Monetary Stability as a Common Concern in International Law: Policy Cooperation and Coordination of Central Banks: World Trade Institute Advanced Studies, cartea 7
Autor Lucía Satragnoen Limba Engleză Hardback – 9 feb 2022
In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
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Specificații
ISBN-13: 9789004508729
ISBN-10: 9004508724
Dimensiuni: 155 x 235 mm
Greutate: 0 kg
Editura: Brill
Colecția Brill | Nijhoff
Seria World Trade Institute Advanced Studies
ISBN-10: 9004508724
Dimensiuni: 155 x 235 mm
Greutate: 0 kg
Editura: Brill
Colecția Brill | Nijhoff
Seria World Trade Institute Advanced Studies
Notă biografică
Lucía Satragno, Ph.D. (2020), University of Bern, is a Research Fellow at the CBFL, National University of Singapore. She has published book chapters and journal articles, including ‘International Monetary Stability as a Common Concern of Humankind’ in Thomas Cottier (ed), The Prospects of Common Concern of Humankind in International Law (2021).
Cuprins
Acknowledgments
Abbreviations and Acronyms
Table of Cases and Legislation
Introduction
1The International Monetary System in the Post-Crisis Era
1 Definition and Purpose of the International Monetary System
2 The Global Financial Crisis and the Fragility of the International Monetary System
3 Key Aspects of the Core Elements of the International Monetary System
3.1First Element – Exchange Rates
3.2Second and Third Elements – International Payment System and International Capital Movements
3.3Fourth Element – Monetary Reserves and Access to Liquidity
4 Conclusion
2Monetary Stability Competing Policy Objectives and Trade-Offs
1 Monetary Sovereignty Today
2 A Revision of the Concept of Monetary Stability at the Different Levels of Governance
2.1Domestic Monetary Stability
2.2International Monetary Stability
3 International Spillovers of Monetary Policy and Their Impact on Monetary Stability
4 Conclusion
3A Common Concern of Humankind Approach to Monetary Stability
1 Monetary Stability as a Global Public Good
2 Common Concern of Humankind – Review of Literature and Evolution of the Principle
2.1Expression in Treaties and Scholarly Work
2.2Foundations and Evolution of the Principle
3 Common Concern of Humankind – Process of Claims and Responses
3.1The Duty to Cooperate
3.2Obligation to Do Homework
3.3Securing Compliance
3.4Arguments in Support of the Principle of Common Concern of Humankind
4 Monetary Stability as a Common Concern of Humankind – A Preliminary Assessment
5 Conclusion
4The Duty To Cooperate – The Fund’s Role and Cooperation among States
1 Top-Down Approach – International Level of Governance
1.1The International Financial Architecture – Governance Aspects
1.2The Fund’s Role
1.3International Standard-Setting and Soft Law
2 Bottom-Up Approach – Central Banking Cooperation
2.1The Evolution of Central Banking Cooperation
2.2Diplomacy and Coordination
2.3Responses to the gfc and Its Aftermath
3 Common Concern as a Guide to Enhanced Cooperation in Monetary Affairs
3.1imf Mandatory Based Surveillance
3.2Improved gfsn
3.3Harness the Commitments Assumed at the Government Networks
4 Conclusion
5Domestic Obligations Concerning Monetary Stability The Special Role of Central Banks
1 Domestic Obligations – The Special Role of Central Banks
1.1Internal Dimension of Monetary Stability – Price Stability
1.1.1 Institution of a State
1.1.2 Issuance of Money
1.1.3 Privately Issued Virtual Currencies and Central Bank Issued Virtual Currencies
1.1.4 Conduct of National Monetary Policy
1.2External Dimension of Monetary Stability – Exchange Rate Stability
1.2.1 Administration of a System of Exchange Control
1.2.2 Management of a Country’s Foreign Reserves
2 Conclusion
6Domestic Obligations Concerning Monetary Stability Unilateral Reactions and Securing Compliance
1 Domestic Obligations – Unilateral Reactions
1.1Exchange Restrictions
1.2Capital Controls
1.3Exchange Rate Manipulation
1.4Other Reactions
2 Securing Compliance – Monetary Stability Considerations
3 Conclusion
Conclusions
Bibliography
Index
Abbreviations and Acronyms
Table of Cases and Legislation
Introduction
1The International Monetary System in the Post-Crisis Era
1 Definition and Purpose of the International Monetary System
2 The Global Financial Crisis and the Fragility of the International Monetary System
3 Key Aspects of the Core Elements of the International Monetary System
3.1First Element – Exchange Rates
3.2Second and Third Elements – International Payment System and International Capital Movements
3.3Fourth Element – Monetary Reserves and Access to Liquidity
4 Conclusion
2Monetary Stability Competing Policy Objectives and Trade-Offs
1 Monetary Sovereignty Today
2 A Revision of the Concept of Monetary Stability at the Different Levels of Governance
2.1Domestic Monetary Stability
2.2International Monetary Stability
3 International Spillovers of Monetary Policy and Their Impact on Monetary Stability
4 Conclusion
3A Common Concern of Humankind Approach to Monetary Stability
1 Monetary Stability as a Global Public Good
2 Common Concern of Humankind – Review of Literature and Evolution of the Principle
2.1Expression in Treaties and Scholarly Work
2.2Foundations and Evolution of the Principle
3 Common Concern of Humankind – Process of Claims and Responses
3.1The Duty to Cooperate
3.2Obligation to Do Homework
3.3Securing Compliance
3.4Arguments in Support of the Principle of Common Concern of Humankind
4 Monetary Stability as a Common Concern of Humankind – A Preliminary Assessment
5 Conclusion
4The Duty To Cooperate – The Fund’s Role and Cooperation among States
1 Top-Down Approach – International Level of Governance
1.1The International Financial Architecture – Governance Aspects
1.2The Fund’s Role
1.3International Standard-Setting and Soft Law
2 Bottom-Up Approach – Central Banking Cooperation
2.1The Evolution of Central Banking Cooperation
2.2Diplomacy and Coordination
2.3Responses to the gfc and Its Aftermath
3 Common Concern as a Guide to Enhanced Cooperation in Monetary Affairs
3.1imf Mandatory Based Surveillance
3.2Improved gfsn
3.3Harness the Commitments Assumed at the Government Networks
4 Conclusion
5Domestic Obligations Concerning Monetary Stability The Special Role of Central Banks
1 Domestic Obligations – The Special Role of Central Banks
1.1Internal Dimension of Monetary Stability – Price Stability
1.1.1 Institution of a State
1.1.2 Issuance of Money
1.1.3 Privately Issued Virtual Currencies and Central Bank Issued Virtual Currencies
1.1.4 Conduct of National Monetary Policy
1.2External Dimension of Monetary Stability – Exchange Rate Stability
1.2.1 Administration of a System of Exchange Control
1.2.2 Management of a Country’s Foreign Reserves
2 Conclusion
6Domestic Obligations Concerning Monetary Stability Unilateral Reactions and Securing Compliance
1 Domestic Obligations – Unilateral Reactions
1.1Exchange Restrictions
1.2Capital Controls
1.3Exchange Rate Manipulation
1.4Other Reactions
2 Securing Compliance – Monetary Stability Considerations
3 Conclusion
Conclusions
Bibliography
Index