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Intl Financial Institutions (LAW-726-001)
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This course focuses on the World Bank, the International Monetary Fund, and other international financial institutions (IFIs), including regional development banks, such as the Asian Development Bank, the European Bank for Reconstruction and Development, and the Inter-American Development Bank.
There is not a well-developed body of law concerning IFIs. Nonetheless, IFIs play key roles in international economic development and financial stability. They are dynamic organizations that respond to external and internal forces.
This course examines the existing international legal framework relating to IFIs and how it may evolve in the future. Of particular importance is the issue of their accountability to stakeholders, rather than simply their member-states.
The class will look at issues where IFI operations have a direct impact on stakeholders (including non-member states). These issues include, but are not limited to corruption, environmental protection, human rights, and international labor standards.
The course will consider the impact of technological and attitudinal change on IFIs’ internal governance and operations. These developments are due in part to the information revolution, which has contributed to dynamic economic and political conditions throughout the world. An increasing number of NGOs and other stakeholders now have the means to influence IFIs’ conduct and their policies. This phenomenon is leading to an evolution in international law.
Lastly, what are the goals of various IFIs? From the perspective of their members and stakeholders, are they being achieved? If these objectives are not being fulfilled, how might IFIs change the manner in which they operate? Are new institutions needed? Why not rely solely on private funding sources for the purposes for which IFIs’ have been established? How are IFIs actually changing and to what effect?
During the course of the semester, there will be a number of guest speakers.
Textbooks and Other Materials
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REQUIRED: International Law & International Financial Institutions by Hunter (Hardcover) - ISBN #9789041128812 - Edition: N/A
First Class Readings
See syllabus for detailed information
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