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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 enlightening volume provides an invaluable guide for those
perplexed by the seemingly intractable problems of financial
crises, sovereign distress, and government guarantees. Contributors
include an all-star cast of leading figures in the field. Highly
recommended' - Geoffrey Miller, New York University, US'The history
of the 2007-09 and possibly beyond near-global financial crisis
needs to be examined carefully in order to identify and understand
the causes, the transmission across countries, the harm to
macroeconomies, the public policies adopted, the effectiveness of
such policies, and the lessons to be learned to prevent or at least
mitigate future such crises. This volume contributes to this task.
It brings together under one cover the analyses of the various
aspects of the crisis by experts in each area. It should be
priority reading for serious students of the crisis.' - George G.
Kaufman, Loyola University Chicago, US 'The combination of the
skills of the lawyer and of the economist has proved increasingly
fruitful, developing both understanding and policy in many areas of
life, such as accident prevention, crime prevention, and
healthcare. This book follows the precedent of these areas and
assembles a group of lawyers and economists who by their
contributions, consider how best to deal with financial crises, and
how to make their future occurrence less likely. It is both
intellectually stimulating and practically important. The authors
and editors are to be congratulated.' - Geoffrey Wood, Cass
Business School and University of Buckingham, UK Financial Crisis
Containment and Government Guarantees analyzes the international
community's commitment to forging enhanced, well thought-out,
mechanisms for containing systemic risks in the context of a highly
interconnected global financial framework which incorporates
ongoing financial innovation. While use of government guarantees is
a central theme, the book also analyses the roles played by
prudential regulators, central banks, deposit insurers and
treasuries in dealing with the crisis. The book examines how
governments, central banks, regulators and deposit insurance
agencies have worked together to contain the global financial
crisis. Additionally, it focuses on efforts to overcome ongoing
obstacles, as well as the most important proposals to improve
safety nets, both at the national level and internationally. This
concise and detailed book will strongly appeal to students in law,
economics and finance, law practitioners, policymakers in central
banks and ministries of finance, as well as deposit protection
agencies and regulatory agencies. Contributors: L.C. Buchheit, G.
Calice, J. Chen, C.M. Cumming, C. Enoch, A. Estrella, M. Faure,
G.G. Garcia, C.A.E. Goodhart, G. Grande, M. Gulati, M. Gudmundsson,
K. Heine, E. Hupkes, J.R. LaBrosse, R.M. Lastra, A. Levy, J. Manns,
D.G. Mayes, J.F. McCollum, M.J. Nieto, J.J. Norton, R.
Olivares-Caminal, F. Panetta, C. Pleister, S. Schich, D. Singh, J.
Williams, A.E. Wilmarth, Jr., A. Zaghini
Dalvinder Singh provides an interdisciplinary analysis of the legal
aspects of prudential supervision. This gives the reader a broader
understanding of the core processes of banking supervision. By
using the UK as a case study, a comparison is made with the US to
illustrate the different ways of approaching the issues. The author
examines the legal as well as the theoretical, economic, political
and policy issues that underpin the purpose of prudential
supervision, such as corporate governance, enforcement sanctions,
the role of external auditors and accountability of financial
regulators. These are considered in the context of broad-policy
considerations which render prudential supervision necessary,
namely financial stability and depositor protection. The book will
be of interest to academics, policymakers, regulators and
practitioners, and equally will serve specialist undergraduate and
postgraduate programmes in law, management and economics which
focus on financial regulation.
Managing Risk in the Financial System makes important and timely
contributions to our knowledge and understanding of banking law,
financial institution restructuring and related considerations,
through the production of an innovative, international and
interdisciplinary set of contributions which link law and policy
issues surrounding systemic risk and crisis management. The recent
financial crisis has exposed both the banking industry and
financial system safety net players in many countries to a
considerable level of distress as well as economic and reputational
damage. These circumstances have heightened the need for policy
makers to consider remedial measures under a broad umbrella that
encompass inter alia prompt corrective actions, early closure of
distressed entities, deposit insurance, bail-outs, state-aid, bank
resolution and restructuring techniques. These essays provide an
important contribution to research in this area, at a crucial time
in the debate around the future financial industry. This unique and
detailed volume should be of considerable interest to students of
law, economics and finance, law practitioners and policy makers in
central banks and ministries of finance. Law, business and finance
faculties will benefit from having this book in their collections,
as will deposit protection agencies and regulatory agencies.
Contributors include: J.-H. Binder, R.R. Bliss, L.C. Buchheit, C.
Enoch, G.G.H. Garcia, D.F. Gray, M. Gulati, G. Gunnarsson, K. Hj
Arshad, A.A. Jobst, A. Kabiri, G.G. Kaufman, I. Kokkoris, J.R.
LaBrosse, R.M. Lastra, D. Mayes, J.F. McCollum, J.F. McEldowney, I.
Moosa, M.J. Nieto, G. Ogunleye, K. Papadakis, R. Olivares-Caminal,
Y. Redjah, R. Rosen, J. Roy, J.P. Sabourin, S. Schich, J. Selody,
A. Sighvatsson, D. Singh, J. Snape, R. Turk-Ariss, G.A. Walker,
L.D. Wall, A.E. Wilmarth Jr., G. Wood
This new work provides timely analysis of the cross-border exercise
of banking activity in the EU and its supervision, from the
perspective of the 'home-host rule'. It examines the current system
and the efficacy of recent reforms considering whether the
centralisation of decision making and a more effective
mutualisation of financing tools could improve the safety and
soundness of the EU banking system and reduce the asymmetry of
information between home and host authorities. The EU banking
market is very integrated since banking institutions based in the
Union are free to perform their activities within the single
market. This has allowed EU banking institutions to significantly
increase their cross border operations. This way of working is
based on the home country control principle according to which EU
institutions performing cross border activities continue to be
supervised by their home country supervisor. However, this system
has raised challenges for effectively performing supervision,
resolution and crisis management of banking groups operating across
the borders of many different jurisdictions. This book analyses how
far recent reforms under the banking union regime have addressed
these issues to ensure the integrity and stability of the European
integration project. It utilises data to illustrate the cross
border exposures between member states and how they influence home
and host decision making. But it equally explores those areas that
still remain within the national discretion such as non-performing
loans, insolvency-liquidation of banks and deposit protection
arrangements, to mention a few. The book analyses the main pillars
of the banking union: the single supervisory mechanism (SSM); and
the Single Resolution Mechanism (SRM) and the proposed European
Deposit Insurance Scheme (EDIS); and the related tools designed to
provide crisis management under the European Stability Mechanism
(ESM). As such the work considers the impact of the Single
Rulebook. In considering these pieces of regulation and mechanisms
the book analyses how international standards and EU requirements
undertake to divide responsibilities between the home and host
state and the extent to which they align interests between the home
and host and minimise potential conflicts of interests. In this
analysis examples from a set of EU cross-border banks are used to
illustrate the workings of home and host relationship between
Member States and Third Countries, and the benefits of
participating in centralisation of decision making and
mutualisation of financing in resolution and depositor protection.
This work provides a valuable resource for academics researching on
central banking union and regulation, and helps legal practitioners
to address questions of supervision, resolution and insolvency with
a cross-border element.
The new third edition of Debt Restructuring offers detailed legal
analysis of international corporate, banking, and sovereign debt
restructuring, from the perspective of creditors and debtors. It
provides practical guidance to help practitioners, policy-makers,
and academics in the UK and US to understand current developments
in debt restructuring, and provides solutions for creditors holding
distressed debt and debtor options in a distressed scenario. The
Corporate Debt section includes significant changes to highlight
the impact of COVID-19 on restructurings, including: potential
grounds for investors/lenders to modify or terminate commitments to
fund or support restructurings by invoking material adverse effect
or force majeure clauses; unprecedented relief granted by
insolvency courts to aid ailing retailers; and challenges facing
insolvency courts in making necessary confirmation findings
regarding the feasibility of reorganization plans due to market
instability. This section also includes the recent adoption of the
Part 26A Restructuring Plans and the EU Restructuring Directive.
Amendments to the Bank Resolution section reflect decisions by the
Single Resolution Board, and national authority resolution
decisions notified to the European Banking Authority. A new
sub-section on domestic bank insolvency and liquidation covers the
developments under the Deposit Guarantee Schemes Directive, and a
new chapter on insolvency law relating to Insurance Firms addresses
the international debate on a special resolution regime for
insurance firms. Other updates include the 2017 code of practice,
the 'third country' branch model after Brexit, non-equivalence
regarding depositor protection arrangements, and the Resolvability
Assessment Framework. In the Sovereign Debt section, there is
detailed coverage of US and UK developments, examining the
increased role of sanctions and the possibility of piercing the
corporate veil in SoEs (Chrystallex), as well as the increased push
for domestic laws to be used to curtail litigation. It also covers
developments in re-designation and the emergence of the 'pac-man
technique' in the context of collective action clauses, as a result
of the recent restructurings of Argentina and Ecuador. The impact
of COVID-19 on the adoption of the Debt Service Suspension
Initiative and the Common Framework are also analysed.
Data mining is the process of automatically extracting new and
useful knowledge hidden in large datasets. This book focuses on the
enhancement of following three data mining techniques for achieving
the better mining results: Association Rule Mining (ARM),
Clustering Classification In Association Rule Mining (ARM), two
algorithms known as Apriori algorithm and FP-Growth algorithm have
been enhanced for better mining results. An efficient partitional
clustering algorithm utilizing the well-known technique, k-means
clustering is proposed in this book to tackle the problem of empty
clusters. Classification operation usually uses supervised learning
methods that induce a classification model from a database. The
k-Nearest Neighbor (k-NN) is one of the simplest classification
methods used in data mining and machine learning. in this book, the
proposed algorithm improved the performance of conventional k-NN
algorithm by identifying the optimal value of k."
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