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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
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International Financial System - Policy and Regulation (Hardcover)
Loot Price: R3,273
Discovery Miles 32 730
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International Financial System - Policy and Regulation (Hardcover)
Expected to ship within 10 - 15 working days
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'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.
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