International Economic Law eJournal最新文献

{"title":"International and EU Investment Law: Assessment, Prospects","authors":"Aida Bektasheva","doi":"10.2139/ssrn.3597193","DOIUrl":"https://doi.org/10.2139/ssrn.3597193","url":null,"abstract":"The thesis examines the correlation between international- bilateral investment laws with comparative public law in the EU and the difficulties in international investment disputes. The main focus is on how the author outlines investment legal instruments, approaches that could make the EU’s investment policy compatible with bilateral investment treaties, international private law with consequences of establishing state/investor dispute resolution system in comparison with the impact of investment tribunals (arbitral) and soft law.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129423908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financing the Transition to Sustainability: SMART Reform Proposals","authors":"Jay Cullen, Jukka Mähönen, H. R. Nilsen","doi":"10.2139/ssrn.3594433","DOIUrl":"https://doi.org/10.2139/ssrn.3594433","url":null,"abstract":"Financial markets are fundamental to a successful transition to sustainable market activity. Addressing unsustainable financial practices is vital to realizing the EU’s commitments on sustainability, as expressed for instance in the European Green Deal of December 2019. Yet, investments in unsustainable projects – routinely funded by large EU banks – have not been addressed sufficiently by EU financial regulators, in spite of the introduction of the EU Sustainable Finance Initiative (SFI) in 2018. The SFI lacks a systematic integration of sustainability factors in the actions proposed, limiting focus on selected environmental issues, especially climate change. It also relies too much on the existing incentive structures for private actors in financial markets. Such reliance is unlikely to deliver sufficient sustainable investments. On the other hand, the EU has made considerable progress regarding to prevent ‘greenwashing’ of financial products, and the development of consultative processes and expert groups speaks of a genuine commitment to deliver, which may be realized in the present EU Parliament and Commission. However, the legitimacy and effectiveness of this EU action needs to be assured, and there is a danger the SFI will not achieve its goals, due to limitations in the proposals under it.In this Report the SMART Project presents its analysis and reform proposals on regulation governing the funding of investments both in the EU and between the EU and third countries. The regulation discussed concentrates firstly on the banking system, including central banks and private banks but also private and public institutional investors, as much of the short-term and narrow pressure for maximization of returns to investors comes from the investment supply chains of financial markets and institutional investors. The SMART Project also proposes revision of the European Central Bank mandate and operations, guidelines for bank risk assessment, and regulation of banks. Secondly, the SMART Project proposes broadening and strengthening the SFI with proposals of amendments in the recent Taxonomy, Disclosure and Benchmarks Regulations to cover all economic activities and financial instruments and all market actors, both public and private, obliging them take into consideration sustainability in their investment decisions as well as benchmarks provided by index and benchmarks providers. In the final part of the Report the increased focus on foreign investments outside the EU is discussed.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"435 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132906513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Comment Letter of Professors Max M. Schanzenbach and Robert H. Sitkoff on the Securities and Exchange Commission’s Request for Comment on the Names Rule for Mutual Funds in Light of ESG Investing and Other Market Developments","authors":"Max M. Schanzenbach, Robert H. Sitkoff","doi":"10.2139/ssrn.3600096","DOIUrl":"https://doi.org/10.2139/ssrn.3600096","url":null,"abstract":"In March 2020, the Securities and Exchange Commission asked for public comment on the names rule (rule 35d-1) for mutual funds in light of developments since the rule's adoption in 2001. Among such developments, the request for comment identifies burgeoning investor interest in environmental, social, and governance (“ESG”) investing and the corresponding proliferation of funds that purport to make use of ESG factors. \u0000 \u0000This response to the SEC’s request for comment has two purposes: First, we provide clarifying context for the ESG investing phenomenon and a summary of the current state of theoretical and empirical literature in financial economics on it. Second, we discuss how this context informs the critical relationship between ESG disclosure by a mutual fund, both in the fund’s name and in its prospectus, and the rules (e.g., state trust law or ERISA) that govern the extent to which a trustee or other fiduciary may use ESG factors in fiduciary investment. \u0000 \u0000We organize this response in four parts: (1) we provide a clarifying taxonomy on the meaning of ESG investing and the methods for implementing it; (2) we discuss the inherent subjectivity in identifying and applying ESG factors; (3) we assess the current theory and evidence on whether ESG investing can improve risk-adjusted returns; and (4) we identify four interrelated questions of regulatory policy stemming from growing investor interest in ESG investing, situating the request for comment toward potential revision of the names rule within that four-part framework. \u0000 \u0000This response is largely but not entirely based on “Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee,” 72 Stanford Law Review 381 (2020), https://ssrn.com/abstract=3244665.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124338860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adequacy and Foreseeability of the Financial Damage Analysis in International Arbitration","authors":"Mazin Ezzeldin","doi":"10.2139/ssrn.3655796","DOIUrl":"https://doi.org/10.2139/ssrn.3655796","url":null,"abstract":"The financial damage analysis has always been problematic in the world of international dispute resolution, this issue is one of the most intricate questions in arbitration, and it became more sophisticated during the era of COVID-19, and will continue to be even after this pandemic is over. And this explains why the arbitrators usually request the help of experts when dealing with this question, even before COVID-19. \u0000 \u0000In order to deal with the question of the adequacy and foreseeability of the financial damage analysis, the valuation decision and the whole process that leads the tribunal to that decision shall be examined. \u0000 \u0000But, is the valuation decision a question of fact or a question of law? Well, from the perspective of the tribunal, it is both, a matter of fact and a matter of law. Because each case has its own specific circumstances and the valuation directly depends on the enterprise, business or investment being valued, besides, there are different approaches of valuation, so this explains why it is a question of fact. \u0000 \u0000On the other hand, it is indeed a question of law as well, because many legal standards, principles and concepts must be reached to and settled in the process of valuation, the arbitrator shall go through different applicable standards, for instance: (fair market value, adequate compensation, damnum emergens, proximate cause, foreseeability of the injury, lucrum cessans and more..) \u0000 \u0000Most of the aforementioned concepts and principles shall be dealt with during our short journey in this paper, by then, we shall reach to an answer to our main question.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129241355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"WTO Dispute Settlement Cases Involving the Agreement on Agriculture, 1995–2019","authors":"J. Glauber, Xiao-peng Xing","doi":"10.2499/p15738coll2.133681","DOIUrl":"https://doi.org/10.2499/p15738coll2.133681","url":null,"abstract":"A landmark achievement of the Uruguay Round, and notably, the Agreement on Agriculture, was the full inclusion of agriculture in multilateral rules and disciplines. Since the birth of World Trade Organization (WTO), a significant number of member countries have used the dispute settlement mechanism (DSM) for resolving the disputes in agriculture. The DSM has played an important role not only for those parties involved in the disputes, but also by helping member countries to better understand the WTO rules, and therefore help guide them in developing domestic policies and trade policies that are consistent with WTO requirements. This paper examines trade disputes involving the Agreement on Agriculture since the WTO was formed in 1995 through December 2019. It analyzes who brought the disputes and against whom disputes were brought, and provides details on the natures of the disputes, the duration of disputes, and, the outcome of those disputes.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"142 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133929437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Enabling the Full Participation of Developing Countries in Negotiating an Investment Facilitation Framework for Development","authors":"K. Sauvant","doi":"10.7916/D8-X6GA-PG61","DOIUrl":"https://doi.org/10.7916/D8-X6GA-PG61","url":null,"abstract":"The author calls for the establishment of a trust fund to enable the full participation of developing countries in the WTO negotiations of an Investment Facilitation Framework for Development, outlining the reasons for this proposal.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123028995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Application of Most-Favoured-Nation Clauses by Investor-State Arbitral Tribunals, Implications for the Developing Countries: A Collection of Chapter Abstracts of the Book","authors":"T. Sharmin","doi":"10.2139/ssrn.3576303","DOIUrl":"https://doi.org/10.2139/ssrn.3576303","url":null,"abstract":"This paper compiles the draft chapter abstracts of my book entitled, 'Application of Most-Favoured-Nation Clauses by Investor-State Arbitral Tribunals. International Law and the Global South (Perspectives from the Rest of the World). Springer, Singapore, 2020. This book comprehensively examines various issues regarding the scope of Most-Favoured Nation (MFN) Clauses in International Investment Agreements (IIAs), and addresses the reform, interpretation, and enforcement of IIAs with a specific focus on the MFN clause. The book begins with a study of the history and evolution of the MFN. It then presents a substantive analysis focusing on the drafting style and how it affects the scope of the MFN; rules of interpretation and arbitral case law on the scope of the MFN, procedural prerequisites to arbitration and jurisdiction of arbitral tribunals, and the implications of adopting an expansive approach to the MFN clause.<br><br>The book’s argument centres on the need for arbitral tribunals to interpret the MFN in a manner that reflects the expressed intent of the parties. This requires taking into consideration the text of the MFN, its purpose, and the overall context of the IIA, rather than relying on values and assumptions that have nothing to do with the original intent of the parties. In making this argument, the book draws on Articles 31 and 32 of the Vienna Convention on the Law of Treaties and other interpretative rules. What sets the book apart is its comprehensive coverage of issues concerning the interpretation and application of the MFN in IIAs. At the same time, it addresses issues in connection with an expansive interpretation of MFN clauses, as well as concerns regarding the legitimacy crisis in investor-state arbitration. Accordingly, it contributes to future Investor-State Dispute Settlement (ISDS) reform, while also offering a wealth of theoretical and practical insights for future treaty drafters, arbitrators, and policymakers.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122591809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Linking Private and Public International Law: The Example of Determining Corporate Nationality in Germany’s Investment Treaty Network","authors":"S. Schill","doi":"10.2139/ssrn.3551134","DOIUrl":"https://doi.org/10.2139/ssrn.3551134","url":null,"abstract":"This paper uses the example of how corporate nationality is defined in the investment treaty practice of the Federal Republic of Germany as an example of fruitful interaction between private and public international law. It shows how Germany’s investment treaty practice defines German corporate nationality, how this practice has evolved since 1959, when Germany signed its first bilateral investment treaty, and how it relates to how other fields of German law determine German corporate nationality, respectively the applicability of German corporate law to a company. This includes Germany’s conflicts of law-rules, relevant provisions in its constitution, and the law relating to Germany’s external economic policy, in particular Germany’s foreign investment insurance scheme. The review shows that, until 2008, German corporate nationality was determined consistently by reference to a company’s seat; this practice changed with Germany’s 2008 model investment treaty, which moved, under the influence of European Union law, to the criterion of incorporation.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132397843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Welfare Costs of Bilateral Currency Crises: The Role of International Trade","authors":"H. Yilmazkuday","doi":"10.2139/ssrn.3541850","DOIUrl":"https://doi.org/10.2139/ssrn.3541850","url":null,"abstract":"This paper shows that bilateral currency crises reduce bilateral trade up to 50% after controlling for the depreciation rate. Using a trade model, these reductions are connected to the welfare costs of currency crises. The results show that a single currency crisis can result in welfare reductions through changes in international trade corresponding to more than 10% (and up to 41%) of the costs of autarky for 23 different currency crisis episodes between 1960 and 2014. These welfare costs are also shown to be greater than the welfare gains from having free trade agreements and using common currencies for 25 different currency crisis episodes.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"249 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116056747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Nationalism: U.S. and Chinese Style","authors":"D. Chow","doi":"10.2139/ssrn.3547308","DOIUrl":"https://doi.org/10.2139/ssrn.3547308","url":null,"abstract":"The United States and China have the two largest national economies in the world and are also the world’s leading proponents of Economic Nationalism. In this context, this term refers to the use of national policies to promote exports while creating barriers to imports and is a twenty first century version of 17th century mercantilism. Both nations hold these polices, but there is a stark contrast in how they are implementing them. As both nations have similar, but conflicting goals, they have been locked in a two year trade dispute that could destabilize the global economy as a whole. Recently, the two nations announced a historic phase I agreement to suspend trade hostilities. This development provides a good opportunity to explore some of the ramifications of the rise of Economic Nationalism and what it portends for the future.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116569470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}