Part I. Key Concepts: Capital Flows and Controls; 1. The Liberalisation of capital flows; 2. Capital flow management, measures; Part II. The IMF, Capital Flows and Controls; 3. Shifting the IMF mandate; 4. The Legality of the IMF's mandate expansion; Part III. Legal Frameworkss, Rules and Conflicts; 5. The multilateral trade framework; 6. Bilateral and regional trade agreements; 7. International investment agreements; 8. Conclusions.
Explores the IMF's mandate over capital flows and analyses whether capital controls are consistent with international trade and investment agreements.
Bryan Mercurio is the Simon F. S. Li Professor of Law at the Chinese University of Hong Kong. He is co-author of World Trade Law: Text, Materials and Commentary (third edition, 2018), co-editor of International Economic Law after the Global Crisis: A Tale of Fragmented Disciplines (Cambridge, 2015) and author of Drugs, Patents and Policy: A Contextual Study of Hong Kong (Cambridge, 2018).
'This essential volume illuminates a dark but critical component of
international economic law: the international legal regulation of
capital controls. This is a field of deep economic and political
interest, and implicates the question of the “right to regulate,”
in connection with economic policy in developing and developed
countries. But the applicable law is fragmented and somewhat
ambiguous, with various rules associated with various institutions.
Prof. Mercurio provides a careful and persuasive analysis of the
current legal situation under IMF, WTO, and preferential trade
agreement law, and an essential roadmap for policy-makers as they
seek to comply with, or perhaps to reform, the law. This lucid and
well-documented volume also provides a valuable resource for
students and scholars of international economic law.' Joel P.
Trachtman, Professor of International Law and Henry J. Braker
Professor of Commercial Law, The Fletcher School, Tufts
University
'Bryan Mercurio's new book provides a fascinating and excellently
written study of the changes of the IMF's dealing with capital
controls in the past decades, and its relationship with
international economic law. It convincingly demonstrates that
necessary capital controls are not in an unresolvable conflict with
countries' obligations under WTO or investment law. This is an
important finding, in particular in a time where we do see
increasing investment controls for public security reasons around
the globe.' Christoph Herrmann, Chair Professor of Constitutional
and Administrative Law, European Law, European and International
Business Law, University of Passau
'This excellent new book is one for which scholars of international
economic law have been waiting for some time. … a critical,
original piece of legal scholarship that has been much needed.'
David Collins, European Intellectual Property Review
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