Tan, Celine (2016) Shifting sands : interrogating the problematic relationship between international public finance and international financial regulation. In: Bungenberg, Marc and Hermann, Christoph and Krajewski, Markus and Terhechte, Jörg Philipp, (eds.) European Yearbook of International Economic Law 2016: Critical Perspectives of International Economic Law. European Yearbook of International Economic Law, 7 . Springer, pp. 343-375. ISBN 9783319292144

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Abstract

International public finance and international financial institutions have regained prominence in wake of the global financial crisis. The conscription of international public finance to crisis resolution and management in recurrent sovereign debt crises has highlighted the centrality of international public finance and its institutions to global economic regulation. In particular, the financial crisis has underscored the fundamental role of international public finance in managing the negative externalities caused by failures of international economic law and governance.

This paper interrogates the problematic relationship between international public finance and international economic law, in particular their shared responsibility for the distribution of international economic resources. It investigates the role played by international financial aid in mitigating the distributive dislocations resulting from international law’s allocation of the risks and benefits of a globalized economy and examines how utilisation of aid finance in this manner has influenced the regulatory trajectories of international economic law.

Drawing on the example of sovereign debt relief and international financial regulation, this paper argues that the deployment of development finance as a response to the regulatory crises of the global financial system has had an adverse effect on regulatory change, especially on efforts to reorient international financial law towards a more progressive social and economic agenda. It demonstrates how current practices of financial aid not only fail to address the systemic failings of the international financial system, they serve to sustain, if not entrench, existing asymmetries in international economic law, thereby exacerbating its negative distributive outcomes.

This paradox, the paper, argues stems from the fact that international aid is traditionally premised on the notion of philanthropy rather than on principles of restitution and redistribution. This disembeds the policies and practices of international public finance from the conduct of international economic relations and inserts both recipients and financiers into relationships of power, significantly affecting their international economic engagements.

Item Type:	Book Item
Divisions:	Faculty of Social Sciences > School of Law
Series Name:	European Yearbook of International Economic Law
Publisher:	Springer
ISBN:	9783319292144
Book Title:	European Yearbook of International Economic Law 2016: Critical Perspectives of International Economic Law
Editor:	Bungenberg, Marc and Hermann, Christoph and Krajewski, Markus and Terhechte, Jörg Philipp
Official Date:	17 July 2016
Dates:	Date Event 17 July 2016 Published
Volume:	7
Page Range:	pp. 343-375
Status:	Not Peer Reviewed
Publication Status:	Published
Related URLs:	Publisher

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