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Private International Law and Global Governance$
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Horatia Muir Watt and Diego P. Fernández Arroyo

Print publication date: 2014

Print ISBN-13: 9780198727620

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198727620.001.0001

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Financial Stability as a Global Public Good and Private International Law as an Instrument for its Transnational Governance—Some Basic Thoughts

Financial Stability as a Global Public Good and Private International Law as an Instrument for its Transnational Governance—Some Basic Thoughts

Chapter:
15 Financial Stability as a Global Public Good and Private International Law as an Instrument for its Transnational Governance—Some Basic Thoughts
Source:
Private International Law and Global Governance
Author(s):

Bram van der Eem

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198727620.003.0016

This chapter shows how private international law can foster international financial stability. An important feature of global financial markets is the dissymmetry between the scope of the markets—global in nature—and of their governance arrangements—as a rule stemming from states and thus fragmentized. This results in regulatory arbitrage by market participants and, as a consequence, in regulatory competition between individual states. It also results in legislative externalities: with their regulation states affect more and more communities outside their borders. These phenomena do not only affect the imperative character and nature of state law, but also the policy room of legislators and the integrity of democratic processes within states. Through its ability to anchor global markets to the local polities they affect and to configure their governance model, private international law may enhance financial stability, becoming also in this field a powerful instrument of global governance.

Keywords:   private international law, financial stability, global governance, democracy, conflict of laws, jurisdiction, global common good, financial markets, regulatory competition, regulatory arbitrage

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