BIT by BIT – The Silent Liberalisation of the Capital Account

INTERNATIONAL INVESTMENT LAW FOR THE 21ST CENTURY - ESSAYS IN HONOUR OF CHRISTOPH SCHREUER, pp. 497-518, C. Binder, U. Kriebaum, A. Reinisch and S. Wittich, eds., Oxford, 2009

20 Pages Posted: 8 Mar 2010

See all articles by Michael Waibel

Michael Waibel

University of Vienna - Faculty of Law

Date Written: 2009

Abstract

The article explores the relationship between free transfer clauses and exchange restrictions. The transfer of funds provision is a common feature of BITs, albeit of limited practical relevance thus far. The free transfer provision is particularly important in difficult economic times, when the host country faces complex policy trade-offs. Financial crises are a good example. No ICSID tribunal seems to have ruled on the merits of a capital transfer provision. This is likely to change over the coming years, in particular following the global financial crisis in 2008.

Keywords: Balance of Payments, ICSID, Bilateral Investment Treaties, Safeguards, Exchange Controls, Capital Controls, IMF

Suggested Citation

Waibel, Michael, BIT by BIT – The Silent Liberalisation of the Capital Account (2009). INTERNATIONAL INVESTMENT LAW FOR THE 21ST CENTURY - ESSAYS IN HONOUR OF CHRISTOPH SCHREUER, pp. 497-518, C. Binder, U. Kriebaum, A. Reinisch and S. Wittich, eds., Oxford, 2009. Available at SSRN: https://ssrn.com/abstract=1566491

Michael Waibel (Contact Author)

University of Vienna - Faculty of Law ( email )

Schottenbastei 10-16
Vienna, A-1010
Austria

Register to save articles to
your library

Register

Paper statistics

Downloads
349
Abstract Views
1,548
rank
85,976
PlumX Metrics