Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Role of International Law in Monetary Affairs

Contents:

Author Info

  • Ernst Baltensperger
  • Thomas Cottier
Registered author(s):

    Abstract

    Monetary affairs have been a stronghold of national sovereignty, and international law is poorly developed in this field, which has been characterized by informal coordination. This article explores the theoretical underpinnings of monetary competition and the potential role of international law in framing such competition beyond institutional arrangements. We argue that, so far, the most important contribution of international law to financial stability has been made by an open and rule-based trading system of the World Trade Organization and the legal protection of investment. As to monetary cooperation, different models are discussed, ranging from harmonization and formal cooperation to predominantly informal, asymmetrical arrangements. While affirming the need for monopoly powers in the field, we argue that international monetary competition is the main tool in preventing and remedying the risks of abuse of monopoly powers inherent to national currencies. It should be framed accordingly within a system of multilayered governance. The article asks what can be learned from principles of competition and trade policies. It argues that principles of non-discrimination, in particular, national treatment and conditional most-favored nation, offer an important starting point in achieving a rule-based regulatory framework for stable monetary competition. Oxford University Press 2010, all rights reserved, Oxford University Press.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://hdl.handle.net/10.1093/jiel/jgq039
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Oxford University Press in its journal Journal of International Economic Law.

    Volume (Year): 13 (2010)
    Issue (Month): 3 (September)
    Pages: 911-937

    as in new window
    Handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:911-937

    Contact details of provider:
    Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
    Fax: 01865 267 985
    Email:
    Web page: http://www.jiel.oupjournals.org/

    Order Information:
    Web: http://www.oup.co.uk/journals

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:911-937. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.