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DRPS : Course Catalogue : School of Law : Law

Postgraduate Course: International Financial Architecture (LAWS11401)

Course Outline
SchoolSchool of Law CollegeCollege of Humanities and Social Science
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits20 ECTS Credits10
SummaryThe aim of the course is to provide students with an in-depth knowledge and understanding of a developing International Financial Architecture. The course will cover the relevant actors, particularly the International Monetary Fund and the International Financial Stability Board. It will look into the historical background and economic foundations of the current institutional setting, which includes the currency wars of the 1930s, the original tasks of the Bretton Woods Institutions, the fixed-exchange rate regime and the so-called ¿Washington Consensus¿. It will critically assess the current practices of the IMF, particularly in light of human rights and the right to development. It will discuss the concept of monetary sovereignty and the concepts of international solidarity. Furthermore, the course will address the role of public international law for financial regulation, particularly the conceptual foundations and limits of an advocated right to regulate and elaborate on the concept of prudential regulation in international law. Another cornerstone of the course will be the impact of international law on the process of sovereign debt restructuring that will centre around the question whether and under what conditions States enjoy a right that their debt is restructured. After illustrating the institutions, actors and process of sovereign debt restructuring, the course will examine the UNCTAD Principles of Responsible Sovereign Borrowing and Lending.
Course description ¿ Introduction to the developing International Financial Architecture
* Historical background and developments in International Monetary Law.
* The changing role and policies of the IMF: Washington Consensus, IMF Programmes and Conditionalities.
* Possible conflicts between IMF practices and Monetary Sovereignty, Human Right and the Right to Development.
* The changing landscape of International Financial Institutions.
* The Impact of International Law on Financial Law: the Right to Regulate and the concept of Prudential Regulation.
* Actors and processes of Sovereign Debt Restructuring.
* UNCTAD Principles on Responsible Sovereign Borrowing and Lending.
* Foundation and limits of a right to restructure sovereign debt.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Course Delivery Information
Not being delivered
Learning Outcomes
On completion of this course, the student will be able to:
  1. Students will be provided an in-depth insight into the developing International Financial Architecture, which includes the relevant actors and institutions and how international law influences disciplines such as financial regulation, concepts such as prudential regulation and the process of sovereign debt restructuring.
  2. Students will also have a better understanding how politics influences the processes and how concepts develop and change in reaction to new factual developments.
Reading List
Books (selection):
* Rosa Lastra, International Financial and Monetary Law
* Mario Giovanoli/Diego Devos (eds.), International Monetary and Financial Law: The Global Crisis
* Claus D. Zimmermann, A Contemporary Concept of Monetary Sovereignty
* Chris Brummer, Soft Law and the Global Financial System
* Carlos Espósito/Yuefen Li/Juan Pablo Bohoslavsky (eds.), Sovereign Financing and International Law: The UNCTAD Principles on Sovereign Lending and Borrowing
* Thomas Cottier/Rosa M. Lastra/Christian Tiethe/Lucia Satragno (eds), The Rule of Law in Monetary Affairs.

Journals (selection):
* Journal of International Economic Law
* Journal of World Trade Law
* World Trade Review
* American Journal of International Law
* British Yearbook of International Law
* European Journal of International Law
* Journal of International Dispute Settlement
* International and Comparative Law Quarterly
Additional Information
Graduate Attributes and Skills * Students will be able to understand and engage with contemporary legal and policy debate, to reflect alternative approaches and analyse controversial viewpoints, to conduct independent research and to evaluate material from relevant primary and secondary sources.
* Students will be able to articulate, sustain and defend a line of argument, in both written and oral form. The course will also advance critical research and communication skill.
* Communication of complex legal issues to a range of audiences in oral and written form.
* Plan and execute research projects utilising practice-relevant material.
* Critical legal analysis; conceptualize legal problems and their political and societal implications.
KeywordsFinance,Monetary Law,IMF,International Financial Institution,Regulation,UNCTAD,Sovereign Debt
Course organiserDr Jasper Finke
Course secretaryMr David Morris
Tel: (0131 6)50 2010
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