The Logic of Financial Nationalism: The Problems of Cooperation and the Role of International Law

Federico Lupo Pasini

Research output: Book/ReportBook

4 Citations (Scopus)

Abstract

The recent political developments following Brexit and the general surge of populism around the world seem to indicate an uncertain future for international economic cooperation, including finance. Understanding why financial nationalism is so appealing and which risks it poses for the global financial system is therefore necessary. The objective of this book is to analyze this phenomenon from the lenses of regulation and international law.

Despite the post-crisis reforms, the global financial system suffers from an inherent asymmetry whereby markets are global but policies are still largely national. International financial law plays a major role in this regard as it still focuses more on the protection of national interests rather than the promotion of global objectives. The author defines this broad attitude as the “logic of financial nationalism’. This is an inefficient approach because it sometimes encourages bad domestic governance and increases instability.

Using an interdisciplinary law and political economy approach, and case studies ranging from cross-border bank resolution to sovereign debt, the author focuses his analysis on the role of international law in promoting cooperation and financial stability. In this analysis, Lupo-Pasini discusses some of the current and possible solutions to the problems of nationalism (such as the European Banking Union, Regulatory Passports, and international financial courts), and offers a new vision for the role of international law in the global financial system.
Original languageEnglish
PublisherCambridge University Press
Number of pages330
Publication statusEarly online date - 31 Aug 2017

Keywords

  • Nationalism
  • financial crises
  • financial regulation
  • Systemic Risk
  • international law
  • International Cooperation
  • International Economic Law

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