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seems that Fukuyama's argument concerning the end of history with the ultimate win of liberal democracy requires serious … now even more supported in the dynamics of political discourses, because as it happened between the two World Wars and all … the events that led to the Second World War, liberal democracies are again showing the potential loopholes in their own …
Persistent link: https://www.econbiz.de/10014112915
In 2009, the promise of a comprehensive federal cap and trade bill to address climate change fell apart. At least in part, this was due to the fears that exotic 'carbon' financial instruments might cause more financial crises. As California launches it economy wide carbon trading system, and...
Persistent link: https://www.econbiz.de/10013107537
This Article draws lessons about the theory of law and economics from the recent financial crisis. It argues that the financial crisis teaches us that allocative efficiency, the main goal of law and microeconomics, proves an unattainable and relatively unimportant goal for laws addressing...
Persistent link: https://www.econbiz.de/10013058910
This Article uses a rational choice analysis to simplify the increasingly complex area of international financial regulation. It proceeds by identifying four “interdependence problems” relating to harmonization of financial standards, capital requirements, bank resolution procedures, and an...
Persistent link: https://www.econbiz.de/10013029921
This thought piece identifies three crises facing international law on climate change-normative, economic, and legitimacy crises. It briefly explains each crisis and argues that states should be guided by their moral compass in addressing climate change
Persistent link: https://www.econbiz.de/10014167648
Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...
Persistent link: https://www.econbiz.de/10014101938
The quite recent (2007-2009) global financial crisis (GFC), which was caused by a mix of business, regulatory, supervisory, and macroeconomic (in terms of sub-optimal fiscal and/or monetary policies) failures, had a negative impact both on the financial system – with the failure, through the...
Persistent link: https://www.econbiz.de/10014354197
The financial crises together with the globalization have reinforced the role of international financial standard-setters especially in the rule-making process. The standards and principles issued by these organizations are essentially soft law which is not legally binding, but is implemented...
Persistent link: https://www.econbiz.de/10013083689
Persistent link: https://www.econbiz.de/10015049556
Over the past five years, the renewable energy sector has experienced an unprecedented boom in terms of investment and technological development, due to growing recognition of the role it will play in combating climate change, ensuring energy security and sustainably meeting rising energy...
Persistent link: https://www.econbiz.de/10014150728