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A Contemporary Concept of Monetary Sovereignty$
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Claus D. Zimmermann

Print publication date: 2013

Print ISBN-13: 9780199680740

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680740.001.0001

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The Increasing Hybridization of International Monetary Law

The Increasing Hybridization of International Monetary Law

(p.37) 2 The Increasing Hybridization of International Monetary Law
A Contemporary Concept of Monetary Sovereignty

Claus D. Zimmerman

Oxford University Press

This chapter analyses the ongoing hybridization of contemporary international monetary law which covers a very broad phenomenon resulting from constant changes in the formal and material sources of this body of law, from the increasing unsuitability of the rigid categories of ‘hard’ and ‘soft’ law for appropriately characterizing all recent normative evolutions in this important sub-discipline of international economic law as well as from the rise in importance of transnational monetary law. After an examination of the diversification of the legal regime for international current and capital transactions across the three traditional pillars of international economic law, this chapter examines the evolving normative effects of the conditionality of IMF and World Bank lending and the impact of the IMF’s surveillance and technical assistance activities. Finally, this chapter looks into relevant aspects of the rise in importance of transnational monetary law and its implications.

Keywords:   Hybridization, international monetary law, hard and soft law, transnational monetary law, IMF and World Bank lending, conditionality, normative effects, IMF surveillance, technical assistance, current and capital transactions

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