Finance, Law, and the Crisis of COVID-19 PDF Download

Author: Nadia Mansour
Publisher: Springer Nature
ISBN: 3030894169
Category : Business & Economics
Languages : en
Pages : 231

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Book Description
This book analyzes the impact of Covid-19 in different areas such as corporate social responsibility and legislation in SMEs, insolvency law, behavioral finance, government interventions in markets, financial disclosure, the emergence of unregulated financial sectors, the increase of coronavirus-related crimes, and the development of banking regulations in the Covid-19 pandemic, among others. The coronavirus epidemic, which has spread throughout the world, has highlighted the inadequacies of the health and social systems of all states, even the most advanced. The health emergency has required extraordinary measures, especially at the level of laws that are essential for the preservation of lives, health, and livelihoods. The priority for governments and even the international community was, from the outset, to prevent infections and care for those affected. Such a strategy required an unusual increase in health spending, even though it exceeded the State's financial capacity and lacked fiscal space. In addition to this challenge, which has not yet been overcome, there is another, that of redressing the consequences of the measures taken (general containment). It should be pointed out that during health crises, the state may have to review the requirement for transparency because of the emergency, but not free itself from it. The urgency could never be an alibi for a violation of citizens' rights and freedoms. With urgency, financial management systems must be flexible and responsive to all occurrences, while ensuring optimal use of resources and minimizing the risks of fraud and corruption.

Author: Daniele D'Alvia
Publisher: Routledge
ISBN: 100061090X
Category : Law
Languages : en
Pages : 118

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Book Description
Focusing on the Global Financial Crisis 2007-2010 and the new emerging Covid-19 crisis in 2020, this book examines the discourse on risk and uncertainty in the markets through the lens of financial crises. Such crises represent a failure of the law to regulate, and constitute the basis through which a new theory of legal constants can be introduced in comparative law. Crisis impose a dramatic reformulation of the law, the Covid-19 confirms this trend, and new out-of-law instances are appearing beyond a paternalistic approach of direct State regulation. Restructuring procedures are playing a vital role in businesses’ survival, and new out-of-law mechanisms such as moratorium agreements and private workouts have become essential to preserve businesses. It is clear that the role of the law has completely changed, and this book argues that constants outside of the law are new ways to promote an “uncodified-codification” of the law. The case for uncodified uncertainty in the Covid-19 crisis is a primary example of how no codification process can ignore the importance of out-of-law instances in the act of making law. This book explores how this approach influences the harmonisation process of international economic law between national insolvency regimes and international agreed frameworks, demonstrating the role of comparative law in formulating legal constants using Covid-19 and the complexity of modern financial markets as the criterion to introduce the reader to this new theory, which claims a new role for comparative law in policy making processes within the framework of international economic law.

Author: Daniele D'Alvia
Publisher: Routledge
ISBN: 9781032107929
Category :
Languages : en
Pages : 120

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Book Description
Focusing on the Global Financial Crisis and the Covid-19 crisis, this book examines the discourse on risk and uncertainty in the markets through the lens of financial crises. Such crises represent a failure of the law to regulate and constitute the basis through which a new theory of legal constants can be introduced in comparative law.

Author: Allen N. Berger
Publisher: Elsevier
ISBN: 044315273X
Category : Business & Economics
Languages : en
Pages : 522

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Book Description
The Economic and Financial Impacts of the COVID-19 Crisis Around the World: Expect the Unexpected provides an informed, research-based in-depth understanding of the COVID-19 crisis, its impacts on households, nonfinancial firms, banks, and financial market participants, and the effectiveness of the reactions of governments and policymakers in the United States and around the world. It provides reflections and perspectives on the social costs and benefits of various policies undertaken and a toolkit of preventive measures to deal with crises beyond the COVID-19 crisis. Authors Allen N. Berger, Mustafa U. Karakaplan, and Raluca A. Roman apply their expertise to the research and data on the COVID-19 economic crisis as well as draw on their own rich research experience. They take a holistic approach that compares and contrasts this crisis with other economic and financial crises and assesses economic and financial behavior and government policies in the booms before crises and the aftermaths following them, as well as the crises themselves. They do all this with a keen eye on “Expecting the Unexpected future crises, and policies that might anticipate them and provide better outcomes for society. Serves as a compendium of available research and data on COVID-19, policies in response to the pandemic, and its effects on the real economy, banking sector, and financial markets Contextualizes the COVID-19 economic crisis by comparing it to two other global crises from the past: the Crash of 1929 and the Global Financial Crisis of 2007–2009 Helps illustrate how crises that originate in financial markets and in the banking sector differ from each other as well as from the COVID-19 crisis that harmed the real economy first Compares the policies and outcomes of nations to the COVID-19 pandemic and assesses their costs and benefits, with potential implications for prospective future crises

Author: Sue Arrowsmith
Publisher: Bloomsbury Publishing
ISBN: 1509943056
Category : Law
Languages : en
Pages : 560

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Book Description
This timely book provides the first systematic analysis of global public procurement regulation and policy during and beyond the COVID-19 pandemic. Through both thematic chapters and national case studies, this book: - explores the adequacy of traditional legal frameworks for emergency procurement; - examines how governments and international organisations have responded specifically to the pandemic; and - considers how the experience of the pandemic and the political impetus for reform might be leveraged to improve public procurement more broadly. Public procurement has been critical in delivering vital frontline public services both in the health sector and elsewhere, with procurement of ventilators, protective equipment and new hospitals all hitting the headlines. At the same time, procurers have faced the challenge of adjusting existing contracts to a new reality where, for example, some contracted services can no longer operate. Further, efficient and effective procurement will be an essential, and not a luxury, in the economic recovery. With case studies on Italy, the UK, the USA, India, Singapore, Africa, Latin America and China, the book brings together the world's leading academics and practitioners from across Europe, the Americas, Asia and Africa to examine these issues, providing an essential resource for policy makers, legislators, international organisations and academics.

Author: Koen Byttebier
Publisher: Springer Nature
ISBN: 3030929019
Category : Law
Languages : en
Pages : 1109

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Book Description
This open access book provides a comprehensive analysis of the socioeconomic determinants of Covid-19. From the end of 2019 until presently, the world has been ravaged by the Covid-19 pandemic. Although the cause of this is (obviously) a virus, the extent to which this virus spread, and therefore the number of infections and deaths, was largely determined by socio-economic factors. From this, it follows that the course of the pandemic varies greatly from one country to another. This observation applies both to countries’ resilience to such a pandemic (which is mainly rooted in the period preceding the outbreak of the virus) and to the way in which countries have reacted to the virus (including the political choices on how to respond). Meanwhile, research has made it clear that the nature of this response (e.g., elimination policy, mitigation policy, and proceeding herd immunity) was, on the one hand, strongly determined by political and ideological factors and, on the other hand, was highly influential in the factors of success or failure in combating the pandemic. The book focuses on the situation in a number of Western regions (notably the USA, the UK, and the EU and its Member States). The author addresses the reasons why in many Western countries both pandemic prevention and response policies to Covid-19 have failed. The book concludes with recommendations concerning the rearrangement of the socio-economic order that could increase the resilience of (Western) societies against such pandemics.

Author: Yair Listokin
Publisher: Harvard University Press
ISBN: 0674976053
Category : Law
Languages : en
Pages : 281

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Book Description
After 2008, private-sector spending took a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach, used in the New Deal, to harness law’s ability to function as a macroeconomic tool, stimulating or relieving demand as required under certain crisis conditions.

Author: Maurizio Trapanese
Publisher:
ISBN: 9781636480824
Category :
Languages : en
Pages : 88

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Book Description
This book analyses the interactions between financial regulation and crises with reference to the experience of the United States in the period after the global financial crisis up to the COVID-19 emergency. The US case has been framed in a more general context, making extensive reference to the theoretical literature that has examined in depth the interactions between financial laws and crises throughout the centuries (and across countries). In the last few years, a new regulatory system for large banks has arisen in the US, reversing some elements of the Dodd-Frank Act and introducing deviations from the prudential rules agreed by the G20 after the financial crisis of 2007-09. This approach is confirmed by some of the measures adopted in response to COVID-19. These signs of a softened approach to banking regulation (and supervision) are also spreading beyond the United States and they can be inferred from a variety of circumstances and institutional contexts This is a sign that the pendulum on financial regulation is swinging back again. The cumulative effect of these trends could force the globally harmonized approach to regulation to be broken down, also in the light of the situation triggered by the COVID-19 pandemic. A trend towards easing or suspending prudential rules now could expose the international banking system to growing risks in the years to come. In the current exceptional circumstances as well, the international standards must not be breached, as they provide the resilience needed to sustain lending to the economy, and to keep banks safe. It is important to stress that the banking systems that seem to be in a better position to withstand the present shock - having higher average levels and quality of prudential requirements - are those more advanced in the consistent implementation of the G20 international standards. With the memory of the global financial crisis fading and the long post-crisis economic expansion coming to an end, the pressures to dilute the G20 rules could grow stronger. The importance of maintaining a consistent approach to needs to be emphasized. About the author: Maurizio Trapanese is Director in the DG Economics, Statistics and Research of the Bank of Italy. His responsibilities include research on the international prudential regulation, the cyclicality of financial laws, and the EU framework for crisis management. Previously, he worked in the DG Supervision, where he was involved in the international negotiations on prudential rules. He has participated to international committees at the Eurosystem, EU, and global level, directly contributing to the finalization of the post-financial crisis standards and the EU single rulebook in banking.

Author: Maxi Scherer
Publisher: Kluwer Law International B.V.
ISBN: 9403528435
Category : Law
Languages : en
Pages : 314

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Book Description
International Arbitration and the COVID-19 Revolution Edited by Maxi Scherer, Niuscha Bassiri & Mohamed S. Abdel Wahab The impact of the COVID-19 pandemic on all major economic sectors and industries has triggered profound and systemic changes in international arbitration. Moreover, the fact that entire proceedings are now being conducted remotely constitutes so significant a deviation from the norm as to warrant the designation ‘revolution’. This timely book is the first to describe and analyse how the COVID-19 crisis has redefined arbitral practice, with critical appraisal from well-known practitioners of the pandemic’s effects on substantive and procedural aspects from the commencement of proceedings until the enforcement of the award. With practical guidance from a variety of perspectives – legal, practical, and sector-specific – on the conduct of international arbitration during the COVID-19 pandemic and beyond, the chapters present leading practitioners’ insights into the unprecedented and multifaceted issues that arise. They provide expert tips and challenges in such practical matters as the following: preventing and resolving disputes of particular types – construction, energy, aviation, technology, media and telecommunication, finance and insurance; arbitrator appointments; issues of planning, preparation and sample procedural orders; witness preparation and cross-examination; e-signature of arbitral awards; setting aside and enforcement proceedings; and third-party funding. Also included are an empirical survey of users’ views and an overview of how the COVID-19 revolution has affected the arbitration rules of leading arbitral seats. With this timely and practical book, arbitration practitioners and scholars will gain up-to-date knowledge of sector-specific challenges brought about by the COVID-19 pandemic and approach arbitration proceedings with an understanding of the most important legal and practical considerations during the crisis and beyond.

Author: Klaus Mathis
Publisher: Springer Nature
ISBN: 3030958760
Category : Law
Languages : en
Pages : 408

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Book Description
The coronavirus pandemic struck unexpectedly, posing unprecedented challenges around the world. At the same time, this crisis also offers a unique opportunity for reflection, research, and insight regarding this and similar global and domestic crises. There is much to be learned from analysing the effects of the crisis. It provides a chance for a fresh scholarly examination of important aspects of legal regulation, policymaking, and more. This volume pursues these questions from a broad range of Law and Economics perspectives and is divided into two parts. The first part examines the immediate impact of and responses to the coronavirus crisis, while the second explores the future possibilities that scholarly analysis of this crisis can offer. As to the immediate impact and responses, questions of compliance with regulations and safety measures, nudging and decision-making with regard to the coronavirus crisis are examined from the perspective of behavioural economics. In addition, the short- and long-term effects of various emergency policy responses on contract law are studied. Current issues and challenges like the regulation of internet platforms, excessive pricing, the right to adequate food, risk and loss allocation, as well as remote learning and examinations, which have been impacted, brought about, complicated or aggravated by the coronavirus crisis, are analysed in depth. Lastly, future possibilities in the areas of data access rights, economic instability and the balance between political-economic interests and social interests, patenting, food labels and open data are illustrated.