{"title":"The Economic Weapon: The Rise of Sanctions as a Tool of Modern War","authors":"Benjamin Letzler","doi":"10.1093/jiel/jgac039","DOIUrl":"https://doi.org/10.1093/jiel/jgac039","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45401889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Correction to: Markets, Sovereignty, and Racialization","authors":"","doi":"10.1093/jiel/jgac040","DOIUrl":"https://doi.org/10.1093/jiel/jgac040","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43618959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Incorporating Rights: Strategies to Advance Corporate Accountability","authors":"K. Greenfield","doi":"10.1093/jiel/jgac038","DOIUrl":"https://doi.org/10.1093/jiel/jgac038","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41431246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shareholding formulas determine member countries’ voice in capital-based international organizations. They are crucial for international finance and draw much attention in negotiations. In principle, these formulas reflect member countries’ relative economic positions, but in practice, they serve as a starting point in negotiations, alongside other economic and political factors. This article investigates the unique shareholding formula of the Asian Infrastructure Investment Bank (AIIB), and compares it with those of the Bretton Woods institutions, that is, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC). It shows that both the AIIB and the Bretton Woods institutions have learnt from each other’s shareholding formulas. Built upon the Bretton Woods practice, the AIIB’s gross domestic product-based shareholding formula could stimulate the IMF to establish a new quota formula under the 16th general review of quotas, the IBRD to implement the results calculated from its 2016 Dynamic Formula, and the IFC to develop its own formula by the date of the next shareholding review in 2025.
{"title":"Shareholding Formulas in International Financial Institutions: Learning From the Asian Infrastructure Investment Bank","authors":"B. Gu, Tong Liu","doi":"10.1093/jiel/jgac035","DOIUrl":"https://doi.org/10.1093/jiel/jgac035","url":null,"abstract":"\u0000 Shareholding formulas determine member countries’ voice in capital-based international organizations. They are crucial for international finance and draw much attention in negotiations. In principle, these formulas reflect member countries’ relative economic positions, but in practice, they serve as a starting point in negotiations, alongside other economic and political factors. This article investigates the unique shareholding formula of the Asian Infrastructure Investment Bank (AIIB), and compares it with those of the Bretton Woods institutions, that is, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC). It shows that both the AIIB and the Bretton Woods institutions have learnt from each other’s shareholding formulas. Built upon the Bretton Woods practice, the AIIB’s gross domestic product-based shareholding formula could stimulate the IMF to establish a new quota formula under the 16th general review of quotas, the IBRD to implement the results calculated from its 2016 Dynamic Formula, and the IFC to develop its own formula by the date of the next shareholding review in 2025.","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":"1 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41352881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Export Restrictions in the Post-COVID World: Another Step in the Demise of the World Trade Organization","authors":"D. Chow","doi":"10.1093/jiel/jgac031","DOIUrl":"https://doi.org/10.1093/jiel/jgac031","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45361459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investment Treaties & the Legal Imagination: How Foreign Investors Play by Their Own Rules","authors":"V. Vadi","doi":"10.1093/jiel/jgac033","DOIUrl":"https://doi.org/10.1093/jiel/jgac033","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45912419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The World Trade Organization is undergoing an existential crisis. Trade links the world not only through the flow of international commerce in goods, services, and ideas, but also through its economic, environmental, and social impacts. Trade links are supported by a WTO trading system founded on rules established in the twentieth century that do not account for all the modern changes in the global economy. James Bacchus, a founder of the WTO, posits that this global organization can survive and continue to succeed only if the trade links among WTOmembers are revitalized and reimagined. He explains how to bring the WTO into the twenty-first century, exploring the ways it can be utilized to combat future pandemics and climate change and advance sustainable development, all while continuing to foster free trade. This book is among the first to explain comprehensively the new trade rules needed for our new world.
{"title":"Trade Links: New Rules for a New World","authors":"G. Marceau, M. Garcia","doi":"10.1093/jiel/jgac034","DOIUrl":"https://doi.org/10.1093/jiel/jgac034","url":null,"abstract":"The World Trade Organization is undergoing an existential crisis. Trade links the world not only through the flow of international commerce in goods, services, and ideas, but also through its economic, environmental, and social impacts. Trade links are supported by a WTO trading system founded on rules established in the twentieth century that do not account for all the modern changes in the global economy. James Bacchus, a founder of the WTO, posits that this global organization can survive and continue to succeed only if the trade links among WTOmembers are revitalized and reimagined. He explains how to bring the WTO into the twenty-first century, exploring the ways it can be utilized to combat future pandemics and climate change and advance sustainable development, all while continuing to foster free trade. This book is among the first to explain comprehensively the new trade rules needed for our new world.","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45511024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Au Revoir to Doux Commerce: Building a New Foundation for Global Trade","authors":"D. Esty","doi":"10.1093/jiel/jgac032","DOIUrl":"https://doi.org/10.1093/jiel/jgac032","url":null,"abstract":"","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49360730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Commodity trade mispricing, especially the undervaluation of commodity exports, disproportionately harms low-income countries that depend on commodity exports for most of their export earnings. Such countries should (re)consider adopting rule-based pricing methods as a prescriptive alternative to transaction-based valuation systems. This article firmly grounds rule-based pricing in market parameters. It calls for a hybrid form of market-based price regulation in the framework of public–private models of supply chain governance, also integrating advice from independent experts. This article addresses this policy option within the parameters set by international law, considering state regulatory scope under international trade and tax law. It challenges the popular objection that prescriptive pricing methods breach international trade and tax rules. Instead, it emphasizes the complexity of any such legal assessment under international economic law.
{"title":"Countering Commodity Trade Mispricing in Low-Income Countries: A Prescriptive Approach","authors":"I. Musselli, Elisabeth Bürgi Bonanomi","doi":"10.1093/jiel/jgac030","DOIUrl":"https://doi.org/10.1093/jiel/jgac030","url":null,"abstract":"\u0000 Commodity trade mispricing, especially the undervaluation of commodity exports, disproportionately harms low-income countries that depend on commodity exports for most of their export earnings. Such countries should (re)consider adopting rule-based pricing methods as a prescriptive alternative to transaction-based valuation systems. This article firmly grounds rule-based pricing in market parameters. It calls for a hybrid form of market-based price regulation in the framework of public–private models of supply chain governance, also integrating advice from independent experts. This article addresses this policy option within the parameters set by international law, considering state regulatory scope under international trade and tax law. It challenges the popular objection that prescriptive pricing methods breach international trade and tax rules. Instead, it emphasizes the complexity of any such legal assessment under international economic law.","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46773146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article reconceptualizes sovereign insolvency from a money-centred perspective. Drawing on contemporary critiques of money and finance, it argues that as long as the international monetary system is structured upon a hierarchy of currencies, monetary power determines the solvency of sovereign states. The ability to issue debt in own currency and the degree to which such currency performs the functions of money at an international level are the most important factors underpinning solvency. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system. Yet insofar as this reform does not materialize, an international sovereign bankruptcy mechanism is indispensable to ensuring a more equitable global economic order.
{"title":"Sovereign Solvency as Monetary Power","authors":"Karina Patrício Ferreira Lima","doi":"10.1093/jiel/jgac029","DOIUrl":"https://doi.org/10.1093/jiel/jgac029","url":null,"abstract":"\u0000 This article reconceptualizes sovereign insolvency from a money-centred perspective. Drawing on contemporary critiques of money and finance, it argues that as long as the international monetary system is structured upon a hierarchy of currencies, monetary power determines the solvency of sovereign states. The ability to issue debt in own currency and the degree to which such currency performs the functions of money at an international level are the most important factors underpinning solvency. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system. Yet insofar as this reform does not materialize, an international sovereign bankruptcy mechanism is indispensable to ensuring a more equitable global economic order.","PeriodicalId":46864,"journal":{"name":"Journal of International Economic Law","volume":" ","pages":""},"PeriodicalIF":3.1,"publicationDate":"2022-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44806163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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