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Intl Finance Law (LAW-653-001)
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LAW-653-001: International Finance
This course is an advanced course that draws on finance law, international business and finance law, banking and financial institutions law, and related areas of international finance, sovereign and cross border bank debt, and global capital markets. It is a course that is both policy and law. The topics include the architecture of the global financial system; how a system of cross border finance is regulated, by whom, and the challenges of establishing cross border regimes for such basic issues as capital adequacy for financial institutions. It addresses the issues of systemic risk in the global financial system through the rise of the so-called “shadow banking” system. It moves from the “players” of global finance (banks, etc.) to the institutions of governance (transnational ones, such as the IMF or BIS, to national regulators acting in cross border coordination); the role of national central banks and treasury ministries; the effects of macroeconomic policy (monetary and fiscal policy) on financial markets and capital flows; the financial instruments used in international finance for both capital raising and risk management, and their global markets; the global financial crisis of 2008-20011 and its aftermath for players and global regulators; and dispute resolution in international finance for sovereign and cross border bank debt (Greece and Argentina) including discussion of proposed/possible new mechanisms for defaulted sovereign debt resolution. The class should be considered advanced and does not include basic discussions of either the economic policy or fundamental areas of finance law that underly it, so students should have taken courses in these areas if they are planning to take the class. Textbooks are being evaluated now, but it is possible that the class will use several books on finance, plus a basic legal hornbook in finance law; the course will rely heavily on official government documents and reports from a variety of institutions, plus law review articles, and other materials posted to mywcl. The topics will shift quickly as outlined above. Students are required to turn in a paragraph on entering each class session discussing that day’s reading. Final exam (this is not a paper course; no paper option, including for LLMs), but the final exam will be a take-home with unlimited time but limited pages. Class participation encouraged and taken into account in grading.
Textbooks and Other Materials
The textbook information on this page was provided by the instructor. Students should use this information when considering purchases from the AU Campus Store or other vendors. Students may check here to determine if books are currently available for purchase at the AU Campus Store.
First Class Readings
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