The Global Financial Crisis and International Economic Law

Published in: 12 Journal of International Economic Law (2009), Issue 4, pp. 859-894.

U. of St. Gallen Law & Economics Working Paper No. 2009-04

26 Pages Posted: 12 Jun 2009 Last revised: 18 Jul 2014

See all articles by Anne van Aaken

Anne van Aaken

University of Hamburg, Law School; Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods

Jürgen Kurtz

University of Melbourne - Law School

Date Written: June 11, 2009

Abstract

Economists and political scientists have begun to isolate the causes and implications of the spread of the global financial crisis in late 2008. Critical attention – often accompanied by strident disagreement – has also focused on the efficacy of various domestic plans implemented in response to the crisis. International lawyers have contributed little to these debates. Our analysis aims to partly redress this gap by examining whether and how international economic law might act as a credible constraint on state tendencies towards domestic preference when formalizing emergency responses to the crisis.

The question we then address is whether international economic law will operate to constrain these nuanced forms of protectionism. International economic law comprises a variety of sources, most notably commitments on trading relations (especially under the World Trade Organization) and the treatment of foreign investors. We argue that international investment law is, in the short-term, more likely than any other area of international economic law to give rise to complaint and initiation of legal action and examine the most probable substantive norms likely to be violated.

Keywords: International Investment Law, Economic Crisis, Emergency measures, WTO

JEL Classification: K33, F13, F39

Suggested Citation

van Aaken, Anne and Kurtz, Jürgen, The Global Financial Crisis and International Economic Law (June 11, 2009). Published in: 12 Journal of International Economic Law (2009), Issue 4, pp. 859-894.; U. of St. Gallen Law & Economics Working Paper No. 2009-04. Available at SSRN: https://ssrn.com/abstract=1417957

Anne Van Aaken (Contact Author)

University of Hamburg, Law School ( email )

Johnsallee 35
Hamburg, 20148
Germany

Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods ( email )

Kurt-Schumacher-Str. 10
D-53113 Bonn, 53113
Germany

Jürgen Kurtz

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
613 8344 4770 (Phone)
613 8344 9971 (Fax)

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