trade and human rights. Since then, volumes have been written about modern trade law, and human rights law has seen an equal amount of attention. While these topics constitute two of the most active spheres in international law, follow similar intellectual trajectories, and often feature the same key actors and arenas, neither field has actively engaged with the other. They co-exist in relative isolation at best, peppered by occasional hostile debates. It has come to be a given that pro-trade laws are not good for human rights, and legislation that protects human rights hampers vibrant international trade.

In a bold departure from this canon, Just Trade makes a case for reaching a middle-ground between these two fields, acknowledging their co-existence and the significant points at which they overlap. Using actual examples from many of the 35 nations of the Western Hemisphere, the authors one a human rights scholar and the other specializing in trade law -- carefully combine their expertise to examine human rights policies involving conscripted child labor, sustainable development, promotion of health, equality of women, human trafficking, indigenous peoples, poverty, citizenship, and economic sanctions, never overlooking the very real human rights problems that arise from international trade. However, instead of viewing the two kinds of law as isolated, polar, and sometimes hostile opposites, Berta Esperanza HernAndez-Truyol and Stephen J. Powell make powerful suggestions for how these intersections may be navigated to promote an internationalmarketplace that embraces both liberal trade and liberal protection of human rights.

This book analyses the 2018 Global Compact on Migration and the need for, and difficulties of adopting a multilateral agreement on migration. Particular attention is given to the challenges and constraints involved, given not only the divergent needs and conditions of different counties but also the varying interests of different groups within countries. A synoptic history of previous attempts at reaching a multilateral migration agreement is provided, from 1927 onwards, to give context to the recent negotiations. The lack of a clear recognition of migration as a global process and the absence of a firm commitment to responsibility- sharing arrangements are highlighted. The book explains why the 2018 migration is both a breakthrough and at the same time an opportunity lost. In doing so,] it also analyses the limitations of the present deal, including inadequate attention to the root causes of forced and disruptive migration in origin countries, and highlights how the 2018 agreement can be built upon to create a dynamic harmony in the global migration system. The book will be relevant to researchers and policy makers as well as to professionals and activists concerned with migration, labour economics and international development.

This book brings forth the philosophical, conceptual and practical contours of the trade regionalism provisions under the GATT/WTO. It analyses SAARC as the regional integration organisation of South Asia along with identifying major challenges and bottlenecks faced by it in the process of achieving regional integration. It presents ways and methods through which SAARC can be made a more effective regional organisation. The book predominantly focuses on trade regionalism. However, other areas of integration which have impacts on the trade regionalism are also examined like social and political integrations etc. The book takes off from the premise that trade regionalism under SAARC has failed and has been marred by political and security concerns among its member nations. It has failed to achieve its objective on all the three counts, which are promoting peace, development and economic cooperation. However, with the developing countries as members, SAARC has great potential for trade integration. Certain structural, normative and organisation alteration along with favourable ideation can still make SAARC achieve its full potential. The book also deals with the comparative analysis of SAARC regional integration with the regional integration under European Union and ASEAN. Regarding comparative regionalism, the discussion has been confined only to the EU and ASEAN. The EU has been chosen because it is comparatively established as one of the most successful regional organisations in the contemporary world. Whereas, ASEAN has been chosen because of its similarity to the SAARC's economy, society and political structure. The analysis presented in the book is from the perspectives of international law and international relations' theories and practise. This book thus is of particular relevance to the students, researchers, academicians, policymakers and practitioners of international trade law, international relations and South Asian studies.

De bijdragen in dit Festschrift behandelen diverse onderwerpen van het binnenvaartrecht. Aan de auteurs die aan deze feestbundel hebben meegewerkt werd gevraagd hun bijdrage aan te leveren in het Nederlands, Engels, Duits of Frans, alle vier talen die Resi beheerst. Voor u ligt het resultaat van hun arbeid. De redactie hoopt dat de lezer evenals de jubilaris deze met vrucht en met plezier zal consulteren, en is ervan overtuigd dat dit Festschrift een waardevolle bijdrage zal vormen aan de rechtsliteratuur over het binnenvaartrecht.

This Research Handbook explores the latest frontiers in services trade by drawing on insights from empirical economics, law and global political economy. The world's foremost experts take stock of the learning done to date in services trade, explore policy questions bedeviling analysts and direct attention to a host of issues, old and new, confronting those interested in the service economy and its rising salience in cross-border exchange. The Research Handbook's 22 chapters shed analytical light on a subject matter whose substantive remit continues to be shaped by rapid evolutions in technology, data gathering, market structures, consumer preferences, approaches to regulation and ongoing shifts in the frontier between the market and the state. Expert contributors explore the subject through a multidisciplinary lens, offering a comprehensive overview of lessons learned over two decades of GATS jurisprudence. The book further chronicles the rising stakes and involvement of developing countries in global services trade, notably their growing insertion in global value chains, as well as the latest advances and remaining challenges in the statistical measurement of trade in services. Academics and experts in the policy research community will find value in this book, as will officials in governmental and international organization circles as well as representatives of service sector industry associations. Contributors include: A. Berry, T. Bohn, T. Broude, M. Burri, R. Chanda, P. Delimatsis, G. Gari, B. Hoekman, G.C. Hufbauer, M. Krajewski, R. Lanz, E. Leroux, J. Magdeleine, A. Maurer, P. Mavroidis, M. Mayakeshi, S. Miroudot, M. Molinuevo, S. Moses, N. Mulder, M. Roy, S. Saez, P. Sauve, B. Shepherd, A. Shingal, S. Stephenson, D. Taglioni, L. Tuthill, E. van de Marel, C. Van Grasstek, N. Ward, J. Wilson

Since a reform in 2010, foreign investors can establish a Foreign-Invested Limited Partnership Enterprise (FILPE) in China together with Chinese or foreign investors. The FILPE can be combined with a domestic or foreign corporate general partner, thus allowing for a structure that offers the flexibility and taxation conditions of a partnership while protecting its investors against personal liability like a company. The book explores from the perspective of a foreign investor if the FILPE is an attractive investment vehicle by analysing whether it provides the characteristics that are internationally recognized as constituting a standard corporate form. Among these characteristics, the three that are most strongly interconnected and interdependent form the core of the analysis: legal personality, limited liability and transferable ownership interest. These are analyzed in context of China's restrictive framework of foreign investment regulations and enterprise organization law.

This book observes that an in-depth study exclusively focusing on health service trade not only strengthens the overall services trade capacity of the South Asian region, but also promotes global as well as regional trade. There is a dearth of analytical research on estimating barriers to trade in health services, particularly in the context of South Asia, and as such, this book assesses the potential benefits and economic costs of barriers to trade in health services in select South Asian economies. It also analyzes the impact of liberalization and regulatory reforms on economic welfare. It broadly addresses issues relating to trade in health services, the GATS (General Agreement on Trade in Services), such as: Why are the current levels of trade in health services low? How will the GATS legally affect a country's health policy? What effect might liberalization have on national health systems? And what are the likely benefits of greater trade in health services? It also provides specific answers to the following questions: Does the substantial role of the government in health - as health service provider, financial supporter, regulator and promoter - have implications for the treatment of the sector under the GATS? What is the impact of liberalization of international trade in health services on the quality and availability of health services in developing SAARC countries? Given the importance of consumption abroad for trade in health services, and the gradual opening of health markets through Modes 1 and 3 (cross-border supply and commercial presence), how can problems associated with trade in these Modes be prevented? And are these problems sufficiently addressed by GATS disciplines? Answers to these questions will be of great use to researchers, policy makers as well as practitioners and NGOs of South Asia.

This book defines oil price as a social institution that exists beyond supply-demand mechanisms. Discussing oil markets in the context of the broader sociology of prices, it covers a number of theoretical and practical dimensions, such as new market uncertainties and trends, and social perceptions of energy security and of power. Further, based on case studies it explores the implications for OPEC, Russia, and Central and Eastern Europe, as well as for the energy transition and for international investment arbitration. Featuring contributions from leading academics, researchers and business professionals, the book offers an interdisciplinary perspective on the oil price. "This book brings together an impressive team of scholars with fresh perspectives on the oil price. Even as the world attempts energy transition, oil consumption continues and the oil price is likely to become even more unpredictable and unclear than in the past. This book helps make sense of this challenging topic." -Indra Overland is a Research Professor and Head of Centre for Energy Research, Norwegian Institute of International Affairs (NUPI) "A revealing and multidimensional analysis of oil price fluctuations in a market that seeks less uncertainty. This book discusses market and price evolution in the context of market theories, history and real-time market analysis. A welcome and timely contribution to our understanding of global energy markets." Dr. Sara Vakhshouri is Founder and President of SVB Energy International and Professor of Energy Security at the Institute of World Politics.

In the wake of the credit crunch, structured finance is linked to bailed-out investment banks and overpaid executives rather than to the innovative financial solutions it continues to provide. The initial response from the financial markets has been a move back to basics, to plain vanilla transactions. Furthermore, securitization, derivatives and other structured products are facing intense regulatory and political scrutiny. These pressures notwithstanding, the potential of structured finance will play an important part in facilitating recovery. This book explains why. This book serves three purposes. First, it complements and updates the analysis of structured finance in the popular and highly acclaimed first volume in this series ("Securitization Law and Practice in the Face of the Credit Crunch"), with plenty of focus on derivatives. It includes a discussion of the collateralization of derivatives exposure as well as an analysis of novel derivative products such as weather and property derivatives. Second, it defines the key milestones of the credit crunch, focusing on the potential impact of the expected flow of litigation by aggrieved investors against the perceived deep pockets of arrangers and rating agencies around the world. Third, it illustrates ways in which the untapped potential of structured finance may well facilitate recovery. To this end, the book explores opportunities for securitization by sovereign states, by companies in emerging markets through DPRs, and by financial institutions plagued with non-performing loans and negative equity mortgages in the wake of property market conditions. Like its predecessor, this second volume in the series will again appeal to a wide variety of practitioners, whether lawyers in private practice or in-house or those active in the financial markets or in a supervisory or regulatory environment. Example structures and actual transactions make the topic very easily accessible and practice oriented. This book is an indispensable tool for any professionals connected with financial law in these turbulent times.

The book systematically describes the theory and practice of ICSID annulment proceedings by thoroughly analyzing this mechanism in light of the annulment decisions rendered so far as well as the publications on the issue.
Organized to suit the needs of the practitioner, it outlines the recent trends in the area, providing the most up to date analysis of the subject. It also addresses key topics involving ICSID annulment such as the procedural issues which frequently arise in this type of proceedings, for example admissability of new evidence and arguments in annulment proceedings, res judicata in resubmitted cases.
The sections on each ground for annulment include an analysis of the applicable standard as well as a detailed description and study of each annulment decision that addressed the respective ground, creating an authoritative and complete resource.

This book examines the impact of EU trade and investment agreements on public services, a topic that continues to be the subject of heated political debate. It surveys a broad range of EU agreements and provides a comprehensive, up-to-date analysis of the rules and disciplines of such agreements that can affect the provision of public services. Going beyond the existing literature, it asks whether the treatment of public services in EU trade and investment agreements is coherent with the special status of public services in "internal" EU law, specifically internal market law, while also challenging the notion that trade and investment agreements automatically pose serious threats to public services. The book will be of keen interest to legal scholars and students specialising in EU and/or international economic law together with national and international policy-makers. Luigi F. Pedreschi is affiliated to the European University Institute in Florence, Italy, and currently works as a Research Associate at the Robert Schuman Centre for Advanced Studies, also located in Florence.