Bankrupt: Global Lawmaking and Systemic Financial Crisis
Stanford University Press, Apr 20, 2009 - Social Science - 505 pages
The Asian Financial Crisis dramatically illustrated the vulnerability of financial markets in emerging, transitional, and advanced economies. In response, international organizations insisted that legal reforms could help protect markets from financial breakdowns. Sitting at the nexus between the legal system and the market, corporate bankruptcy law ensures that the casualties of capitalism are treated in an orderly way.
Halliday and Carruthers show how global actors including the IMF, World Bank, UN, and international professional associations developed comprehensive norms for corporate bankruptcy laws and how national policymakers responded in turn. Drawing on extensive fieldwork in China, Indonesia and Korea, the authors reveal how national policymakers contested and negotiated domestic laws in the context of global pressures. The first study of its kind, this book offers a theory of legal change to explain why global/local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and developing and transition economies the world over.
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administrative agencies Asian Development Bank Asian Financial Crisis assets Bank’s bankruptcy law bankruptcy reforms bankruptcy system chaebols China Chinese Commercial Court companies consensus convergence corporate restructuring countries Cross-Border Insolvency cycles debtors delegates diagnosis domestic drafting EBRD economic effective enactment enterprises expertise experts financial institutions firms foreign formal law global actors global center global institutions global norms global scripts global standard Government of Indonesia Group IFIs IMF and World implementation Indonesia initiatives insolvency law insolvency practitioners insolvency reforms insolvency systems interests intermediaries international financial international organizations interventions Interview Jakarta judges Korea law reform lawmaking lawyers legal change legal systems legal transplants Legislative Guide legitimate leverage liquidation managers ment Model Law MOFE nation-states negotiations OECD officials out-of-court People’s political practice pressures Principles problem procedures proceedings professional recursive regulations reorganization secured creditors social SOEs technologies tion UNCITRAL UNCITRAL’s workers World Bank