This book considers the international law applicable to maritime interception operations (MIO) conducted on the high seas and within the context of international peace and security, MIO being a much-used naval operational activity employed within the entire spectrum of today's conflicts. The book deals with the legal aspects flowing from the boarding and searching of foreign-flagged vessels and the possible arrest of persons and confiscation of goods, and analyses the applicable law with regard to maritime interception operations through the legal bases and legal regimes. Considered are MIO undertaken based on, for instance, the UN Collective Security System (maritime embargo operations), self-defence and (ad-hoc) consent, and within the context of legal regimes various views are provided on the right of visit, the use of force and the use of detention. This volume, which has contemporary naval operations as its central focus and structures the analysis as a sub-discipline of the international law of military operations, will be of great interest both to academics, practitioners and policy advisors working or involved in the field of military and naval operations, and to those professionals wanting to learn more about the international law of military operations, naval operations, and the law of the sea and maritime security. Martin Fink is a naval and legal officer in the Royal Netherlands Navy.

Dr. Kwaw provides a wide-ranging discussion of the offshore banking and finance process, structure, and law--including, among other topics, eurocurrency wholesale deposits, international funds transfers, eurocurrency syndicated loans, eurosecurities issues, securities regulation, and swap-driven financing. Kwaw discusses both the deposit and credit sides of the offshore banking and finance market, then takes readers through a hands-on description of the nature of a eurocurrency deposit, the laws governing such deposits, and the common law of funds transfers. On the credit side, Kwaw treats regulations and common law rules for offshore banking and finance, including Exchange controls, U.S. and U.K. securities regulation, and governing law issues. A useful, readable book for professionals in banking, finance, investment and their academic colleagues.

Dr. KwaW's book is a discussion of the structure and process of offshore banking and finance and the common law and regulations that govern offshore banking and finance activities. This wide-ranging introduction to the facet of offshore banking, usually referred to as the eurocurrency market, treats not only the deposit side of the eurocurrency market--the deposit and placement of wholesale funds in foreign currency--but also the process by which funds that are deposited in offshore accounts are either loaned to borrowers or transformed into other financial assests such as eurosecurities.

On the deposit side of the market, Kwaw discusses the process of placing wholesale deposits into offshore accounts, and the interbank placement of such funds by eurobanks or banks that engage in wholesale transactions involving foreign currency. On the credit side he looks at the various financing methods--how the funds that are deposited in offshore bank accounts or eurocurrency accounts are then made available to investors and borrowers. The credit side thus includes the nature of syndicated eurcurrency loans, the nature and process of issuing eurobonds and other eurosecurities, and offshore financing methods such as swap-driven financing. Kwaw then examines the framework of common law rules and other regulations. From the deposit side he discusses the nature of legal relationships between parties to offshore currency deposits and parties involved in international funds transfers, then the nature of the legal relationship between offshore banks and funds transfer networks and the laws governing funds transfers. On the credit side he studies the laws governing international financial transactions, the exchange controls that may be imposed on offshore banking and financing transactions, the legal relationship between parties to syndicated eurocurrency loan agreements and the law governing them, the relationship and law covering parties to eurosecurities issues, and finally the legal relationship between parties to swap-driven financing. An important, readable, useful book for professionals in banking, finance, investment, and their academic colleagues.

This book explores current issues regarding the regulation of various economic sectors, theoretically and empirically, discussing both neoclassical and behavioural economics approaches to regulation. Regulation has become one of the main determinants of modern economies, and virtually every sector is subject to general laws and regulations as well as specific rules and standards. A traditional argument to justify regulatory interventions is the promotion of public interests. Fixing markets that lack competition, balancing information asymmetries, internalising externalities, mitigating systemic risks, and protecting consumers from irrational behaviour are frequently invoked to complement the invisible hand of the market with the visible hand of the state.However, regulations can lead to unintended consequences, and serve the interests of powerful private interest groups rather than the public interest and social welfare. In addition, new insights from behavioural economics question the traditional regulatory approaches, most prominently in attitudes towards consumers. Furthermore, digitalisation and technological innovation in general present new challenges in terms of both the type of regulation and the regulatory process.Part I of this book discusses various theoretical approaches to the economic analysis of regulations, while Part II looks at specific applications of the law and economics of regulation.

This book addresses concerns with the international trade and investment dispute settlement systems from a statist perspective, at a time when multilateralism is deeply questioned by the forces of mega-regionalism and political and economic contestation. In covering recent case law and theoretical discussions, the book's contributors analyze the particularities of statehood and the limitations of the dispute settlement systems to judge sovereign actors as autonomous regulators. From a democratic deficit coupled with a deficit of legitimacy in relation to the questionable professionalism, independence and impartiality of adjudicators to the lack of consistency of decisions challenging essential public policies, trade and investment disputes have proven controversial. These challenges call for a rethinking of why, how and what for, are States judged. Based on a "sovereignty modern" approach, which takes into account the latest evolutions of a globalized trade and investment law struggling to put people's expectations at its core, the book provides a comprehensive framework and truly original perspective linking the various facets of "judicial activity" to the specific yet encompassing character of international law and the rule of law in international society. In doing so, it covers a large variety of issues such as global judicial capacity building and judicial professionalism from an international and domestic comparative angle, trade liberalisation and States' legitimate rights and expectations to protect societal values, the legal challenges of being a State claimant, the uses and misuses of imported legal concepts and principles in multidisciplinary adjudications and, lastly, the need to reunify international law on a (human) rights based approach.

The title of this book reflects the enormous changes that have occurred in the legal regulation of public purchasing in the 1990's. These changes have two main drivers. The first is the implementation of national reform programmes in public procurement, especially in developing countries and those countries making the transition from planned to market economies, which have been encouraged by international institutions such as the World Bank and UNCITRAL. The second is the efforts that have been made to open up government procurement markets to international trade, both through regional agreements and globally through the World Trade Organization. These agreements have required many states to modify their national procurement rules or to introduce regulation in procurement for the first time. This book brings together experts from academia, practice and the international institutions to describe the major global developments that have occurred in public procurement regulation, and to examine some of the key current policy issues. The book covers both the domestic and international perspectives on regulation, and also examines the relationship between them. Topics covered include the UNCITRAL Model Law and its influence on procurement reform; problems of reform in developing and transition economies; World Bank procurement procedures; the implications of information technology for procurement regulation; the challenge of widening participation in global and regional agreements and of making these agreements work; regulating defence procurement; and the use of procurement to promote social and environmental policies.

While there are many aspects to the challenges faced by nations and their people, trade is often one of the key issues faced and exemplifies the difficulty of finding a way through complex policy options. International trade has evolved beyond basic questions of tariffs. International trade laws and regulations affect aspects of life from access to healthy food to the protection of the latest innovations in communications and nanotechnology. An important challenge for all nations in the short term is whether the international trading system is configured to ensure sustainable economic growth that is enjoyed by all people of the world. This challenge is complicated by non-trade aspects haunting many nations' effort to improve the future for their citizens. The timely work contains a variety of essays from individuals who presently or in the past have been trade negotiators, worked in the WTO or its predecessor, are serving in legislatures, represent important constituencies, teach aspects of the WTO system or advise clients in the private sector. The essays are grouped into three sections: looking at the ongoing Doha negotiations and/or describing changes to the WTO system or negotiation approach that are needed/viewed as desirable; examining the direction US trade policy should take moving forward; and critically examining the world food crisis and what role the trading system and individual WTO members can take in helping to resolve the crisis.

This anthology provides an in-depth analysis and discusses the issues surrounding nudging and its use in legislation, regulation, and policy making more generally. The 17 essays in this anthology provide startling insights into the multifaceted debate surrounding the use of nudges in European Law and Economics. Nudging is a tool aimed at altering people's behaviour in a predictable way without forbidding any option or significantly changing economic incentives. It can be used to help people make better decisions to influence human behaviour without forcing them because they can opt out. Its use has sparked lively debates in academia as well as in the public sphere. This book explores who decides which behaviour is desired. It looks at whether or not the state has sufficient information for debiasing, and if there are clear-cut boundaries between paternalism, manipulation and indoctrination. The first part of this anthology discusses the foundations of nudging theory and the problems associated, as well as outlining possible solutions to the problems raised. The second part is devoted to the wide scope of applications of nudges from contract law, tax law and health claim regulations, among others. This volume is a result of the flourishing annual Law and Economics Conference held at the law faculty of the University of Lucerne. The conferences have been instrumental in establishing a strong and ever-growing Law and Economics movement in Europe, providing unique insights in the challenges faced by Law and Economics when applied in European legal traditions.

In recent years the People's Republic of China has experienced rapid economic growth, brought about in large measure by dramatic increases in foreign trade and investment. China's adoption of an "open door" policy in the late 1970s also opened up its banking market to foreigners. As a result, there has been a sharp rise in the number of disputes between Chinese sovereign borrowers and foreign banks, making the availability of appropriate dispute resolution mechanisms for foreign banks a critical factor in the expansion of international finance in China. This text recognizes the need for a unique international dispute forum that addresses intricate political and diplomatic considerations and issues of state sovereignty, issues that typically arise from disputes regarding state contracts between national governments and private foreign parties. The work addresses several problematic private and public international law issues in sovereign debt litigation, including the state immunity theory, the act of state doctrine, forum non conveniens, and the difficulty in enforcing foreign judgments. It offers a comprehensive survey of the many choices open to a foreign bank operator in planning a dispute resolution strategy in China, analyzing the strengths and weaknesses of each process, and examining a series of case studies by way of illustration. The author argues that the autonomy of each party in international arbitration circumvents potential cultural and conceptual difficulties and offers a flexible, mutually acceptable means of conflict resolution which in some circumstances can prove more effective than litigation. Arbitration and the recognition and enforcement of an arbitral award may be recognized as providing a level playing field for international financial transactions between states and foreign private parties, and the non-adversarial nature of the arbitration process makes it particularly appropriate in the Chinese context.

International tax practice demands a constantly renewed understanding of tax treaty provisions and how they are applied. Practitioners working with Western European taxation must master the further complexity introduced by the interplay between Community law and national law, especially as it affects the administration of tax law in the various countries. This text is a detailed survey of tax treaty interpretation in the 15 EU states plus Norway. Presented as 16 national reports by authorities from each country, the analysis provided is the result of a conference sponsored by the European Commission and held in Rust, Austria, in January 2001. Each report gives an organized, in-depth summation of the discussion as it related to the country in question, amalgamating the research and commentary brought to the conference by sixty experts in all. "Tax Treaty Interpretation" builds on the 1993 analysis of Klaus Vogel and Rainer Prokisch for the International Fiscal Association (IFA), and takes full account of such developments as the following: court decisions since 1993; the OECD report on partnerships; changes in administrative practice at the national level; and recent Community law affecting taxation and tax practice.

This book challenges the quasi-consensus that Latin American countries dominate global homicide rankings mainly due to the illegal nature of drug production and trafficking. Building on US scholarship that looks at the role of social exclusion and discriminatory policing in drug violence, the authors of this volume show that the association between illegality and violence cannot be divorced from the inequality that prevails in those countries. This book looks in detail at the functioning of drug markets in Recife, the largest metropolitan area in Brazil's North-East and, over the last 25 years, the heart of the country's most violent metropolitan area. Building on extensive interviews and field work, the authors map out the city's drug markets and explore the reasons why some of those markets are violent, and others are not. The analysis focuses on the micromechanics of each market, looking at consumption patterns and at the workings of retail sales and distribution. Such a systematic micro-level comparative analysis of the workings of Latin American drug markets is simply not available elsewhere in current literature. These findings point to significant gaps in current understandings of the link between illegal markets and violence, and they illuminate the need to factor in the way in which those markets are nested in exclusionary social contexts.

This compelling research review discusses the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the review also analyses more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. This review will be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.

On 1 August 2008 the Chinese Anti-Monopoly Law entered into force, introducing a comprehensive framework for competition law to the Chinese market. One set of the new rules pertains to merger control. China's Ministry of Commerce (MOFCOM) was nominated as the authority responsible for enforcing merger control in China and has been actively doing so ever since. Recent years have established China as one of the most important merger filing jurisdictions for cross-border mergers alongside the EU and USA. This work evaluates the Chinese merger control law regime and MOFCOM's decision-making practice after more than five years of application. In particular, it assesses which policy goals (competition policy goals or industrial policy considerations) prevail in the written law and its application and provides suggestions for a further improvement of the law - with the aim to develop a transparent merger control regime that promotes long-term economic growth in China.

The Law of MERCOSUR presents both an overview and in-depth analysis of one of the world's most important and increasingly influential economic organisations. The book comprises both a series of first-hand analyses of MERCOSUR by experts from countries in the MERCOSUR bloc, and also discussions from other parts of the world looking at MERCOSUR as global actor of ever-increasing importance. The book is divided into three main parts: the first analyses the key institutional legal aspects of MERCOSUR, looking at its history, the general theory of economic integration, and basic aspects relating to the functioning of MERCOSUR; the second examines specialised topics, including the regulation of the environment, human rights and the energy market in MERCOSUR; and in the third part the editors offer a translation of core MERCOSUR instruments, with the objective of furthering understanding of the economic bloc. Original in its conception, the book aims to fill a major gap in the English-language literature by offering a comprehensive and in-depth analysis of the Law of MERCOSUR, and it is hoped that it will become essential reading for those practitioners and academics who are interested not only in MERCOSUR, but in economic integration generally, in international trade, and in the regional aspects of the phenomenon of globalisation.

This book addresses the lack of binding multi-lateral international agreement on cartels, through analysis of trials and failures. It also suggests strategic approaches to overcome current standstills. In addition, the book contrasts international agreement on cartels with inter-governmental commodity agreement which has been developed separately through international law. Through this project, the author puts forth that successful international law on cartels needs to reflect the interests and arguments of developing countries.

This book provides a comprehensive study of the standard of 'full protection and security' (FPS) in international investment law. Ever since the Germany-Pakistan BIT of 1959, almost every investment agreement has included an FPS clause. FPS claims refer to the most diverse factual settings, from terrorist attacks to measures concerning concession contracts. Still, the FPS standard has received far less scholarly attention than other obligations under international investment law. Filling that gap, this study examines the evolution of FPS from its medieval roots to the modern age, delimits the scope of FPS in customary international law, and analyzes the relationship between FPS and the concept of due diligence in the law of state responsibility. It additionally explores the interpretation and application of FPS clauses, drawing particular attention to the diverse wording used in investment treaties, the role ascribed to custom, and the interplay between FPS and other treaty-based standards. Besides delivering a detailed analysis of the FPS standard, this book also serves as a guide to the relevant sources, providing an overview of numerous legal instruments, examples of state practice, arbitral decisions, and related academic publications about the standard.

'History has a way of repeating itself in financial matters because of a kind of sophisticated stupidity,' John Kenneth Galbraith once wrote. In this superb new book, Ross Buckley suggests that the stupidity identified by Galbraith can be traced to the persistence of an inadequate legal system for the regulation of international finance − a system rooted in the failure of economists and investors to take the legal demands of real-world finance seriously. Everywhere, trade is glorified while finance tends to be taken for granted. Yet financial flows far exceed trade flows, by a factor of over sixty to one; international financial transactions represent a far greater proportion of the practice of most major law firms than do trade transactions; and international finance, when it goes wrong, brings appalling suffering to the poorest citizens of poor countries. In a powerful demonstration of how we can learn from history, Professor Buckley provides deep analyses of some of the devastating financial crises of the last quarter-century. He shows how such factors as the origins and destinations of loans, bank behaviour, bad timing, ignorance of history, trade regimes, capital flight, and corruption coalesce under certain circumstances to trigger a financial crash. He then offers well-thought out legal measures to regulate these factors in a way that can prevent the worst from happening and more adequately protect the interests of vulnerable parties and victims. In the course of the discussion he covers such topics as the following:A* the roles of the Bretton Woods institutions in the globalisation process;A* global capital flows;A* debtor nation policies;A* the effects of the Brady restructurings of the 80s and 90s;A* fixed versus floating exchange rates;A* the social costs of IMF policies;A* debt-for-development exchanges; andA* the national balance sheet problem.Professor Buckley's far-reaching recommendations include details of tax, regulatory, banking, and bankruptcy regimes to be instituted at a global level.As a general introduction to the international financial system and its regulation; as a powerful critique of the current system's imperfections; and most of all as a viable overarching scheme for an international finance law framework soundly based on what history has taught us, International Financial System: Policy and Regulation shows the way to amending a system that repeatedly sacrifices the lives of thousands and compromises the future of millions.

The People s Republic of China s tax policies and international obligations are as multifaceted and dynamic as they are complex, developing closely with the nation s rise to the world s fastest-growing major economy. Today, after decades of reform and the entry into the World Trade Organization, China has developed regulatory systems that enable it to provide stable administration, including a tax structure. China s main tax reform can be attributed to the enactment of the Enterprise Income Tax Law, which came into effect on January 1, 2008. Chinese tax regulations include direct taxes, indirect taxes, other taxes, and custom duties and from a collection point of view, China s tax administration adopts a very devolved system, with revenue collected and shared between different levels of government in accordance with contracts between the different levels of the tax administration system. With respect to international treaties, China has established a network of bilateral tax treaties and regional free trade agreements. This publication describes in detail China s complex tax system and policies, as well as major bilateral treaties in which China has entered into using country-by-country analysis.

Lorenzo Riccardi is Tax Advisor and Certified Public Accountant specialized in international taxation. He is based in Shanghai, where he focuses on business and tax law, assisting foreign investments in East Asia. He is an auditor and an advisor for several corporate groups and he is partner and Head of Tax of the consulting firm GWA, specializing in emerging markets.

A comparative lega, economic and political analysis of the impact of constitutional law and of international economic law on the foreign trade laws and policies of the major trading countries. The countries covered include the United States, Japan, EC and EFTA countries, plus regional trade organizations such as the EEC and EFTA. Developments such as the Cadana-US Free Trade Agreement are also covered. As the benefits of constitutionalism and liberal trade do not depend on the nationalities of traders, producers and consumers, the contributions criticize the frequent "double standards" of "fair trade laws" and suggest "constitutionalism reforms" of international and domestic foreign trade laws and policies.

Global governance emerged as a concept more than two decades ago. Despite its relevance to key processes underlying the major public policy questions of our age, the contours of 'global governance' remain contested and elusive. This Research Review seeks to clarify key trends and challenges in global governance by bringing together the leading scholarship on its different forms. The Research Review discusses key issues in relation to global governance institutions: democracy, legitimacy, accountability, fragmentation, effectiveness and dispute settlement.

This is the first book ever to assess comprehensively the impact of EU international agreements on services of general interest. Services of general interest remain high on the political and legal agenda of the European Union. However, the debates about the impact of EU law on services of general interest usually focus on internal market law such as the free movement of services, competition law, state aid rules and the law of public procurement. The external and international dimensions of the European legal framework for services of general interest are often overlooked. This book addresses the impact of international trade and investment agreements on public services and the role these services play in EU external relations. It shows that the inherent tension between establishing and securing undistorted competition on markets and the logic of public services exists in international economic law in a similar way as in EU internal law. Given the contentiousness of international trade and investment agreements as well as the EU's external policies, the issues discussed in this volume are timely and relevant and contribute to the ongoing debate about the future of services of general interest in the EU with fresh ideas and perspectives. Markus Krajewski is Professor of Public and International Law at the University of Erlangen-Nuremberg, Germany.

The Dispute Settlement Reports of the World Trade Organization (WTO) include Panel and Appellate Body reports, as well as arbitration awards, in disputes concerning the rights and obligations of WTO members under the provisions of the Marrakesh Agreement.

This book is a compilation of contributions exploring the impact of the European Treaty provisions regarding state aid on Member States' legislation and administrative practice in the area of business taxation. Starting from a detailed analysis of the European Courts' jurisprudence on Art.107 TFEU the authors lay out fundamental issues - e.g. on legal concepts like "advantage", "selectivity" and "discrimination" - and explore current problems - in particular policy and practice regarding "harmful" tax competition within the European Union. This includes the Member States' Code of Conduct on business taxation, the limits to anti-avoidance legislation and the options for legislation on patent boxes. The European Commission's recent findings on preferential "rulings" are discussed as well as the general relationship between international tax law, transfer pricing standards and the European prohibition on selective fiscal aids.

The Contract is the core tool of governance in a free market economy. An EU Contract Law Code is now on the political agenda because all three legislative bodies in the EU and most member states favour it in principle. In its communication of July 2001, the Commission proposed three major options: to enhance the existing EC Contract Law by eliminating inconsistencies; introducing a European Code which substitutes national laws; and introducing a European code which only supplements national laws. This book achieves three things: For the first time, European academia is discussing these three options in an extensive and systematic way - with pros and cons, in a transparent and systematic way, along broad lines and often also important details. The book contains the views of all protagonists - from all those who really drafted the models to all those who illustrated the potential of decentralized rule-making and invented the very idea of an Optional Code. And it is the first book in which the optional Code, which is the alternative most likely to come, is thoroughly analysed at all. The book also contains a full map of design possibilities. It is the executive summary of what European academia thinks of the future of European Contract Law and a European Code. It is the Academic Green Paper on European Contract Law.

In light of new global challenges for international cooperation and coordination, such as the revival of protectionism, surge of populism, or energy-related issues, this volume highlights possible scenarios for the future of Global Economic Governance (GEG). The contributing authors analyze the substance of GEG as a normative framework for resolving collective action issues and promoting cross-border co-ordination and co-operation in the provision or exchange of goods, money, services and technical expertise in the world economy. Furthermore, the book examines drivers of fundamental shifts in global economic steering and covers topics such as power and authority shifts in the global governance architecture, technological and energy-related challenges, and the role of the G20 and BRICS in shaping global economic governance. "This book provides a very timely and nuanced account of the challenges facing the established global order." Andrew F. Cooper (Professor of Political Science at the University of Waterloo) "This valuable collection from a new generation of innovative scholars of global economic governance offers insights from a broad range of theoretical approaches to the central policy issues of the day" John Kirton (Director of the Global Governance Program, Munk School of Global Affairs, University of Toronto)