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Focusing on capital controls, this study provides rigorous legal analysis to establish whether the mandate of the International Monetary Fund (IMF) extends to the capital account; that is, whether the IMF has the authority to control and/or regulate the use of capital controls by its member states. The book then analyses whether a country's use of capital controls is consistent with the obligations and commitments undertaken in various multilateral and bilateral trade and investment agreements. Finally, it analyses the tension within international economic law, as the IMF now encourages the use of capital controls under certain circumstances, while most trade/investment agreements prohibit or limit their use. Proposing a way forward to alleviate the tension and construct a more harmonious relationship between the norms and standards of finance, trade and investment, this study will be essential reading for policymakers.
About the author
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).
Summary
This book explores the tension between capital controls and international economic law. Does the IMF have the authority to regulate the use of capital controls? Mercurio shows how to test whether a given country's use of capital controls is consistent with their obligations under various trade and investment agreements.
Foreword
Explores the IMF's mandate over capital flows and analyses whether capital controls are consistent with international trade and investment agreements.
