Financial Crises and International Law

University of Cambridge Faculty of Law Research Paper No. 18/2019

The Legal Implications of Global Financial Crises/Les implications juridiques des crises financières de caractère mondial (Brill, 2020)

36 Pages Posted: 21 Jun 2019 Last revised: 6 Mar 2020

See all articles by Michael Waibel

Michael Waibel

University of Vienna - Faculty of Law

Date Written: June 1, 2019


Ten years after the global financial crisis (“GFC”) that started in 2007, the time has come to take stock of the international regulation of finance. This report assesses the causes and consequences of the GFC and the broader context of the changes in the international financial system since the collapse of the Bretton Woods system of fixed exchange rates (Section 2); and then turns to the status and evolution of international financial law (Section 3). It contends that the growth of international financial markets has outpaced the development of international financial law. Section 4 concludes with a brief comparison between the first golden age of capital in the late 19th century and the contemporary second age of global capital – both characterised by recurrent financial crises, rising inequality within countries and backlashes against globalization.

Keywords: global financial crisis, financial crises, international financial law, governance

JEL Classification: E44, G01, K33

Suggested Citation

Waibel, Michael, Financial Crises and International Law (June 1, 2019). University of Cambridge Faculty of Law Research Paper No. 18/2019. Available at SSRN: or

Michael Waibel (Contact Author)

University of Vienna - Faculty of Law ( email )

Schottenbastei 10-16
Vienna, A-1010

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