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Public Policy in International Economic LawThe ICESCR in Trade, Finance, and Investment$
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Diane Desierto

Print publication date: 2015

Print ISBN-13: 9780198716938

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:oso/9780198716938.001.0001

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The ICESCR in State Public Policy-making in the International Financial System

The ICESCR in State Public Policy-making in the International Financial System

Chapter:
(p.252) 4 The ICESCR in State Public Policy-making in the International Financial System
Source:
Public Policy in International Economic Law
Author(s):

Diane A. Desierto

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198716938.003.0004

This chapter examines States’ obligations under lending arrangements and credit facilities with the international financial institutions (IFIs), alongside voluntary international financial practices and instruments that advocate social responsibility, such as the Equator Principles. The chapter discusses the role of States in implementing the ICESCR in their decisions on the design and implementation of international development finance agreements; IFIs’ debt surveillance, structural adjustment, and conditionality practices (particularly those by the International Monetary Fund (IMF) and the World Bank); and IFIs’ prescriptions of austerity measures that directly impact economic, social, and cultural rights. The more political and often strategic manner by which States operationalize ICESCR obligations in the international financial architecture should take into account the latter’s key systemic features, such as less “hard law” (treaties) and more “soft law” (agendas, standards, regulations) alongside the dearth of centralized international regulators and rule-interpreters in the international financial system.

Keywords:   IFIs, international financial practices, ICESCR, international development finance, debt surveillance, structural adjustment, conditionality, austerity measures

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